KINGSWAY Corp

Listed Company

KFSCIK 0001072627NYSEAcceleratedSmaller ReportingFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$135.00M

Net Income

$-10.25M

Total Assets

$231.50M

Equity

$15.17M

Shares Out

28.95M

Op. Cash Flow

$-3.0K

Business

Kingsway Financial Services Inc. is a holding company that owns and operates subsidiaries providing extended warranty and business services. Its main products and services include vehicle service agreements (VSAs), guaranteed asset protection (GAP) products, HVAC and equipment warranty and maintenance services, IT managed services, healthcare staffing, 24/7 cardiac telemetry outsourcing, professional finance and HR consulting, and vertical market software. Kingsway operates through two reportable segments—Extended Warranty and Kingsway Search Xcelerator—encompassing subsidiaries such as IWS, Geminus, PWI, Trinity, CSuite, Ravix, DDI, Image Solutions, SNS and SPI. The company markets and distributes its offerings across the United States via credit unions, independent and franchised dealerships, manufacturers and distributors, direct B2B channels, regional partners and service networks.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Service fee and other revenue	135	109	103	93	78
Total revenues	135	109	103	93	78
Claims authorized on vehicle service agreements	26	25	23	21	20
Cost of services sold	50	38	27	—	—
General and administrative expenses	61	45	42	44	45
Total operating expenses	137	107	102	97	79
Operating (loss) income	−2	2	954,000	−4	−474,000
Net investment income	2	1	2	2	2
Net realized and unrealized investment gains	714,000	2	—	—	—
Non-operating other revenue, net	377,000	192,000	−2	−206,000	16,000
Interest expense	−5	−5	−6	−8	−6
Amortization of intangible assets	−8	−6	−6	−6	−5
Impairment of goodwill and intangible assets	−706,000	−3	0	—	—
Total other expenses, net	−12	−10	23	39	−6
Loss from continuing operations before income tax benefit	−14	−8	24	35	−7
Income tax benefit	−4	−147,000	−2	5	−4
Loss from continuing operations	−10	−8	26	30	−3
Income from discontinued operations, net of taxes	0	438,000	450,000	−13	0
Loss on disposal of discontinued operations, net of taxes	0	−620,000	−2	−2	0
Net loss	−10	−8	24	15	2
Noncontrolling interests in consolidated subsidiaries	562,000	977,000	453,000	−1	2
Redeemable noncontrolling interests in consolidated subsidiaries	−83,000	0	—	—	—
Less: Dividends on preferred stock	1	179,000	74,000	306,000	494,000
Net loss attributable to common shareholders	−12	−9	23	24	−836,000
Net loss from continuing operations attributable to common shareholders	−12	−9	25	31	—
Net loss from discontinued operations attributable to common shareholders	0	−182,000	−2	−7	—
Net loss attributable to common shareholders	−12	−9	—	—	—
Continuing operations (in dollars per share)	−0.43	−0.34	0.97	1.36	−0.22
Discontinued operations (in dollars per share)	0	−0.01	−0.06	−0.3	0.18
Basic loss per share - net loss attributable to common shareholders (in dollars per share)	−0.43	−0.35	0.91	1.06	−0.04
Continuing operations (in dollars per share)	−0.43	−0.34	0.95	1.25	−0.22
Discontinued operations (in dollars per share)	0	−0.01	−0.06	−0.27	0.18
Diluted loss per share - net loss attributable to common shareholders (in dollars per share)	−0.43	−0.35	0.89	0.98	−0.04
Basic: (in shares)	28	27	26	23	23
Diluted: (in shares)	28	27	26	25	23

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	8	—	5	9	64
Restricted cash	8	—	8	8	13
Investments (including $40,241 and $36,765, respectively, at fair value) (Note 7)	42	—	41	42	57
Deferred contract costs	15	—	14	14	13
Income taxes receivable	0	—	574,000	1	0
Property and equipment, net of accumulated depreciation of $2,587 and $1,720, respectively	6	—	2	2	773,000
Right-of-use asset	7	—	2	886,000	911,000
Goodwill	69	—	57	50	45
Intangible assets, net of accumulated amortization of $34,013 and $25,844, respectively	52	—	40	36	33
Other assets	10	—	8	5	23
Total Assets	231	—	187	198	286
Accrued expenses and other liabilities	29	—	21	22	56
Income taxes payable	28,000	—	0	—	—
Deferred service fees	87	—	83	84	83
Debt (including $13,698 and $13,409, respectively, at fair value) (Note 11)	71	—	58	—	—
Lease liability	7	—	3	1	1
Net deferred income tax liabilities	3	—	4	5	4
Total Liabilities	197	—	168	173	264
Redeemable preferred stock, $0.01 par value; 650,000 and 330,000 authorized, issued and outstanding at December 31, 2025 and December 31, 2024, respectively; redemption amount of $16,250 and $8,250 at December 31, 2025 and December 31, 2024, respectively	16	—	8	—	—
Redeemable noncontrolling interest in consolidated subsidiary	792,000	792,000	0	—	—
Common stock, $0.01 par value; 50,000,000 authorized; 29,651,671 and 28,119,776 issued at December 31, 2025 and December 31, 2024, respectively; and 28,625,744 and 27,136,749 outstanding at December 31, 2025 and December 31, 2024, respectively	296,000	—	281,000	0	0
Additional paid-in capital	395	—	377	380	360
Treasury stock, at cost; 1,025,927 and 983,027 outstanding at December 31, 2025 and December 31, 2024, respectively	−7	—	−6	−4	−492,000
Accumulated deficit	−373	—	−361	−347	−370
Accumulated other comprehensive loss	−60,000	—	−718,000	−2	27
Shareholders' equity attributable to common shareholders	15	—	8	28	16
Noncontrolling interests in consolidated subsidiaries	2	—	2	−3	437,000
Total Shareholders' Equity	17	—	10	25	16
Total Liabilities, Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Shareholders' Equity	231	—	187	198	286

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity in net loss of limited liability investments	1,000	162,000	44,000	−293,000	−27,000
Depreciation and amortization expense	9	7	6	6	5
Stock-based compensation expense	2	2	2	4	4
Loss on change in fair value of contingent consideration	0	270,000	262,000	2	263,000
Deferred income taxes, adjusted for liabilities acquired	−4	−537,000	−2	1	2
Other non-cash items	479,000	488,000	—	—	—
Service fee receivable, net, adjusted for assets acquired	779,000	1	1	−136,000	−791,000
Deferred contract costs	−1	−155,000	−477,000	−2	−2
Other assets, adjusted for assets acquired	−1	−360,000	945,000	−2	−387,000
Deferred service fees	4	−887,000	859,000	−7	—
Other, net, adjusted for liabilities acquired	131,000	−1	−29	16	7
Cash (used in) provided by operating activities - continuing operations	−3,000	605,000	−27	−3	6
Cash provided by operating activities - discontinued operations	0	462,000	663,000	−12	−12
Net cash (used in) provided by operating activities	−3,000	1	−26	−15	−6
Proceeds from sales and maturities of fixed maturities	11	8	8	10	6
Proceeds from sales of equity investments	0	77,000	3	0	23,000
Purchases of fixed maturities	−10	−8	−6	−14	−22
Net proceeds from limited liability investments, at fair value	153,000	2	14	621,000	17
Net proceeds from sale of discontinued operations	0	1	0	—	—
Acquisition of businesses, net of cash acquired	−29	−20	−14	−14	−10
Net purchases of property and equipment, adjusted for assets acquired	−2	−709,000	−205,000	26	−830,000
Other, net	−46,000	272,000	39,000	258,000	391,000
Cash used in investing activities - continuing operations	−30	−17	6	58	−9
Cash used in investing activities - discontinued operations	0	0	−11,000	43	365,000
Net cash used in investing activities	−30	−17	6	101	−9
Proceeds from issuance of common stock, net	16	0	—	—	—
Proceeds from issuance of preferred stock	8	8	0	—	—
Cash paid for repurchase of common stock	−345,000	−3	−3	0	—
Cash paid to acquire noncontrolling interest	0	−3	0	—	—
Distributions to noncontrolling interest holders	0	−1	−4	—	—
Payment of preferred stock dividends	−1	−13,000	0	—	—
Payment of contingent consideration from acquisition	−420,000	−650,000	−375,000	−750,000	0
Taxes paid related to net share settlements of restricted stock awards	−122,000	−2	−450,000	−396,000	−499,000
Principal proceeds from debt, net of debt issuance costs of $389 in 2025 and $287 in 2024	26	35	6	13	6
Principal payments on debt	−15	−22	—	—	—
Cash provided by financing activities - continuing operations	33	12	−39	−6	−9
Cash used in financing activities - discontinued operations	0	−435,000	−610,000	−32	9
Net cash provided by financing activities	33	11	−40	−38	−540,000
Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations	3	−4	−60	50	−12
Interest	5	5	25	1	821,000
Income taxes - state and local	237,000	−112,000	2	501,000	243,000
Contingent consideration for acquisition of businesses	980,000	0	—	—	—
Seller phantom equity awards issued for acquisition of businesses	3	0	—	—	—
Notes payable issued for acquisition of businesses	2	0	—	—	—
Notes payable extinguished in exchange for common stock	−1	0	—	—	—
Common stock issued in exchange for notes payable	1	0	—	—	—

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