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Mar 31, 2023
Kingsway Financial Q1 2023 Earnings Report
Reported solid financial results for the first quarter of 2023, marked by revenue growth and strategic debt repurchase.
Key Takeaways
Kingsway Financial Services Inc. reported a 17% increase in consolidated revenue to $26.4 million for Q1 2023, driven by a 131% increase in KSX revenue. The company achieved a net income of $27.8 million, a significant improvement from the prior year's net loss of $2.5 million. Adjusted consolidated EBITDA was $2.4 million, compared to $1.0 million in the prior year period.
Consolidated revenue increased by 17% to $26.4 million.
KSX revenue increased by 131% to $9.7 million, benefiting from recent acquisitions.
Consolidated net income was $27.8 million, a substantial turnaround from the previous year's net loss.
Adjusted consolidated EBITDA was $2.4 million, up from $1.0 million in the prior year period.
Kingsway Financial
Kingsway Financial
Kingsway Financial Revenue by Segment
Revenue by Segment
Extended Warranty Revenue
CapyFin.com Forward Guidance
Kingsway is focused on growing its portfolio of businesses organically and through acquisitions, with a thoughtful approach to capital allocation to increase per share value.
Positive Outlook
- The company is well-equipped to expand its portfolio of operating businesses with cash on hand.
- Kingsway has a defined set of strategies in place to continue to grow the per share value of its business over time.
- The company repurchased the majority of its outstanding TruPs debt and associated accrued interest.
- The company simplified its capital structure.
- The company is better positioned for executing its strategy and increasing its cash flows.
Challenges Ahead
- Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected.
- A number of factors could cause actual events, performance or results to differ materially from the forward-looking statements.
- The Extended Warranty revenue was $16.7 million in the first quarter of 2023 compared to $18.3 million in the first quarter of 2022.
- The company's future performance is subject to risks detailed in its SEC filings.
- The company disclaims any obligation to update or revise any forward-looking statements.