Kingsway Reports Third-Quarter 2026 Results as KSX Revenue Rises 18.2%
Kingsway Corporation reported third-quarter 2026 revenue of $38.9 million, with KSX revenue rising 18.2% to $22.4 million and consolidated net loss reaching $3.2 million.
Kingsway Corporation reported results for the three and nine months ended September 30, 2026, including revenue growth of 5% to $38.9 million. The company also published organic growth figures for its operating companies for the first time.
Kingsway Search Xcelerator, or KSX, generated $22.4 million in revenue during the third quarter, up 18.2% from $19.0 million in the comparable period.
KSX adjusted EBITDA increased by 24.5% to $3.3 million, compared with $2.7 million in the third quarter of 2025.
#Extended Warranty results vary after Trinity sale
Extended Warranty revenue was $16.4 million, down 9.8% from $18.2 million in the prior-year quarter. Excluding the sale of Trinity Warranty Solutions LLC, revenue increased 5.9% to $16.4 million from $15.5 million. Cash sales excluding Trinity increased 6.3%.
Extended Warranty adjusted EBITDA rose 88.3% to $1.4 million from $0.8 million. On an adjusted basis excluding Trinity, the segment recorded $1.4 million compared with $0.4 million.
Kingsway reported a consolidated net loss of $3.2 million, compared with a net loss of $2.4 million in the third quarter of 2025. Consolidated adjusted EBITDA was $2.0 million, compared with $2.1 million.
Cash from Operations reached $4.1 million during the quarter. Total net debt stood at $60.3 million as of September 30, 2026, compared with $62.4 million as of December 31, 2025.
The company said its operating subsidiaries recorded approximately $0.6 million of revenue re-deferrals during the quarter. JT Fitzgerald, Kingsway’s President and CEO, said that, after normalising for those non-cash accounting items, segment profitability would have been broadly consistent with the second-quarter result.
Kingsway reported Organic Segment Revenue Growth of 8% and Organic Segment Adjusted EBITDA Growth of 54% for the third quarter. The company said it intends to provide organic growth figures for its operating companies each quarter going forward.
These measures are intended to show the performance of continuing operations separately from the effects of acquisitions and dispositions. Kingsway said organic revenue and adjusted EBITDA should be considered alongside, and not as substitutes for or superior to, GAAP revenue and net income.
Portfolio LTM EBITDA for Kingsway’s operating companies was reported at $23 million to $24 million for the twelve months ended September 30, 2026.
Management was scheduled to host a conference call and live question-and-answer session at 5 p.m. Eastern Time on November 5, 2026, to discuss the results. Investors could also submit questions by email.
Kingsway Corporation describes itself as the only publicly-traded US company employing the Search Fund model to acquire and build businesses. It owns and operates B2B and B2C services companies and trades on the NYSE under the ticker symbol NYSE:KWY.
Kingsway Corporation announced its operating results for the three and nine months ended September 30, 2026. The company reported revenue growth of 5% to $38.9 million, alongside segment revenue, profitability, cash flow and organic growth figures.
Kingsway Corporation announced the results on November 5, 2026, covering the three and nine months ended September 30, 2026. The main comparative financial highlights are for the third quarter of 2026 versus the third quarter of 2025.
Kingsway Search Xcelerator revenue increased 18.2% to $22.4 million from $19.0 million in the prior-year quarter. KSX adjusted EBITDA increased by 24.5% to $3.3 million from $2.7 million.
Extended Warranty revenue decreased 9.8% to $16.4 million from $18.2 million in the prior-year quarter. Excluding the sale of Trinity Warranty Solutions LLC, revenue increased 5.9% to $16.4 million from $15.5 million, while Extended Warranty cash sales excluding Trinity increased 6.3%.
Kingsway Corporation reported a consolidated net loss of $3.2 million, compared with a net loss of $2.4 million in the third quarter of 2025. Consolidated adjusted EBITDA was $2.0 million, compared with $2.1 million.
Extended Warranty adjusted EBITDA increased by 88.3% to $1.4 million from $0.8 million. Excluding Trinity, Extended Warranty adjusted EBITDA was $1.4 million compared with $0.4 million.
Kingsway Corporation reported Cash from Operations of $4.1 million in the third quarter. Total net debt was $60.3 million as of September 30, 2026, compared with $62.4 million as of December 31, 2025.
Kingsway Corporation said it was disclosing organic revenue and EBITDA growth figures for its operating companies for the first time. Organic Segment Revenue Growth was 8%, and Organic Segment Adjusted EBITDA Growth was 54% in the third quarter; the company said it will provide these figures for its operating companies each quarter going forward.
Kingsway Corporation said its operating subsidiaries had approximately $0.6 million of revenue re-deferrals during the quarter. President and CEO JT Fitzgerald said that, normalising for these non-cash accounting items, segment profitability would have been broadly consistent with the company's second-quarter result.
Kingsway Corporation reported portfolio LTM EBITDA for its operating companies of $23 million to $24 million for the twelve months ended September 30, 2026. JT Fitzgerald said he remained confident in the positive trajectory of this metric in the fourth quarter and into 2027.
JT Fitzgerald said Kingsway Corporation had a highly active deal pipeline and was positioned to continue driving inorganic and organic growth in the quarters ahead. This is management's stated outlook and is subject to the forward-looking risks and uncertainties described in the announcement.
Kingsway Corporation says it is the only publicly-traded US company employing the Search Fund model to acquire and build businesses. It owns and operates a collection of B2B and B2C services companies that it describes as asset-light, growing, profitable and having recurring revenues, using a decentralised management model and a tax-advantaged corporate structure.
Kingsway Corporation's shares trade on the NYSE under the ticker symbol NYSE:KWY.
Management will host a conference call at 5 p.m. Eastern Time on November 5, 2026, to discuss the results and hold a live question-and-answer session. Investors may also submit questions by email to [email protected].
Kingsway Corporation says adjusted EBITDA, Portfolio LTM EBITDA and organic revenue or adjusted EBITDA are intended to provide additional information when presented with comparable GAAP measures. The company states that these measures should be considered alongside, and not as substitutes for or superior to, GAAP revenue and net income.