Revenue Growth - Total revenues for Q2 2025 reached $56.22 million, a significant increase of 93.6% compared to $29.08 million in Q2 2024[7] - Asset management revenues surged to $8.76 million in Q2 2025 from $204,888 in Q2 2024, reflecting a growth of 4141%[7] - Life solutions revenues increased to $47.30 million in Q2 2025, up 64% from $28.87 million in Q2 2024[7] - Total revenue for the three months ended June 30, 2025, was $56,224,620, a significant increase from $29,076,102 in the same period of 2024, representing a growth of 93.5%[56] - Revenue from the United States for the three months ended June 30, 2025, was $42,988,604, a significant increase from $26,537,067 in 2024, representing a 62.1% growth[89] Profitability - Gross profit for the first half of 2025 was $87.20 million, compared to $45.10 million in the same period of 2024, marking an increase of 93.5%[7] - Operating income for Q2 2025 was $22.52 million, a substantial rise from $6.77 million in Q2 2024, representing a growth of 232%[7] - Net income attributable to Abacus Global Management, Inc. for Q2 2025 was $17.58 million, compared to $769,983 in Q2 2024, indicating a significant increase[8] - Net income for Q2 2025 was $17.61 million, a substantial rise from $651,749 in Q2 2024[8] - Net income for the six months ended June 30, 2025, was $23,009,955, a significant increase from a net loss of $623,722 in the same period of 2024[14] Liabilities and Equity - Total liabilities as of June 30, 2025, were $426.82 million, a decrease from $450.87 million at the end of 2024[6] - Long-term debt, net, stood at $224.90 million as of June 30, 2025, slightly up from $224.74 million at the end of 2024[6] - Total stockholders' equity was $416.53 million as of June 30, 2025, compared to $423.29 million at the end of 2024[6] - As of June 30, 2025, total stockholders' equity is $416,533,192, a decrease from $423,294,672 as of December 31, 2024, reflecting a decline of approximately 1.8%[10] Cash Flow - Net cash provided by operating activities was $14,511,602, compared to a net cash used of $64,542,510 in the prior year[15] - The net cash used in investing activities was $13,743,342, compared to $716,113 in the previous year[15] - Cash, cash equivalents, and restricted cash at the end of the period totaled $74,836,871, down from $131,944,282 at the beginning of the period[15] Stock and Compensation - Stock-based compensation for the quarter ending June 30, 2025, totaled $3,486,828, reflecting an increase from previous periods[10] - The company repurchased common stock worth $35,051,781 during the quarter ending March 31, 2025, indicating a strategic move to manage equity[10] - The Company authorized a stock repurchase program with an aggregate purchase price not exceeding $15 million, extended by an additional $15 million and $20 million in April and June 2025, respectively, with a total of $2,923,082 remaining available for repurchase as of June 30, 2025[152][153] Acquisitions and Investments - The total purchase price for the Carlisle Acquisition was approximately $145.7 million, with goodwill calculated at $93.7 million[41] - The FCF Acquisition had a total purchase price of approximately $10.4 million, with goodwill calculated at $4.6 million[48] - The NIB Acquisition was completed for approximately $3 million, with goodwill calculated at $686,742[53] - The Company expects to complete an acquisition of an insurance brokerage firm in Q3 2025, using a note receivable of approximately $9.0 million as consideration for 100% interest in the firm[180] Tax and Compliance - The provision for income taxes for the three months ended June 30, 2025 was $4,069,971, with an effective tax rate of 18.8%, significantly lower than the 73.0% effective rate for the same period in 2024[161] - The Company recorded a provision for income taxes of $6,404,056 for the six months ended June 30, 2025, with an effective tax rate of 21.8%, compared to 127.0% for the same period in 2024[162] - As of June 30, 2025, the Company is in compliance with its debt covenants, including a maximum Secured Leverage Ratio and a minimum Consolidated Fixed Charge Coverage Ratio[122] Other Financial Metrics - The company reported a depreciation and amortization expense of $9,942,629, up from $3,432,506 in the previous year[14] - The company recognized realized and unrealized gains from life insurance policies held using the fair value method amounting to $29,621,941 for the three months ended June 30, 2025, compared to $27,006,364 in 2024, reflecting a growth of 9.8%[56] - The fair value of life settlement policies as of June 30, 2025, was $386,144,698, using a Monte Carlo simulation for valuation[96]
ET.RES.ACQ(ERESW) - 2025 Q2 - Quarterly Report