Kingsway Financial Services reported a 27.6% year-over-year revenue increase and its first quarterly net income since CEO JT Fitzgerald took charge.
Kingsway Financial Services (NYSE:KWY) reported second-quarter revenue of $39.4 million, up 27.6% year over year, marking its strongest operating performance under CEO JT Fitzgerald. The company swung to a net income of $200,000 from a $3.2 million loss in the prior-year quarter, while adjusted EBITDA rose to $5.2 million from $1.7 million.
KSX, the company’s core segment, drove growth with revenue surging 68.3% to $22.3 million and adjusted EBITDA climbing 77.9% to $4.3 million. Extended-warranty adjusted EBITDA also improved, excluding the sold Trinity business. Kingsway sold Trinity for $8 million and acquired Michigan-based IT provider RCC for $2.4 million, reducing net debt to $59.9 million.
Management reaffirmed its 2026 targets, including three to five acquisitions and double-digit organic growth in KSX and extended warranties.