Compass reported $1.1 billion in revenue during the first quarter of 2021, according to the company’s first earnings report since going public. Year-over-year, Compass saw an 80 percent increase in Q1.
According to Inman, Compass also reported a reduction in net losses from $281 million to $212 million, which includes a one-time, non-cash charge of $149 million for stock-based compensation.
Compass also grew its principal agent (i.e. team leader) count by 20 percent to 9,812 agents.
“In Q1, we executed against our growth strategy, thoughtfully expanded our business geographically and added new functionality to our end-to-end platform for agents,” Compass CEO Robert Reffkin said in a written statement before today’s earnings call. “Throughout the quarter our platform has allowed Compass agents to close more transactions and sell homes in fewer days than the industry average.”