Filing Flows › Kingsway (KWY) › Q3 2025
Kingsway (KWY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Kingsway (KWY) reported revenue of $37.2M for the third quarter 2025 (Q3 2025), +37% from a year earlier and +20% from the quarter before. Operating margin was -2.3%, net loss $2.4M (6.5% of revenue).
Kingsway, Q3 2025: revenue $37.2M (+37% year over year), operating margin -2.3%, net loss $2.4M, operating cash flow $1.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.2M | +20% | +37% |
| Operating profit | −$865K | — | — |
| Net earnings | −$2.4M | — | — |
| Operating cash flow | $1.5M | +336% | +299% |
| Free cash flow | $1.3M | +220% | — |
What changed
Revenue was $37.2M in Q3 2025, up 37% year over year and up 20% from the previous quarter.
Operating costs exceeded revenue by $865K, an operating margin of -2.3%. Total costs grew 37% against revenue growth of 37%. The fastest-growing cost line was General & admin (+45%). The quarter ended with a net loss of $2.4M, narrower than the previous quarter's $3.2M loss. Net interest and other expense of $3.6M was the main reason.
Operating cash flow was $1.5M (up 299% year over year). Non-cash charges added back $2.7M of depreciation and amortization and $630K of share-based compensation. Working capital and other items added $558K. Capital expenditures of $188K left free cash flow of $1.3M.
Questions
What was Kingsway's revenue in the third quarter 2025?
Kingsway (KWY) reported revenue of $37.2M for the third quarter 2025 (Q3 2025), +37% from a year earlier and +20% from the quarter before.
Was Kingsway profitable in the third quarter 2025?
Operating loss was $865K (-2.3% of revenue) and net loss $2.4M.
Source: Kingsway 10-Q on SEC EDGAR.