Abacus Life, Inc. reported its third quarter 2024 financial results on November 7, 2024, with total revenue growing 33% year-over-year to $28.1 million. The company achieved an Adjusted Net Income of $14.9 million, marking a 65% increase from the prior year, and Adjusted EBITDA grew 54% year-over-year to $16.7 million. A GAAP Net Loss of $5.1 million was recorded, primarily due to an $8.7 million non-cash increase in warrant liability.
As of September 30, 2024, Abacus Life held $19.4 million in cash and cash equivalents, with balance sheet policy assets totaling $274.4 million and outstanding long-term debt of $166.5 million. These figures reflect the company's financial position as it continues its growth trajectory.
Operationally, Abacus Life made significant advancements, including a partnership with Lorisco to launch PREADISAN™, a health prediction and actuarial technology tool designed for personalized longevity forecasting. The company also reported substantial progress on its announced acquisitions of Carlisle Management and FCF Advisors, both expected to close by the end of the fourth quarter, which will add approximately $2.6 billion in assets under management.
The ABL Tech platform is expanding, currently serving over 20 clients with an additional 23 either committed or in negotiations. This growth in technology services, alongside the pending acquisitions, underscores Abacus Life's strategy to diversify its offerings and expand its global alternative asset management footprint.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.