Strong Revenue Growth
Total revenue rose 32.1% to $93.1 million, compared to $70.5 million the same period last year, exceeding analysts' expectations by roughly 12%.
Brokerage Revenue Increase
Brokers' revenue climbed nearly 36% to $88.9 million, up from $65.4 million last year.
Agent Count Growth
The company entered the quarter with approximately 14,715 licensed agents, a 22.8% increase over Q1 of 2024.
Launch of Elevate Program
The Elevate program was launched, with over 120 agents signing up in the first four weeks. The program is expected to significantly increase gross profit per transaction and EBITDA per transaction.
Cost-Cutting Success
The company reduced expenses by approximately $750,000 per quarter going forward, contributing to a reduction in GAAP net loss.
Growth in Ancillary Businesses
Title revenue increased 43% to $1 million, and mortgage revenue increased 13% to $2.6 million for the first quarter of 2025.