KFS Q4 2025: The J-Curve Is Turning
KSX revenue up 64%, sequential EBITDA improving every quarter, double-digit organic growth budgeted for 2026. The thesis is playing out.
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Kingsway just reported Q4 and full year 2025 earnings. The headline numbers:
Full-year revenue of $135.0 million, up 23% year-on-year
KSX revenue of $64.2 million, up 59% year-on-year
Q4 KSX revenue of $20.3 million, up 64% year-on-year
Full-year consolidated adjusted EBITDA of $7.8 million, down from $11.0 million
Portfolio LTM EBITDA of $22.0 to $23.0 million
Six acquisitions completed in 2025, with 3 to 5 targeted for 2026
Double-digit organic growth budgeted for both segments in 2026
Investors scanning the numbers quickly will see one thing: adjusted EBITDA fell 29% year-on-year. Net loss widened from $8.3 million to $10.3 million. That looks like deterioration.
In my opinion, it’s not. It is the J-curve doing exactly what the thesis predicted it would do. And there is now real, granular evidence that it is beginning to turn.
The following is my personal take and what I am doing with my position.