Abacus Life (NASDAQ:ABL) soars in Q1 as revenue climbs to $21.5M
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Abacus Life (NASDAQ:ABL) has announced a significant revenue increase in its first quarter of 2024 financial results, with total revenue reaching $21.5 million—a more than 100% increase from the previous year.
This growth was primarily driven by a 59% rise in their Direct-to-Consumer Division.
However, despite the surge in revenue, Abacus reported a GAAP net loss of $1.3 million for the quarter, a notable shift from the $8.1 million GAAP net income reported in the same period last year.
Additionally, the company reported an adjusted net income of $6.7 million and a 38.1% increase in adjusted EBITDA, which rose to $11.6.
The quarter also marked significant strategic expansions for Abacus, including the launch of its new technology subdivision, ABL Tech, and securing $25 million through 9.875% Fixed Rate Senior Notes.
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