Aventus Capital (AVTS) Q3 2026 earnings summary

Executive summary

• Q3 2026 net loss was $85.2M, or $2.56 per diluted share; nine-month net loss was $200.0M, or $6.01 per share.

• Adjusted EBITDA loss narrowed to $68.7M from $79.8M in Q2; net insurance service loss narrowed to $31.6M from $56.8M.

• Results reflected $39.2M of Q3 upfront losses on new onerous annuity contracts, investment valuation losses and Asset Management restructuring costs.

• Cumulative annuity premiums reached $675.3M through September 30; AUM and Programmatic Capital reached nearly $5.5B by October 31.

• 2025 comparisons are not fully like-for-like following the prospective transition to operating-entity consolidation from April 2025.

Financial highlights

• Q3 revenue was $12.9M versus $14.0M year over year; nine-month revenue was $40.5M versus $28.3M.

• Net investment results were losses of $19.1M in Q3 and $22.4M in nine months; net insurance losses were $31.6M and $99.5M, respectively.

• Net expenses were $48.8M in Q3 and $122.2M in nine months; they included $8.6M and $11.1M of arbitration costs, respectively.

• Cash and cash equivalents were $370.2M at September 30, 2026, versus $283.1M at year-end 2025; shareholders’ equity was $481.5M versus $657.9M.

• Total assets were $1,381.0M at September 30, 2026, versus $820.4M at year-end 2025; insurance contract liabilities were $666.6M versus $43.6M.

Outlook and guidance

• Transformation actions target ~$16.0M in annualized run-rate savings, with cost-reduction benefits expected to take full effect beginning Q4 2026.

• Insurance is expected to generate operating losses until annuity business gains scale; accounting impacts are expected to moderate as the in-force book grows.

• First CLO closing is expected in early Q1 2027; two CLOs were in warehouse, including a second warehouse established after September 30.

• New products and partnerships are being pursued to grow AUM through 2026 and 2027; policy applications are expected to grow as distribution-channel recognition builds.

• Insurance cash is being deployed under its strategic asset allocation; FINCO portfolio monetization proceeds are intended for a similar strategy pending operating-segment deployment.