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Mar 31, 2022
Kingsway Financial Q1 2022 Earnings Report
Kingsway Financial reported results that largely exceeded initial expectations, with improved operating cash flow and strategic debt reduction.
Key Takeaways
Kingsway Financial Services Inc. reported its Q1 2022 results, showing improved operating cash flow of $3.8 million and a net loss of $2.5 million. The company continued to pay down debt related to acquisition financing and expressed satisfaction with the underlying economics and trends in its businesses.
Operating cash flow improved by $5.7 million to $3.8 million.
Net loss was ($2.5) million, compared to net income of $0.9 million in the same period last year.
Non-GAAP adjusted income was $1.5 million, compared to $1.8 million for the 2021 period.
The Company paid down an additional $1.7 million in debt related to borrowings secured by certain warranty companies.