AGNT, Inc

What they do

AGNT earns commissions as a licensed broker on residential and commercial real estate transactions, then pays a portion of those commissions to its affiliated agents and brokers. It operates through three reportable segments: North American Realty (U.S. and Canada brokerage, lead generation, and FrameVR.io), International Realty (brokerage across 27 countries), and Other Affiliated Services (SUCCESS magazine and related media). The model is cloud-based, with low entry fees, stock ownership opportunities and a revenue-sharing plan for agents; in May 2026 the company acquired NextHome, a franchised brokerage, adding a franchise affiliation model.

Revenue drivers

• North American Realty — Residential and commercial brokerage commissions in the U.S. and Canada, plus lead generation and FrameVR.io; the largest segment and the core of consolidated revenue.
• International Realty — Brokerage operations and support services across 27 countries in the Americas, Europe, the Middle East, Asia-Pacific and South Africa, also commission-based.
• Other Affiliated Services — SUCCESS magazine and related media properties; smallest segment, and the only non-brokerage reporting line since FrameVR.io moved into North American Realty in Q1 2025.
• NextHome franchise — Acquired in May 2026 with cash on hand; extends the platform to independent agents and broker/owners under a franchise system, though contribution is described as still early.

Recent performance

Q2 2026 revenue rose 11% year over year to $1.45 billion from $1.31 billion, with real estate sales transactions up 12% to 132,497 and sales volume up 15% to $60.5 billion. Net loss was $(2.7) million, or $(0.02) per diluted share, versus a $(2.3) million loss a year earlier, while operating expenses rose 2% to $97.2 million. Adjusted EBITDA increased 129% to $25.7 million from $11.2 million, and operating cash flow was $38.8 million versus $36.1 million. Agents and brokers totaled 87,338, up 6%, but agent Net Promoter Score fell to 69 from 77; the company paid $8.2 million in cash dividends and ended the quarter with $111.2 million in cash. Full-year 2025 revenue was $4.77 billion with a net loss of $22.7 million and operating cash flow of $118.6 million, down from $191.5 million in 2024.

Strategy

Management's stated focus is expanding real estate brokerage by offering agents leading economics, ownership opportunities and tools for long-term growth, supported by investment in technology and education. Recent launches include the Land and Ranch Division and Co-Sponsor Program (Q2 2025), the Sports and Entertainment Division (Q4 2025), the CRM of Choice initiative and LYVVE global property search platform (Q3 2025). The May 2026 NextHome acquisition broadens affiliation models and is being integrated, with results described as consistent with expectations. Leadership additions in 2025 included a new CFO, CTO of eXp Realty and Chief Brokerage Officer of eXp Realty. The company has continued efficiency initiatives begun in 2025, citing productivity gains and a debt-free balance sheet after paying for NextHome with cash.

Risks

• Housing market cyclicality — Results depend on U.S. residential real estate activity and are exposed to high interest rates, inflation, affordability constraints and low inventory, which can reduce transaction volumes and prices.
• Agent retention and satisfaction — Revenue depends on attracting and retaining agents; agent Net Promoter Score declined to 69 in Q2 2026 from 77 a year earlier, and the company cites maintaining its agent growth rate as a risk.
• Litigation and regulation — The company flags adverse outcomes in litigation and regulatory actions against it and others in the industry, including settlement outcomes, as a risk to the business.
• Profitability and cash flow trend — Net losses have persisted since 2023 ($9.0M, $21.3M and $22.7M in 2023-2025) and operating cash flow fell to $118.6 million in 2025 from $191.5 million in 2024.

Outlook

For Q3 2026 management guides revenue of $1.35-$1.45 billion, operating expenses of $85-$90 million and Adjusted EBITDA of $17-$22 million. For full-year 2026 it guides revenue of $4.85-$5.15 billion, operating expenses of $355-$365 million and Adjusted EBITDA of $50-$60 million, narrowing the prior Adjusted EBITDA range. The company says it remains focused on revenue growth and sustainable long-term profitability while integrating NextHome; Adjusted EBITDA outlook figures are not reconciled to GAAP because the company says it cannot do so without unreasonable effort. Management also noted U.S. home sales rose 2.8% and prices 1.8% in the first half of 2026, with inventory at 4.6 months of supply, and its forecasting models reflect minimal growth.