10-K · March 12, 2026
Kingsway reports tangible top-line growth driven by acquisitions and organic expansion in 2025 (Q4 revenue $38,555,000, ~30% above 2024Q4 $30.0M), while profitability and cash flow remain volatile (Q4 diluted EPS…
Earnings analysis · 10-Q
KFS earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Kingsway Financial Services reported a strong Q1 2026 performance with revenue growth of 18.6% year-over-year, reaching $39.0 million, despite a net loss of $2.3 million, improved from a loss of $3.1 million in the…
Read full summary
Kingsway Financial Services reported a strong Q1 2026 performance with revenue growth of 18.6% year-over-year, reaching $39.0 million, despite a net loss of $2.3 million, improved from a loss of $3.1 million in the prior year. The Kingsway Search Xcelerator segment showed notable growth and contributed significantly to overall revenue, while gross margin improved substantially compared to the same period last year.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
What stood out
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Revenue Growth
Total revenue increased to $39.0 million in Q1 2026, up 18.6% from $32.9 million in Q1 2025.
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Gross Margin Improvement
Gross margin improved to 81.0% in Q1 2026 compared to 69.3% in Q1 2025, reflecting better cost management.
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Kingsway Search Xcelerator Growth
Revenue from the Kingsway Search Xcelerator segment rose to $21.1 million, marking a 80.3% increase year-over-year.
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Operating Loss Reduction
Operating loss was reduced to $2.1 million in Q1 2026 from $3.2 million in Q1 2025.
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Free Cash Flow Recovery
Free cash flow improved to a usage of $1 million in Q1 2026, compared to $2 million in Q1 2025.
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Interest and Investment Income Growth
Interest and investment income rose to $0.7 million in Q1 2026 from $0.3 million in Q1 2025.
What to watch
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Continued Net Loss
The company recorded a net loss of $2.3 million, although an improvement from a $3.1 million loss in Q1 2025.
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Debt Covenant Violations
Ongoing concerns with debt covenant compliance at some subsidiaries, potentially leading to liquidity issues.
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Inflation Impact
Higher claims and costs in the Extended Warranty segment due to inflation pressure, with claims paid increasing 7.1%.
Management's outlook
No specific revenue or EPS guidance provided; management anticipates ongoing revenue growth but indicates macroeconomic uncertainties.
Earlier filings 4
10-K · March 17, 2025
Kingsway’s 2024 Form 10-K describes a two-segment strategy (Extended Warranty and Kingsway Search Xcelerator) focused on growing aftermarket vehicle service agreements and acquiring lower‑middle‑market service…
10-Q · November 6, 2024
Kingsway reported quarterly revenue of $27,136 (in thousands) for the three months ended September 30, 2024, up from $24,790 in Q3 2023, but the company posted an operating loss of $(672) (in thousands) and diluted EPS…
10-Q · August 6, 2024
Kingsway reported essentially flat revenue in Q2 2024 of $26.446M versus $26.197M in Q2 2023, but profitability weakened as non-operating items and impairments drove a net loss. Operating income was only $0.126M for the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.