Abacus Life Q1 revenue more than doubles to $21.5M; GAAP net loss $1.3M vs prior-year profit

Abacus Global Management, Inc.

2024-Q1 EPS reported -$0.02 revenue$21,487,184

Total revenue $21.5M, up 109% YoY from $10.3M, driven by active management and direct-to-consumer growth.
GAAP net loss attributable to shareholders $1.3M vs net income $8.1M; adjusted net income $6.7M vs $7.6M.
Adjusted EBITDA $11.6M (+38.1% YoY), margin 53.9% vs 81.4% prior year.
Originations capital deployment $33.3M; policy originations up 6% to 119.
Repurchased 966k shares at avg $11.41; $4M remaining under $15M buyback program.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Abacus Global Management, Inc. reported the quarterly period ended March 31, 2024 results: revenue $21.5 million, net income net loss of $1.3 million.

Period: the quarterly period ended March 31, 2024
Revenue: $21.5 million
Net income: net loss of $1.3 million
Result: reported results

Exact text from the filing

Total revenue for the first quarter of 2024 more than doubled to $21.5 million, compared to $10.3 million in the prior-year period. The increase was primarily driven by higher active management revenue, increased capital deployed and more policies sold directly to third parties. o Total revenue from portfolio servicing segment for the first quarter of 2024 was $0.2 million, compared to $0.3 million in the prior-year period. - Originations capital deployment for the first quarter of 2024 were $33.3 million, compared to $34.4 million in the prior-year period; number of policy originations for the first quarter of 2024 grew 6% to 119, compared to 112 in the prior-year period. - GAAP net loss attributable to shareholders for the first quarter of 2024 was $1.3 million, compared to GAAP net income attributable to shareholders of $8.1 million in the prior-year period

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Source: SEC EDGAR

accession 0001814287-24-000033

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