Overview
- Full-year revenue fell 5.2% to $291.6 million, while net income rose to $8.2 million from $7.1 million.
- Fourth-quarter revenue declined 1.8% to $71.1 million as quarterly net income dropped to $1.4 million, yet adjusted EPS of $0.30 topped the $0.28 consensus.
- Total agents reached 148,660 at year-end, lifted by 7.9% growth outside the U.S. and Canada that offset a 6.1% U.S. decline and a 1.4% drop in Canada.
- Operating expenses fell 9.4% year over year in Q4 to $61.8 million, reflecting lower settlement, impairment and marketing-fund costs.
- Management guided Q1 2026 revenue to $69–$74 million, touted a nearly 1,200-agent Canada conversion and the Aspire program with 2,000+ agents, reiterated an MLS-first listing philosophy, and described a deliberate approach to AI and an active M&A pipeline.