---
title: "Kingsway Financial | 8-K: FY2025 Q4 Revenue: USD 38.6 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278936167.md"
datetime: "2026-03-12T20:13:39.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278936167.md)
  - [en](https://longbridge.com/en/news/278936167.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278936167.md)
---

# Kingsway Financial | 8-K: FY2025 Q4 Revenue: USD 38.6 M

Revenue: As of FY2025 Q4, the actual value is USD 38.6 M.

#### Fourth Quarter 2025 vs. Fourth Quarter 2024

##### Consolidated Metrics

-   Consolidated revenue increased 30.1% to $38.6 million, compared to $29.6 million in the fourth quarter of 2024.
-   Consolidated net loss was - $1.6 million, compared to a net loss of - $1.5 million in the fourth quarter of 2024.
-   Consolidated adjusted EBITDA was $2.7 million, compared to $3.4 million in the fourth quarter of 2024.

##### Segment Revenue

-   Kingsway Search Xcelerator (KSX) revenue increased 63.6% to $20.3 million, compared to $12.4 million in the fourth quarter of 2024.
-   Extended Warranty revenue increased 6.1% to $18.3 million, compared to $17.2 million in the fourth quarter of 2024.

##### Operational Metrics

-   Extended Warranty cash sales increased 11.3% in the fourth quarter of 2025.
-   KSX adjusted EBITDA increased by 28.6% to $2.5 million, compared to $1.9 million in the fourth quarter of 2024.
-   Extended Warranty adjusted EBITDA was $0.8 million, compared to $2.4 million in the fourth quarter of 2024.

##### Debt

-   The Company had total net debt of $62.4 million as of December 31, 2025, compared with $61.4 million as of September 30, 2025.

#### Full Year 2025 vs. Full Year 2024

##### Consolidated Metrics

-   Consolidated revenue increased 23.4% to $135.0 million, compared to $109.4 million in the full year 2024.
-   Consolidated net loss was - $10.3 million, compared to a net loss of - $8.3 million in the full year 2024.
-   Consolidated adjusted EBITDA was $7.8 million, compared to $11.0 million in the full year 2024.

##### Segment Revenue

-   KSX revenue increased 58.5% to $64.2 million, compared to $40.5 million in the full year 2024.
-   Extended Warranty revenue increased 2.8% to $70.8 million, compared to $68.9 million in the full year 2024.

##### Operational Metrics

-   Extended Warranty cash sales increased 9.2% for the full year 2025.
-   KSX adjusted EBITDA increased by 40.8% to $9.5 million, compared to $6.7 million in the full year 2024.
-   Extended Warranty adjusted EBITDA was $3.1 million, compared to $7.5 million in the full year 2024.

##### Debt

-   The Company had total net debt of $62.4 million as of December 31, 2025, compared with $52.0 million as of December 31, 2024.

##### Unique Metrics

-   Portfolio LTM EBITDA for the operating companies was $22.0 million to $23.0 million as of December 31, 2025.
-   The acquisition of Ledgers, Inc. by Ravix Group, Inc. on January 5, 2026, is expected to add unaudited pro-forma annual adjusted EBITDA of $0.4 million to Kingsway Financial Services Inc..

#### Outlook / Guidance

Kingsway Financial Services Inc. reiterates its target of 3 to 5 acquisitions in 2026 through its KSX platform. The company is budgeting double-digit organic growth in revenue and adjusted EBITDA for the KSX segment in 2026. Additionally, double-digit organic growth in revenue and Modified Cash adjusted EBITDA is budgeted for the Extended Warranty segment in 2026.

### Related Stocks

- [KFS.US](https://longbridge.com/en/quote/KFS.US.md)

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