Kingsway Q3 revenue up 37% to $37.2M; KSX segment becomes majority of revenue for first time

KINGSWAY FINANCIAL SERVICES INC

2025-Q3 EPS reported -$0.36 revenue$96,441,000

Consolidated revenue $37.2M (+37% YoY); net loss $2.4M vs $2.3M in prior-year quarter.
KSX revenue surged 104% to $19.0M; Extended Warranty revenue up 2% to $18.2M.
Adjusted EBITDA $2.1M (down $0.9M YoY) as Extended Warranty margin compressed due to growth costs.
Acquired Roundhouse Electric ($22.4M), Advanced Plumbing ($3.5M + earn-out), Southside Plumbing (80% for $5.625M) in Q3.
KSX run-rate adjusted EBITDA $15.5–16.5M; Extended Warranty run-rate adjusted EBITDA $5.0–6.0M.

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