ABL Tech went live with external clients in April and signed our first public pension client in June. In August this year, we also signed one of the largest union pension funds in the United States.
— Jay Jackson
03Detailed Report
ABL
Company ABL
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 24, 2026
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Executive Summary
Abacus Global Management Inc (ABL) reported a robust third quarter 2024 (QQ3 2024) with meaningful top-line growth and improving adjusted profitability, underscoring the company’s strategic shift toward a diversified, technology-enabled life settlements platform and expanding asset-management capabilities. Reported total revenue rose 33% year-over-year to $28.1 million, while adjusted EBITDA expanded 54% year-over-year to $16.7 million and adjusted net income rose 65% to $14.9 million (approximately $0.20 diluted EPS). However, GAAP net income declined to a loss of $5.1 million largely due to a noncash $8.7 million increase in warrant liability, highlighting the drag of noncash items on GAAP earnings despite solid cash-based profitability.
Key Performance Indicators
Revenue
Increasing
28.15M
QoQ: -5.96% | YoY: 33.27%
Gross Profit
Increasing
25.96M
92.23% margin
QoQ: 2.05% | YoY: 46.21%
Operating Income
Increasing
6.85M
QoQ: 1.17% | YoY: 8.73%
Net Income
Decreasing
-5.13M
QoQ: -765.61% | YoY: -667.33%
EPS
Decreasing
-0.07
QoQ: -666.94% | YoY: -786.00%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability: QQ3 2024 revenue of $28.15 million, up 33% YoY (vs $21.1 million in QQ3 2023) and down ~5.96% QoQ per reported metrics. Gross profit of $25.96 million with a gross margin of 92.23%. Operating income of $6.85 million with a 24.34% operating margin. EBITDA of $0.43 million with an EBITDA margin of 1.52% (EBITDA figure materially affected by noncash items). Adjusted EBITDA of $16.7 million, up 54% YoY and a 59.2% adjusted EBITDA margin. Net income (GAAP) was a loss of $5.13 million, vs. a net income of $0.9 million prior year; net income margin -18.20%. On an adjusted basis, net income rose 65% YoY to $14.9 million. Diluted EPS stood at -$0.0686. Shares outstanding: ~74.69 million.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
28.15M
33.27%
-5.96%
Gross Profit
25.96M
46.21%
2.05%
Operating Income
6.85M
8.73%
1.17%
Net Income
-5.13M
-667.33%
-765.61%
EPS
-0.07
-786.00%
-666.94%
Key Financial Ratios
Gross Profit Margin
Excellent
92.20%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Good
24.30%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Weak
-0.18%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.01%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.02%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.29
Current ratio meets minimum requirements but limited cushion