Kingsway Financial Services, Inc. Reports Stable Growth in 2023 Financial Performance

Kingsway Financial Services, Inc. announced its financial outcomes for the year ended December 31, 2023, marking notable financial growth with consolidated revenue reaching $103.2 million, an 11% increase from the previous year. Despite a decrease in the Extended Warranty revenue, the company's KSX segment observed a significant 82% increase in revenue, largely attributed to the strategic acquisitions of CSuite, SNS, SPI, and DDI throughout 2022 and 2023.

The company's net income also saw a substantial improvement, climbing to $24 million up from $15.1 million in the preceding year. However, adjusted consolidated EBITDA experienced a slight decline to $9.1 million from $11.1 million. The Extended Warranty segment struggled with heightened claims expenses, contrasting the growth in KSX's adjusted EBITDA, which jumped by 50% due to recent acquisitions.

Kingsway has also strengthened its leadership team and advisory board, with key appointments signaling a strategic focus on expanding its Kingsway Search Xcelerator (KSX) business. Financially, the company showcased robust fiscal management through substantial warrants repurchase, principal debt payments, and an advantageous repurchase of trust preferred debt.

Looking ahead, Kingsway remains committed to growing its cash flows and enhancing shareholder value with a clear focus on disciplined operating cost management and strategic acquisitions. The report comes ahead of the company’s 2024 Investor Day, scheduled to take place at the New York Stock Exchange on May 20, 2024, promising further insights into the company's future direction and growth strategies.