Kingsway Financial Q2 2023 Earnings Report
Key Takeaways
Kingsway Financial Services Inc. reported an 11% increase in consolidated revenue, reaching $26.2 million for the three months ended June 30, 2023. However, the company experienced a net loss of $1.7 million for the same period. The Kingsway Search Xcelerator (KSX) business showed significant growth, driven by recent acquisitions, while the Extended Warranty segment faced challenges due to higher vehicle service agreement claims.
Consolidated revenue increased by 11% to $26.2 million compared to the prior year period.
Net loss was ($1.7) million, compared to a net loss of ($2.4) million in the prior year period.
KSX revenue increased by 121% due to the inclusion of CSuite and SNS.
Extended Warranty segment results were lower than expected due to higher vehicle service agreement claims severity.