Abacus Global Management, Inc. has recently released its 10-K report, providing a detailed insight into its financial condition and operations. The company operates as an alternative asset manager and market maker in the United States, with three main segments: Portfolio Servicing, Active Management, and Originations. Abacus Global Management, Inc. was founded in 2004 and is headquartered in Orlando, Florida.
Management's Discussion and Analysis of Financial Condition and Results of Operations The 10-K report provides an analysis of the company's financial condition, cash flows, and results of operations. In 2024, the company reported total revenues of $111,923,786, representing a significant increase from the previous year's total revenues of $66,401,451. The gross profit for 2024 was $100,552,053, showing a substantial rise from the previous year's gross profit of $59,911,074.
Revenue Breakdown Asset management fees: $2,841,481 in 2024, compared to $0 in 2023 Active management revenue: $102,819,361 in 2024, compared to $61,195,377 in 2023 Origination fees: $5,457,147 in 2024, compared to $4,203,900 in 2023 Portfolio servicing fees: $772,169 in 2024, compared to $1,002,174 in 2023 * Technology services: $33,628 in 2024, compared to $0 in 2023
Cost of Revenues The cost of revenues, including stock-based compensation, was $11,371,733 in 2024, up from $6,490,377 in 2023, reflecting a 75.2% increase.
Operational Highlights Asset Management Revenue: The company's entry into asset management resulted in $2,841,481 of revenue in 2024, with the increase attributed to the acquisition of two asset management companies. Active Management Revenue: Total active management revenue increased by $41,623,984, or 68.0%, in 2024 compared to 2023. The increase was primarily due to gains from life insurance policies held using the fair value method and fee-based services. Origination Revenue: Origination revenue increased by $1,253,247, or 29.8%, in 2024 compared to 2023, driven by a full year worth of revenue in 2024. Portfolio Servicing Revenue: Portfolio servicing revenue decreased by $230,005, or 23.0%, in 2024 compared to 2023, primarily due to a decrease in policies serviced. * Technology Services Revenue: The company generated $33,628 in technology services revenue in 2024, marking its entry into this segment.
These figures and analyses provide a comprehensive view of Abacus Global Management's financial performance and strategic initiatives, offering investors and stakeholders valuable insights into the company's operations and growth prospects. Following these announcements, the company's shares moved 6.6%, and are now trading at a price of $7.62. Check out the company's full 10-K submission here.
