Kingsway FY2024 revenue +5.9% to $109.4M; net loss of $8.3M; acquires Bud's Plumbing

KINGSWAY FINANCIAL SERVICES INC

Revenue grew 5.9% to $109.4M; net loss $8.3M vs prior year net income of $24.0M (incl $31.6M debt extinguishment gain).
Adjusted consolidated EBITDA rose to $10.6M from $9.1M; KSX segment adjusted EBITDA +14.9% to $6.6M.
Acquired Bud’s Plumbing for $5M cash plus $1.25M seller note; adds $6M annual revenue and $0.8M annual EBITDA, immediately accretive.
Repurchased 355,750 shares for $2.8M, exhausting buyback program; issued 240,000 shares of new Class C Preferred for $6M in Feb 2025.

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