KINGSWAY Corp Segments Disclosure
The Company reports segment information based on the "management" approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as a source of the Company’s reportable operating segments. The Company's chief operating decision maker is its President and Chief Operating Officer. The Company conducts its business through the following reportable segments: Kingsway Search Xcelerator and Extended Warranty.
Kingsway Search Xcelerator Segment
Kingsway Search Xcelerator includes the Company's subsidiaries CSuite, Ravix, SNS, SPI, DDI, Image Solutions, Roundhouse, Bud's Plumbing, Advanced Plumbing and Southside Plumbing (collectively, "KSX").
CSuite is a professional services firm that provides experienced chief financial officer and other finance professionals to its clients through a variety of flexible offerings. These offerings include project, fractional, and interim staffing of senior finance professionals, CFO mentoring, board advisory services, and executive search services for permanent placements for its clients throughout the United States.
Ravix provides outsourced financial services and human resources consulting for short or long duration engagements for customers throughout the United States.
SNS provides healthcare staffing services to acute healthcare facilities on a contract or per diem basis in the United States, primarily in California.
SPI provides software products created exclusively to serve the management needs of all types of shared-ownership properties globally.
DDI provides outsourced 24 hours a day and 7 days per week cardiac telemetry services for general acute care, long-term acute care and inpatient rehabilitation hospitals. Outsourcing cardiac monitoring allows hospitals to eliminate personnel callouts and human resources issues, remove distractions from onsite operations, and free up facility staff to assist directly with patient care. DDI currently has a presence in 42 states and Puerto Rico.
Image Solutions provides comprehensive information technology managed services, including equipment sales, service, and helpdesk support to customers primarily in North Carolina, Kansas, Georgia, Kentucky and Tennessee.
Roundhouse provides industrial-scale electric motor solutions, including field maintenance, in-shop repair, testing, and new motor sales primarily to midstream natural gas pipeline operators and utilities across the Permian Basin.
Kingsway Skilled Trades includes Bud's Plumbing, Advanced Plumbing and Southside Plumbing. Kingsway Skilled Trades provides a comprehensive range of plumbing services, including emergency repairs, drain cleaning, water heater installations, and water treatment solutions to residential and commercial customers, primarily in Evansville, Indiana (Bud's Plumbing), Cleveland, Ohio (Advanced Plumbing) and Omaha, Nebraska (Southside Plumbing).
Revenues and Operating Income by Reportable Segment
Revenues by reportable segment reconciled to consolidated revenues for the years ended December 31, 2025 and December 31, 2024 were:
| (in thousands) | Years ended December 31, | |||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Service fee and other revenue - KSX | $ | 64,201 | $ | 40,511 | ||||
| Service fee and other revenue - Extended Warranty | 70,795 | 68,871 | ||||||
| Total revenues | $ | 134,996 | $ | 109,382 | ||||
Results for the Company's reportable segments are based on the Company's internal financial reporting systems and are consistent with those followed in the preparation of the consolidated financial statements. The Company uses operating income as the measure of profit or loss for our segments. The Company's chief operating decision maker uses segment operating income to allocate resources in the annual budget and forecasting process and considers actual versus plan variances in assessing the performance of each segment. The chief operating decision maker also uses segment operating income as an input to the overall compensation measures for segment management under the Company's incentive compensation plans. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments outside of segment operating income. Segment assets are not regularly reviewed by the Company's chief operating decision maker and, therefore, are not included in the segment disclosures below.
Among other items, the degree and pace of inflation and interest rate changes may have impacts on our business and the recently announced tariffs or retaliatory responses to such tariffs may impact the Company’s operating income. The potential impact of current macroeconomic uncertainties on the Company’s financial condition, results of operations, and cash flows is subject to change and continues to depend on the extent and duration of these uncertainties.
The operating income by reportable segment in the following table is before income taxes and includes revenues and direct segment costs. The significant expense categories and amounts by segment align with the segment level information that is regularly provided to the chief operating decision maker.
Total segment operating income reconciled to the consolidated loss from continuing operations for the years ended December 31, 2025 and December 31, 2024 is as follows:
| Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| (in thousands) | KSX | Extended Warranty | Total | KSX | Extended Warranty | Total | ||||||||||||||||||
| Service fee and other revenue | $ | 64,201 | $ | 70,795 | $ | 134,996 | $ | 40,511 | $ | 68,871 | $ | 109,382 | ||||||||||||
| Less segment expenses: | ||||||||||||||||||||||||
| Claims authorized on vehicle service agreements | — | 25,727 | 25,727 | — | 24,577 | 24,577 | ||||||||||||||||||
| Cost of services - salaries and benefits | 21,685 | 19 | 21,704 | 18,275 | 24 | 18,299 | ||||||||||||||||||
| Cost of services - commissions | (93 | ) | 12,000 | 11,907 | 112 | 10,871 | 10,983 | |||||||||||||||||
| Cost of services - other | 12,798 | 4,034 | 16,832 | 5,010 | 3,426 | 8,436 | ||||||||||||||||||
| Salaries and benefits | 10,993 | 16,531 | 27,524 | 6,504 | 14,676 | 21,180 | ||||||||||||||||||
| Insurance expense | 855 | 2,308 | 3,163 | 306 | 2,216 | 2,522 | ||||||||||||||||||
| Professional fees | 2,281 | 1,340 | 3,621 | 1,059 | 977 | 2,036 | ||||||||||||||||||
| IT expense | 1,651 | 1,323 | 2,974 | 822 | 1,168 | 1,990 | ||||||||||||||||||
| Other segment items (a) | 6,244 | 6,359 | 12,603 | 2,761 | 4,994 | 7,755 | ||||||||||||||||||
| Total segment operating income | $ | 7,787 | $ | 1,154 | $ | 8,941 | $ | 5,662 | $ | 5,942 | $ | 11,604 | ||||||||||||
| Net investment income | 1,627 | 1,432 | ||||||||||||||||||||||
| Net realized and unrealized investment gains | 714 | 1,896 | ||||||||||||||||||||||
| General and administrative expenses and other revenue not allocated to segments, net (b) | (10,962 | ) | (9,250 | ) | ||||||||||||||||||||
| Interest expense | (5,449 | ) | (4,790 | ) | ||||||||||||||||||||
| Amortization of intangible assets | (8,169 | ) | (6,304 | ) | ||||||||||||||||||||
| Impairment of goodwill and intangible assets | (706 | ) | (2,848 | ) | ||||||||||||||||||||
| Loss from continuing operations before income tax benefit | (14,004 | ) | (8,260 | ) | ||||||||||||||||||||
| Income tax benefit | (3,752 | ) | (147 | ) | ||||||||||||||||||||
| Loss from continuing operations | $ | (10,252 | ) | $ | (8,113 | ) | ||||||||||||||||||
| (a) | Other segment items in the table above for each reportable segment include bank charges, bad debt expense, occupancy expenses, depreciation expense, licenses and taxes, general overhead expenses and miscellaneous income. | |
| (b) | General and administrative expenses and other revenue not allocated to segments, net includes corporate and non-operating general and administrative expenses, contingent consideration expense (2024 year to date only) and non-operating other revenue. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 8, 2023 | |
| 2021 | Feb 28, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.