Abacus Global Management (ABL) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue more than doubled year-over-year to $29.1 million, driven by strong active management and origination growth.

• Adjusted EBITDA rose 83% to $16.7 million, with a margin of 57.5%.

• Adjusted net income increased 75% to $11.8 million, or $0.18 per diluted share.

• Net income attributable to stockholders was $0.8 million, down from $6.8 million in Q2 2023, reflecting higher expenses.

• Announced acquisitions of Carlisle Management and FCF Advisors, adding $2.6 billion in AUM and expanding asset management capabilities.

Financial highlights

• Q2 2024 revenue was $29.1 million, up 155.6% from $11.4 million in Q2 2023.

• Gross profit for Q2 2024 was $26.3 million, up 153.1% year-over-year.

• Origination capital deployed reached $104.7 million, up from $59.8 million year-over-year; policies purchased increased 95% to 275.

• Adjusted EBITDA margin was 57.5%, down from 80.4% in Q2 2023.

• Cash and cash equivalents as of June 30, 2024, were $91.3 million.

Outlook and guidance

• Management expects continued strong performance and profitability, supported by recent acquisitions and favorable market conditions.

• Majority of the $90 million capital raised in June is expected to be deployed before year-end.

• Sufficient liquidity and cash flow are anticipated to support operations and debt service for the next 12 months.

• Acquisitions are expected to accelerate international expansion and broaden product offerings.