Thu, May 30, 8:13 PM (144 days ago)
Abacus Life, Inc. filed an amendment to its Form 10-K for the fiscal year ended December 31, 2023, primarily to include the Predecessor Report of Independent Registered Public Accounting Firm for Abacus Settlements, LLC, which was omitted in the original filing. The amendment also includes audited financial statements for the six months ended June 30, 2023, and updated certifications. Key financial highlights for 2023 include: - Total revenue increased by 48.6% to $66.4 million. - Active management revenue rose by 41.5% to $61.2 million. - Net income attributable to Abacus Life, Inc. was $9.5 million, down from $31.7 million in 2022. - Operating expenses surged to $35.8 million, driven by increased sales and marketing, general and administrative expenses, and stock-based compensation. - Adjusted EBITDA was $39.3 million, up from $34.8 million in 2022. Strategic initiatives included expanding policy origination channels and leveraging proprietary technology. The company faces risks from market competition, regulatory changes, and valuation uncertainties. Future outlook involves continued market penetration and technological innovation.