Oxbridge Re Holdings - CW24 | 10-K: FY2025 Revenue: USD 2.577 M

Revenue: As of FY2025, the actual value is USD 2.577 M.

EPS: As of FY2025, the actual value is USD -0.28.

EBIT: As of FY2025, the actual value is USD -3.463 M.

Oxbridge Re Holdings Limited operates as a single business segment: Property and Casualty Reinsurance .

Segment Revenue

Assumed Premiums: Decreased to $2,275 thousand in 2025 from $2,379 thousand in 2024 .
Net Premiums Earned: Remained stable at $2,287 thousand in 2025 compared to $2,303 thousand in 2024 .
SurancePlus Fee Income: Decreased significantly to $1 thousand in 2025 from $312 thousand in 2024 .
Realized Gain on Other Investments: Increased to $35 thousand in 2025 from $0 in 2024 .
Net Investment and Other Income: Increased to $314 thousand in 2025 from $248 thousand in 2024 .
Unrealized Loss on Other Investments: Decreased to - $20 thousand in 2025 from - $2,145 thousand in 2024 .
Change in Fair Value of Equity Securities: Decreased to - $40 thousand in 2025 from - $260 thousand in 2024 .
Total Revenue: Increased to $2,577 thousand in 2025 from $546 thousand in 2024 .

Operational Metrics

Losses and Loss Adjustment Expenses: Increased to $2,742 thousand in 2025 from $0 in 2024, due to adverse loss development from Hurricane Milton on two reinsurance contracts .
Policy Acquisition Costs and Underwriting Expenses: Decreased slightly to $252 thousand in 2025 from $254 thousand in 2024 .
General and Administrative Expenses: Increased to $3,046 thousand in 2025 from $1,917 thousand in 2024, attributed to higher professional costs, Web3 subsidiary tokenization costs, S-3 related costs, increased human resources, and legal expenditures .
Total Expenses: Increased to $6,040 thousand in 2025 from $2,171 thousand in 2024 .
Net Loss Attributable to Ordinary Shareholders: Decreased to - $2,079 thousand in 2025 from - $2,726 thousand in 2024 .
Loss (Income) Attributable to Tokenholders: Was $1,386 thousand in 2025 compared to - $962 thousand in 2024 .
Basic and Diluted Loss Per Share: Improved to - $0.28 in 2025 from - $0.45 in 2024 .

Performance Ratios (to Net Premiums Earned)

Loss Ratio: Increased to 119.9% in 2025 from 0.0% in 2024, reflecting losses from Hurricane Milton .
Acquisition Cost Ratio: Remained at 11.0% in both 2025 and 2024 .
Expense Ratio: Increased to 144.2% in 2025 from 94.3% in 2024, primarily due to increased general and administrative expenses .
Combined Ratio: Increased to 264.1% in 2025 from 94.3% in 2024 .

Cash Flow

Net Cash Used in Operating Activities: - $1,348 thousand in 2025 compared to - $284 thousand in 2024 .
Net Cash Provided by Investing Activities: $120 thousand in 2025 compared to $780 thousand in 2024 .
Net Cash Provided by Financing Activities: $2,311 thousand in 2025 compared to $1,652 thousand in 2024 .
Restricted Cash and Cash Equivalents: Increased to $6,708 thousand as of December 31, 2025, from $3,758 thousand as of December 31, 2024, mainly due to new collateral deposits .

Unique Metrics

Mezzanine Equity – Due to EpsilonCat Re / DeltaCat Re / ZetaCat Re and EtaCat Re Tokenholders: Decreased by $1.2 million to $518 thousand as of December 31, 2025, from $1,732 thousand as of December 31, 2024, due to tokenholders’ share in Hurricane Milton losses .

Outlook / Guidance

Oxbridge Re Holdings Limited anticipates meeting its liquidity needs through cash, investment income, proceeds from a $1,000,000 promissory note, and funds from underwriting and tokenization activities . The promissory note is expected to be paid in June 2026, following the release of approximately $5 million in collateral cash . SurancePlus has launched offerings for T20-2027 and T42-2027 digital tokens, with additional issuances planned for 2027 and 2028 .