Abacus Global Management, Inc.
For the period ended Dec 31, 2024. Filed Mar 28, 2025.
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FY2024 · Filed Mar 28, 2025
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Consolidated Statements of Operations and Comprehensive (Loss) Income
ABACUS GLOBAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
FOR THE YEARS ENDED DECEMBER 31,
| 2024 | 2023 | |
|---|---|---|
| REVENUES: | ||
| Asset management fees | $2,841,481 | $— |
| Active management | 102,819,361 | 61,195,377 |
| Origination fees | 5,457,147 | 4,203,900 |
| Portfolio servicing fees | 772,169 | 1,002,174 |
| Technology services | 33,628 | — |
| Total revenues | 111,923,786 | 66,401,451 |
| COST OF REVENUES (excluding depreciation and amortization stated below): | ||
| Cost of revenue (including stock-based compensation) | 11,371,733 | 6,490,377 |
| Gross Profit | 100,552,053 | 59,911,074 |
| OPERATING EXPENSES: | ||
| Sales and marketing | 9,063,384 | 4,905,747 |
| General and administrative (including stock-based compensation) | 81,734,518 | 26,482,571 |
| Loss on change in fair value of debt | 4,835,351 | 2,356,058 |
| Unrealized loss (gain) on investments | 238,012 | (1,369,112) |
| Realized gain on investments | (2,341,066) | - |
| Depreciation and amortization expense | 7,910,158 | 3,409,928 |
| Total operating expenses | 101,440,357 | 35,785,192 |
| Operating (loss) income | (888,304) | 24,125,882 |
| OTHER INCOME (EXPENSE): | ||
| Loss on change in fair value of warrant liability | (2,702,040) | (4,204,360) |
| Interest (expense) | (18,279,686) | (9,866,821) |
| Interest income | 2,398,691 | 594,764 |
| Other income (expense) | 38,040 | (146,443) |
| Total other expense | (18,544,995) | (13,622,860) |
| Net (loss) income before provision for income taxes | (19,433,299) | 10,503,022 |
| Income tax expense | 5,484,738 | 1,468,535 |
| NET (LOSS) INCOME | (24,918,037) | 9,034,487 |
| LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (956,987) | (482,139) |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(23,961,050) | $9,516,626 |
| (LOSS) EARNINGS PER SHARE: | ||
| (Loss) earnings per share—basic | $(0.34) | $0.17 |
| (Loss) earnings per share—diluted | $(0.34) | $0.16 |
| Weighted-average stock outstanding—basic [1] | 70,761,830 | 56,951,414 |
| Weighted-average stock outstanding—diluted [1] | 70,761,830 | 57,767,898 |
| NET (LOSS) INCOME | $(24,918,037) | $9,034,487 |
| Other comprehensive (loss) income, net of tax: | ||
| Change in fair value of debt (risk adjusted) | (158,579) | (1,248,330) |
ABACUS GLOBAL MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (CONT.)
FOR THE YEARS ENDED DECEMBER 31,
| 2024 | 2023 | |
|---|---|---|
| Reclassification of change in fair value of debt (risk adjusted) upon related debt payoff | 11,079 | — |
| Comprehensive (loss) income before non-controlling interests | (25,065,537) | 7,786,157 |
| Net and comprehensive loss attributable to non-controlling interests | (996,114) | (800,311) |
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(24,069,423) | $8,586,468 |
[1] Both the number of shares outstanding and their par value have been retrospectively recast for all prior periods presented to reflect the par value of the outstanding stock of Abacus Global Management, Inc. as a result of the Business Combination.
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