Kingsway Reports Second Quarter 2024 Financial Results

Kingsway Financial Services Inc. (NYSE:KFS) has disclosed its financial results for the second quarter of 2024, ending June 30, 2024. Consolidated revenue rose by 1% to $26.4 million from $26.2 million in the previous year. Revenue from the Extended Warranty segment saw a slight increase of 0.4% to $17.1 million, while the KSX segment grew by 2.0% to $9.3 million.

The consolidated net loss amounted to $2.2 million, up from a $1.7 million loss in Q2 2023. Adjusted consolidated EBITDA improved to $2.4 million from $1.8 million in the previous year. Specifically, the KSX segment reported an adjusted EBITDA of $1.8 million, an increase driven by contributions from DDI and SPI.

Key balance sheet adjustments include repurchasing 141,550 shares at $1.1 million and a modified Extended Warranty loan to simplify debt, creating a $1 million revolver, $15 million term loan, $6 million DDTL, and extended maturities to May 2029.

Management will discuss these results further in a conference call today at 5 p.m. ET.