KFS KINGSWAY FINANCIAL SERVICES INC

Overview and Growth

KINGSWAY FINANCIAL SERVICES INC generated $135.00M of revenue in fiscal 2025, with net loss of $11.92M and an operating cash outflow of $3.00K. Revenue of $135.00M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 23.4% from $109.38M in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of -$0.43, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 27.86M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 27.19M diluted shares in fiscal 2024, the current 27.86M base was 2.5% higher. Total assets stood at $231.50M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.58x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was an operating loss of $2.40M, reflecting costs that exceeded gross profit. The operating loss equaled 1.8% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $11.92M for the fiscal year. Net margin was -8.8%, reflecting a loss equal to 8.8% of reported revenue. Before income taxes, the company recorded a loss of $14.00M, bridging the operating result to the final net loss. Pretax margin was -10.4%, reflecting a pre-tax loss equal to 10.4% of revenue. The reported tax benefit was $3.75M, favorably bridging the pretax and after-tax results. Relative to period-end equity, the net loss represented 68.6%. The loss-to-assets relationship was 5.1%, placing the bottom-line deficit against the company’s resource base. Compared with a $9.45M net loss in fiscal 2024, the current loss increased to $11.92M.

Liquidity and Capital Structure

Cash and equivalents totaled $8.31M, identifying the most liquid reported component available within the broader current-asset balance. Total debt was $70.71M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 4.07x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 30.5%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 7.5%, placing book capital against the total resource base. Relative to total assets, liabilities measured 85.1%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 3.6%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 24.1% higher than fiscal 2024 assets of $186.62M, measuring the company’s own balance-sheet change. Against $10.05M of equity in fiscal 2024, the current book-equity balance moved 72.8% and ended higher. Compared with $5.49M in fiscal 2024, the current cash balance moved 51.2% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $3.00K, showing that operations absorbed cash during the period. The company shifted from generating $1.07M of operating cash in fiscal 2024 to absorbing $3.00K.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.