Kingsway reports Q3 2025 results

Kingsway Financial Services , a Chicago-based investment company that buys and builds small, profitable businesses, reported Q3 2025 results, delivering 37% revenue growth to $37.2 million.

The Kingsway Search Xcelerator (KSX), a division of Kingsway Financial Services that operates as a publicly traded search fund platform, more than doubled its revenue to $19 million, up 104% year-over-year, marking the first time KSX represented a majority of total company revenue. The Extended Warranty segment grew 2% to $18.2 million, with cash sales up 14%, reflecting renewed demand momentum.

Consolidated net loss for the quarter was $2.4 million, in line with the prior-year period (when it was $2.3 million). Adjusted EBITDA came in at $2.1 million, compared to $3 million a year ago, with KSX contributing $2.7 million, offsetting softer results in Extended Warranty.

Kingsway completed several acquisitions this past quarter, including Roundhouse Electric & Equipment in Texas, AAA Flexible Pipe Cleaning in Ohio, and Southside Plumbing in Nebraska—adding a combined $27 million in annualized revenue and expanding its Skilled Trades and B2B services footprint.

“I am pleased to report an excellent quarter for Kingsway, with revenue up 37% year-over-year. The Company also reached an important milestone as our high-growth KSX segment represented a majority of revenue for the first time. Our stable, cash-generative Extended Warranty segment once again produced solid top-line growth with robust cash flow and strong cash sales. Our KSX segment achieved stellar results with revenue growth of 104% and adjusted EBITDA growth of 90%. ” – Kingsway’s President and CEO, JT Fitzgerald.