Kingsway Financial Q3 2023 Earnings Report
Key Takeaways
Kingsway Financial Services Inc. reported an 11% increase in consolidated revenue to $24.8 million for Q3 2023, driven by growth in the Kingsway Search Xcelerator (KSX) business. However, the company experienced a consolidated net loss of $0.68 million compared to a net income of $37.3 million in the prior year period, which included a significant gain from the sale of PWSC. Adjusted consolidated EBITDA was $2.3 million, down from $3.6 million in the prior year.
Consolidated revenue increased by 11% to $24.8 million.
KSX revenue increased by 97% to $7.5 million due to recent acquisitions.
Consolidated net loss was $0.68 million, compared to net income of $37.3 million in the prior year, which included a gain on the sale of PWSC.
Adjusted consolidated EBITDA was $2.3 million, compared to $3.6 million in the prior year.