AGNT, Inc.

agnt.inc

What Do They Do?

Runs a residential and commercial real estate brokerage, connecting home buyers and sellers with agents and brokers through a cloud-based platform, and provides agent training and professional-development services.

How Do They Make Money?

Home buyers and sellers pay commissions and related fees when a real estate transaction closes; agents receive a portion of the commissions. The company also receives subscription fees for access to its virtual reality software and fees for implementation and consulting services.

revenue

Segment	Share	How money arrives
North American Realty Sold outright	97% FY2022: 99%	Sold outright
International Realty Sold outright	3.1% FY2022: 0.8%	Sold outright
Other Affiliated Services	0.1% FY2022: 0.1%

Who Are Their Customers?

Residential homeowners and homebuyers are served through independent agents and brokers. SUCCESS media properties also provide services and professional-development tools to agents, brokers, staff and customers.

Do Revenues Turn Into Profits?

Not on paper. It lost $22.7M in FY2025, but brought in more cash than it spent: $109M of free cash flow.

Operating income, FY2025

0% of revenue

▲ +13% (Loss) vs FY2024 (−$19M, 0%)

Net income, FY2025

0% of revenue

▲ +7% (Loss) vs FY2024 (−$21.3M, 0%)

Free cash flow, FY2025

2% of revenue

▼ −41% vs FY2024 ($185M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +11%; vs $1.3B in Q2 FY2025
Net income: ▲ +18% (Loss); vs −$2.3M in Q2 FY2025

North American Realty share of revenue vs 97.5% in Q2 FY2025

Sep 14, 2026 AGNT completed a share repurchase from a trust. The company repurchased 8,693,290 shares for $31,991,307.20.
Aug 4, 2026 AGNT narrowed its adjusted EBITDA outlook range. The company narrowed its adjusted EBITDA guidance range to $50 million to $60 million.
May 7, 2026 AGNT acquired NextHome, adding a real estate franchise model. The acquisition added a franchise option alongside the company’s cloud-based brokerage.

Growing. Revenue grew 27% in 4 years, from $3.8B in FY2021 to $4.8B in FY2025, about 6% a year.

Added a franchise model The older report describes a cloud-based real estate brokerage and related services. The latest report describes brokerage operations and affiliated services, while a later acquisition added NextHome’s franchise model to the platform.

Virbela and FrameVR The older report presents Virbela as a virtual-world business and Frame as part of its portfolio. The latest report says Virbela was disposed of and places FrameVR.io in North American Realty.

Revenue over time

North American Realty International Realty Other Affiliated Services Virbela

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments