Filing Flows › Kingsway (KWY) › Q4 2025
Kingsway (KWY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Kingsway (KWY) reported revenue of $38.6M for the fourth quarter 2025 (Q4 2025), +30% from a year earlier and +4% from the quarter before. Operating margin was 0.8%, net loss $1.6M (4.1% of revenue).
Kingsway, Q4 2025: revenue $38.6M (+30% year over year), operating margin 0.8%, net loss $1.6M, operating cash flow −$10K. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $38.6M | +4% | +30% |
| Operating profit | $307K | — | — |
| Net earnings | −$1.6M | — | — |
| Operating cash flow | −$10K | -101% | — |
What changed
Revenue was $38.6M in Q4 2025, up 30% year over year and up 4% from the previous quarter.
Operating profit was $307K, a 0.8% margin (down 5.2 points year over year). Operating profit fell $1.5M even though revenue rose $8.9M versus a year earlier, so costs grew faster than sales. Total costs grew 37% against revenue growth of 30%. The fastest-growing cost line was General & admin (+45%). The quarter ended with a net loss of $1.6M, narrower than the previous quarter's $2.4M loss. Net interest and other expense of $3.2M was the main reason.
Operating cash flow was −$10K. Non-cash charges added back $2.8M of depreciation and amortization and $330K of share-based compensation. Working capital and other items used $1.6M.
Questions
What was Kingsway's revenue in the fourth quarter 2025?
Kingsway (KWY) reported revenue of $38.6M for the fourth quarter 2025 (Q4 2025), +30% from a year earlier and +4% from the quarter before.
Was Kingsway profitable in the fourth quarter 2025?
Operating profit was $307K (0.8% of revenue) and net loss $1.6M.
Source: Kingsway 10-K on SEC EDGAR.