Core Insights - Abacus Global Management reported record full-year revenue growth of 69% to $111.9 million for 2024, driven by increased active management revenue and policy originations [4][14] - The company achieved a fourth-quarter revenue increase of 40% year-over-year to $33.2 million, with policy originations growing by 63% to 1,034 for the full year [5][14] - Abacus is initiating its 2025 outlook for adjusted net income between $70 million and $78 million, representing growth of 51% to 68% compared to 2024 [7] Financial Performance - Full-year 2024 adjusted net income increased by 58% to $46.5 million, compared to $29.4 million in 2023 [14] - Adjusted EBITDA for 2024 grew 57% to $61.6 million, with an adjusted EBITDA margin of 55% [14][28] - The company reported a GAAP net loss attributable to shareholders of $24.0 million for 2024, compared to a net income of $9.5 million in the prior year [14] Operational Highlights - The company completed two strategic acquisitions and strengthened its executive team through key hires, enhancing its market capabilities [2] - As of December 31, 2024, Abacus had cash and cash equivalents of $128.8 million and total assets of $874.2 million [6][22] - The company successfully raised substantial equity capital and secured significant debt financing to optimize its capital structure [2] Market Position and Strategy - Abacus rebranded to better reflect its evolution and global market presence, indicating a strategic shift towards a broader market opportunity [2] - The company is well-positioned to capitalize on its momentum and drive long-term growth, with expectations of over 50% growth in adjusted net income for 2025 [2][7]
Abacus Global Management Reports Fourth Quarter and Full Year 2024 Results