eXp World Holdings posts Q1 2026 loss, $1.0B revenue
eXp World Holdings reported first-quarter 2026 results, showing modest growth in sales but a continued net loss.
Rhea-AI Filing Summary
eXp World Holdings reported first-quarter 2026 results, showing modest growth in sales but a continued net loss. Revenue reached $1.01 billion for the three months ended March 31, 2026, up from $954.9 million a year earlier, while net loss improved to $5.1 million from $11.0 million.
Adjusted EBITDA rose to $4.1 million, an 88% increase, and operating cash flow was $20.6 million. The company highlighted its cash-funded acquisition of NextHome with no debt, positioning itself as a multi-model, “borderless” real estate platform.
The board declared a cash dividend of $0.05 per share on April 23, 2026, payable June 5, 2026 to stockholders of record on May 22, 2026, reflecting an ongoing return of capital despite current GAAP losses.
Positive
- None.
Negative
- None.
Insights
Revenue grew and losses narrowed, with small but improving profitability and continued dividends.
eXp generated $1,005,541 thousand of Q1 2026 revenue versus $954,906 thousand a year earlier, while GAAP net loss improved to $5,098 thousand. The core brokerage model remains high-volume but low-margin, as gross profit of $75,347 thousand must cover significant operating expenses.
Consolidated adjusted EBITDA increased to $4,053 thousand from $2,157 thousand, an 88% rise, indicating better underlying earnings despite GAAP losses. Net cash provided by operating activities was $20,571 thousand, down from $39,838 thousand, and cash plus restricted cash totaled $190,359 thousand.
The company emphasizes its cash-funded NextHome acquisition with zero debt and declared a $0.05-per-share dividend payable on June 5, 2026. Actual impact on future results will depend on integration of the multi-model platform, agent productivity, and housing market conditions described in its guidance commentary.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted operating cash flow financial
stock-based compensation financial
litigation contingency financial
forward-looking statements regulatory
Earnings Snapshot
FAQ
How did eXp World Holdings (EXPI) perform in Q1 2026?
What was eXp World Holdings’ net income and EPS for Q1 2026?
What were eXp World Holdings’ Adjusted EBITDA and operating cash flow in Q1 2026?
Did eXp World Holdings declare a dividend in 2026 and what are the key dates?
How strong is eXp World Holdings’ balance sheet after Q1 2026?
What does the NextHome acquisition mean for eXp World Holdings’ strategy?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02Results of Operations and Financial Conditions.
On May 11, 2026, eXp World Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.
Item 7.01Regulation FD Disclosure.
On April 23, 2026, the Company’s Board of Directors declared a cash dividend of $0.05 per share of the Company’s outstanding common stock. The dividend is expected to be paid on June 5, 2026 to the stockholders of record on May 22, 2026.
The information in this Item 7.01 shall not be deemed “filed” for purposes of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or other document by the Company under the Exchange Act or the Securities Act, regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Exhibit Description |
99.1 | Press Release, issued by eXp World Holdings, Inc. on May 11, 2026 |
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| eXp World Holdings, Inc. |
| (Registrant) |
|
|
Date: May 11, 2026 | /s/ James Bramble |
| James Bramble |
| Chief Legal Counsel |
Exhibit 99.1
eXp World Holdings Reports Q1 2026 Results
BELLINGHAM, Wash. — May 11, 2026 — eXp World Holdings, Inc. (Nasdaq: AGNT) (the “Company,” “eXp” or “we”), the holding company for eXp Realty®, NextHome, Inc., FrameVR.io and SUCCESS® Enterprises, today announced financial results for the first quarter 2026 ended March 31, 2026.
“Our first quarter results exceeded our revenue expectations as agent productivity continues to increase,” said Leo Pareja, CEO of eXp Realty. “We have always been a company built by agents, built for agents, and this quarter we’ve taken a meaningful step in broadening that mission. The addition of NextHome creates maximum optionality across our platform. This multi-model approach serves the full spectrum of real estate entrepreneurs on a single, unified global platform that empowers every agent to grow their business on their own terms.”
“With the acquisition of NextHome, eXp World Holdings has evolved into a borderless, multi-model leader,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “This strategic move, punctuated by our new ticker ‘AGNT,’ reflects our position as a forward-thinking operating platform built to power the modern agent. By integrating a best-in-class franchise vehicle into our technology-driven ecosystem, we are providing the infrastructure for agent entrepreneurs to scale without the traditional friction of brick-and-mortar overhead. This evolution makes our entire network more valuable for everyone, creating a more durable organization designed to thrive throughout any market cycle.”
“I am pleased with our first quarter results, which are a direct reflection of the company's scale and our focus on operational efficiency across eXp World Holdings,” said Jesse Hill, Chief Financial Officer of eXp World Holdings. “We generated revenue of $1.0 billion and Adjusted EBITDA of $4.1 million, an 88% improvement that further strengthened our financial position. More recently, we executed the strategic NextHome acquisition using cash on hand and zero debt. Moving forward, we remain committed to maintaining our financial discipline, with an acute focus on continued operational efficiency and cost management.”
First Quarter 2026 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:
| ● | Revenue increased 5% to $1.0 billion from $954.9 million. |
| ● | Net loss was $(5.1) million and net loss per diluted share was $(0.03) per share, compared to net loss of $(11.0) million and net loss per diluted share of $(0.07). |
| ● | Operating expenses of $84.1 million, a 3% decrease from $86.5 million. |
| ● | Adjusted EBITDA1 (a non-GAAP financial measure) of $4.1 million, an 88% increase from $2.2 million. |
| ● | As of March 31, 2026, cash and cash equivalents totaled $122.1 million, compared to $115.7 million as of March 31, 2025. |
| ● | Net cash provided by operating activities was $20.6 million, compared to $39.8 million. |
| ● | Adjusted operating cash flow2 (a non-GAAP financial measure) was $9.6 million, compared to $28.2 million. |
| ● | Distributed $8.0 million of cash dividends to shareholders. |
| ● | The Company paid a cash dividend for the first quarter of 2026 of $0.05 per share of common stock on March 27, 2026. On April 23, 2026, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the second quarter of 2026, expected to be paid on June 5, 2026 to stockholders of record on May 22, 2026. |
First Quarter 2026 Operational Highlights as Compared to the Same Year-Ago Period:
| ● | eXp ended the first quarter of 2026 with a global agent Net Promoter Score (“aNPS”) of 67, compared to 78 in the prior-year period. aNPS is a measure of agent satisfaction and an important key performance indicator given the Company’s intense focus on improving the agent experience. |
| ● | Agents and brokers on the eXp Realty platform were 82,332 as of March 31, 2026, a 1% increase. |
| ● | First quarter 2026 real estate sales transactions increased 2% year-over-year to 91,598. |
| ● | First quarter 2026 real estate sales volume increased 5% year-over-year to $40.7 billion. |
Second Quarter 2026 Outlook:
| ● | Revenue between $1.36 billion and $1.45 billion. |
| ● | Operating expenses between $93 million and $97 million. |
| ● | Adjusted EBITDA1 between $16 million and $21 million. |
Full-Year 2026 Outlook:
| ● | Revenue between $4.85 billion and $5.15 billion. |
| ● | Operating expenses between $325 million and $345 million. |
| ● | Adjusted EBITDA1 between $50 million and $75 million. |
Adjusted EBITDA is a non-GAAP financial measure and has not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA are made in a manner consistent with the relevant definitions and assumptions noted in our filings with the Securities and Exchange Commission.
For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures on a historical basis, see “US-GAAP Net Income (Loss) to Adjusted EBITDA Reconciliation" and "Adjusted Operating Cash Flow" included in this press release.
First Quarter 2026 Results – Virtual Fireside Chat
The Company will hold a virtual fireside chat and investor Q&A with eXp World Holdings Founder and Chief Executive Officer Glenn Sanford, eXp Realty Chief Executive Officer Leo Pareja, eXp Realty and eXp World Holdings Chief Financial Officer Jesse Hill on Monday, May 11, 2026 at 5:30 a.m. PT / 8:30 a.m. ET.
The investor Q&A is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its companies. Submit questions in advance to investors@eXpWorldHoldings.com.
Date: Monday, May 11, 2026
Time: 5:30a.m. PT / 8:30 a.m. ET
Location: exp.world. Join at https://exp.world/earnings
Livestream: expworldholdings.com/events
About eXp World Holdings, Inc.
Built by Agents. Built for Agents. eXp World Holdings, Inc. (Nasdaq: AGNT) is the global parent company of eXp Realty®, the most agent-centric™ real estate brokerage on the planet, NextHome, Inc., an award-winning national real estate franchise, FrameVR.io, a virtual collaboration platform, and SUCCESS® Enterprises, a leading personal development and media brand for entrepreneurs. Together, the AGNT platform provides a world-class multi-model operating system empowering independent agents, franchise owners, and team leaders across the Americas, Europe, the Middle East, Asia Pacific, and South Africa. As a publicly traded company, eXp World Holdings prioritizes transparency, innovation, and long-term value for agents, franchise owners, staff, and shareholders.
eXp World Holdings, Inc. uses its website, www.expworldholdings.com, as a means of disclosing information which may be of interest or material to its investors and for complying with disclosure obligations under Regulation FD. We intend to announce material information to the public through filings with the Securities and Exchange Commission, our website (www.expworldholdings.com), press releases, public conference calls, public webcasts, and our Facebook, LinkedIn and Instagram pages for eXp Realty, eXp International and eXp World Holdings. Accordingly, investors should monitor each of these disclosure channels.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, this press release includes references to adjusted EBITDA and adjusted operating cash flow which are non-U.S. GAAP financial measures that may be different from similarly titled measures used by other companies. These measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.
The Company’s non-U.S. GAAP financial measures provide useful information about financial performance, enhance the overall understanding of past performance and future prospects, and allow for greater transparency with respect to key metrics used by management for financial and operational decision-making. These measures may also provide additional tools for investors to use in comparing core financial performance over multiple periods with other companies in the industry.
| ● | Adjusted EBITDA helps the reader identify underlying trends in the business that could otherwise be masked by the effect of the expenses excluded in adjusted EBITDA. In particular, the Company believes the exclusion of agent growth incentive stock-based compensation and stock compensation expense related to business acquisitions and stock option expenses provides a useful supplemental measure in evaluating the performance of operations and provides better transparency into results of operations. The Company defines the non-U.S. GAAP financial measure of adjusted EBITDA to mean net income, excluding other income (expense), income tax benefit (expense), depreciation, amortization, impairment charges, stock-based compensation expense and stock option expense and other items that are not core to the operating activities of the Company. |
| ● | Adjusted operating cash flow helps the reader understand the Company’s cash flow. The Company defines adjusted operating cash flow to mean net cash provided by operating activities, excluding the change in customer deposits. |
Adjusted EBITDA and adjusted operating cash flow should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations, estimates, projections and assumptions about future events and financial performance and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
Forward-looking statements in this press release include, but are not limited to, statements regarding: the Company’s financial outlook for the second fiscal quarter of 2026 and full year 2026, including revenue, operating expenses and Adjusted EBITDA; expectations regarding operating leverage, profitability, and cash generation; anticipated benefits from prior operational discipline initiatives and key leadership appointments; capital allocation priorities; potential growth and enhancement opportunities; international expansion; development, deployment and integration of artificial intelligence and other technology initiatives; agent productivity, attraction and retention; dividend payments; and long-term shareholder value creation.
The Company’s 2026 guidance and other forward-looking statements are based on assumptions and expectations as of the date of this release, including assumptions regarding housing market conditions, transaction volumes, agent count and productivity, competitive dynamics, the successful integration and operation of the NextHome franchise model and the realization of anticipated strategic benefits; macroeconomic trends, capital market conditions, regulatory environment, expense management, stock-based compensation, foreign currency impacts, and the absence of significant unforeseen events. These assumptions may prove to be incorrect.
Important factors that could cause actual results to differ materially from those indicated in forward-looking statements include, but are not limited to: adverse changes in residential real estate market conditions, interest rates, consumer confidence, or broader macroeconomic factors; fluctuations in agent attraction, retention, and productivity; the Company’s ability to achieve anticipated operating efficiencies and cost management objectives; variability in stock-based compensation expense and other non-cash charges; risks related to expansion into new markets, models or international jurisdictions; the successful development, integration and adoption of AI-enabled tools and other technology initiatives; competitive pressures, including changes in commission structures or brokerage models; regulatory, tax, or legal developments, including litigation outcomes; cybersecurity incidents or technology disruptions; capital allocation decisions, including dividends or share repurchases; and the timing, structure, or completion of potential growth and enhancement opportunities, if any, and the Company’s ability to realize anticipated benefits therefrom.
Forward-looking statements are not guarantees of future performance. The Company’s guidance represents management’s estimates as of the date of this release and should not be relied upon as necessarily indicative of future results. Actual results may vary materially and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Additional information regarding risks and uncertainties that could affect the Company’s results is included in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com
Investor Relations Contact:
Denise Garcia
investors@expworldholdings.com
1 A reconciliation of adjusted EBITDA, a non-GAAP measure, to net income and a discussion of why management believes adjusted EBITDA is useful is included below.
2 A reconciliation of adjusted operating cash flow, a non-GAAP measure, to net cash provided by operating activities and a discussion of why management believes adjusted operating cash flow is useful is included below.
EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share amounts and per share data)
(UNAUDITED)
| | Three Months Ended March 31, | ||
| | 2026 | | 2025 |
Revenues | | $ 1,005,541 | | $ 954,906 |
Commissions and other agent-related costs | | 930,194 | | 878,771 |
Gross profit | | 75,347 | | 76,135 |
Operating expenses | | | | |
General and administrative expenses | | 64,213 | | 66,871 |
Technology and development expenses | | 17,595 | | 16,805 |
Sales and marketing expenses | | 2,327 | | 2,835 |
Total operating expenses | | 84,135 | | 86,511 |
Operating income (loss) | | (8,788) | | (10,376) |
Other (income) expense | | | | |
Other (income) expense, net | | (268) | | (943) |
Equity in (income) losses of unconsolidated affiliates | | 130 | | (80) |
Other (income) expense, net | | (138) | | (1,023) |
Income (loss) before income tax expense | | (8,650) | | (9,353) |
Income tax (benefit) expense | | (3,552) | | 1,671 |
Net income (loss) | | ($ 5,098) | | ($ 11,024) |
Earnings (loss) per share | | | | |
Basic, net income (loss) | | ($ 0.03) | | ($ 0.07) |
Diluted, net income (loss) | | ($ 0.03) | | ($ 0.07) |
Weighted average shares outstanding | | | | |
Basic | | 162,017,200 | | 154,738,167 |
Diluted | | 162,017,200 | | 154,738,167 |
Comprehensive income (loss): | | | | |
Net income (loss) | | ($ 5,098) | | ($ 11,024) |
Other comprehensive income (loss): | | | | |
Foreign currency translation gain (loss), net of tax | | (1,874) | | 313 |
Comprehensive income (loss) | | ($ 6,972) | | ($ 10,711) |
EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
| | (Unaudited) | | |
| | March 31, 2026 | | December 31, 2025 |
| | | | |
ASSETS | | | | |
CURRENT ASSETS | | | | |
Cash and cash equivalents | | $ 122,149 | | $ 124,245 |
Restricted cash | | 68,210 | | 57,218 |
Accounts receivable, net of allowance for credit losses of $2,539 and $2,690, respectively | | 123,176 | | 108,838 |
Prepaids and other assets | | 15,142 | | 14,567 |
TOTAL CURRENT ASSETS | | 328,677 | | 304,868 |
Property, plant, and equipment, net | | 15,149 | | 14,314 |
Other noncurrent assets | | 23,106 | | 23,495 |
Intangible assets, net | | 3,413 | | 4,421 |
Deferred tax assets, net | | 79,186 | | 77,510 |
Goodwill | | 17,635 | | 17,872 |
TOTAL ASSETS | | $ 467,166 | | $ 442,480 |
| | | | |
LIABILITIES AND EQUITY | | | | |
CURRENT LIABILITIES | | | | |
Accounts payable | | $ 13,529 | | $ 14,613 |
Customer deposits | | 68,224 | | 57,204 |
Accrued expenses | | 110,753 | | 108,208 |
Litigation contingency | | 17,000 | | 17,000 |
Other current liabilities | | 1,760 | | 2,676 |
TOTAL CURRENT LIABILITIES | | 211,266 | | 199,701 |
TOTAL LIABILITIES | | 211,266 | | 199,701 |
EQUITY | | | | |
Common Stock, $0.00001 par value 900,000,000 shares authorized; 211,059,707 issued and 164,323,924 outstanding at March 31, 2026 and 207,785,762 issued and 161,049,979 outstanding at December 31, 2025 | | 2 | | 2 |
Additional paid-in capital | | 1,133,497 | | 1,105,434 |
Treasury stock, at cost: 46,735,783 shares held at March 31, 2026 and December 31, 2025 | | (742,879) | | (742,879) |
Accumulated earnings (deficit) | | (134,690) | | (121,622) |
Accumulated other comprehensive income (loss) | | (30) | | 1,844 |
TOTAL EQUITY | | 255,900 | | 242,779 |
TOTAL LIABILITIES AND EQUITY | | $ 467,166 | | $ 442,480 |
EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(UNAUDITED)
| | Three Months Ended March 31, | ||
| | 2026 | | 2025 |
OPERATING ACTIVITIES | | | | |
Net income (loss) | | ($ 5,098) | | ($ 11,024) |
Reconciliation of net income (loss) to net cash provided by operating activities: | | | | |
Depreciation expense | | 1,679 | | 1,945 |
Amortization expense - intangible assets | | 643 | | 616 |
Credit (benefit) losses on receivables/bad debt on receivables | | (151) | | 605 |
Equity in loss of unconsolidated affiliates | | 165 | | (80) |
Agent growth incentive stock-based compensation expense | | 9,073 | | 8,119 |
Other stock-based compensation | | 1,446 | | 1,853 |
Agent equity stock-based compensation expense | | 18,555 | | 20,756 |
Deferred income taxes, net | | (1,675) | | (1,509) |
Changes in operating assets and liabilities: | | | | |
Accounts receivable | | (14,023) | | (15,808) |
Prepaids and other assets | | (575) | | (2,963) |
Customer deposits | | 11,020 | | 11,685 |
Accounts payable | | (1,083) | | (369) |
Accrued expenses | | 1,512 | | 25,828 |
Other operating activities | | (917) | | 184 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | | 20,571 | | 39,838 |
INVESTING ACTIVITIES | | | | |
Purchases of property and equipment | | (2,514) | | (2,553) |
Investments in unconsolidated affiliates | | 60 | | (11,244) |
Capitalized software development costs in intangible assets | | 365 | | (450) |
NET CASH USED IN INVESTING ACTIVITIES | | (2,089) | | (14,247) |
FINANCING ACTIVITIES | | | | |
Repurchase of common stock | | - | | (4,982) |
Proceeds from exercise of options | | 21 | | 300 |
Dividends declared and paid | | (7,970) | | (7,602) |
NET CASH USED IN FINANCING ACTIVITIES | | (7,949) | | (12,284) |
Effect of changes in exchange rates on cash, cash equivalents and restricted cash | | (1,637) | | 329 |
Net change in cash, cash equivalents and restricted cash | | 8,896 | | 13,636 |
Cash, cash equivalents and restricted cash, beginning balance | | 181,463 | | 168,588 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE | | $ 190,359 | | $ 182,224 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | | | | |
Cash paid for income taxes | | 1,397 | | 1,480 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING ACTIVITIES: | | | | |
Property and equipment purchases in accounts payable | | 177 | | 214 |
EXP WORLD HOLDINGS, INC.
CONSOLIDATED US-GAAP NET INCOME (LOSS) TO CONSOLIDATED ADJUSTED EBITDA RECONCILIATION | ||||
(In thousands) | ||||
(UNAUDITED) | ||||
| ||||
| | Three Months Ended March 31, | ||
| | 2026 | | 2025 |
Net income (loss) | | ($ 5,098) | | ($ 11,024) |
Total other (income) expense, net | | (138) | | (1,023) |
Income tax (benefit) expense | | (3,552) | | 1,671 |
Depreciation and amortization | | 2,322 | | 2,561 |
Stock-based compensation expense(1) | | 9,073 | | 8,119 |
Other stock-based compensation expense | | 1,446 | | 1,853 |
Consolidated adjusted EBITDA | | $ 4,053 | | $ 2,157 |
(1) This includes agent growth incentive stock compensation expense and stock compensation expense related to business acquisitions. | | | | |
| | | | | |
ADJUSTED OPERATING CASH FLOW | |||||
(In thousands) | |||||
(UNAUDITED) | |||||
| |||||
| | Three Months Ended March 31, | | ||
| | 2026 | | 2025 | |
Net Cash Provided by Operating Activities | | $ 20,571 | | $ 39,838 | |
Less: Customer Deposits | | 11,020 | | 11,685 | |
Adjusted Operating Cash Flow | | $ 9,551 | | $ 28,153 | |
| | | | | |