Abacus Global Management (ABX) Q1 2025 earnings summary

Executive summary

• Total revenue for Q1 2025 more than doubled year-over-year to $44.1 million, driven by robust demand for policyholder liquidity, asset management growth, and recent acquisitions.

• Adjusted net income grew 158% year-over-year to $17.3 million, and adjusted EBITDA more than doubled to $24.5 million, reflecting strong operational execution and acquisition synergies.

• GAAP net income attributable to shareholders was $4.6 million, reversing a $1.3 million loss in Q1 2024.

• Longevity and income funds attracted $122.8 million in capital inflows in their first month.

• Completed major acquisitions (Carlisle/FCF), launched new technology services, and exchanged 4.9M public warrants for 1.1M shares to improve capital structure.

Financial highlights

• Q1 2025 revenue was $44.1 million, up from $21.5 million in Q1 2024, with adjusted EBITDA margin improving to 55.6%.

• Adjusted net income rose 158% year-over-year to $17.3 million; adjusted diluted EPS was $0.18.

• GAAP net income margin reached 12.2% in Q1 2025.

• Assets under management reached $3.1 billion as of March 31, 2025.

• Cash and cash equivalents stood at $43.8 million at quarter-end.

Outlook and guidance

• Full-year 2025 adjusted net income guidance is $70–78 million, representing 51–68% growth over 2024.

• Management expects continued momentum from origination, acquisitions, and expanded product offerings.

• Sufficient liquidity to meet operating and debt service needs for the next 12 months.