Kingstone Reports First Quarter 2025 Results

Earnings Thursday, 08 May 2025 04:15 PM Achieves Sixth Consecutive Quarter of Profitability; Reaffirms Full Year 2025 Guidance KINGSTON, NY / ACCESS Newswire / May 8, 2025 / Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, today announced its financial results for the first quarter ended March 31, 2025. The Company will hold its first quarter 2025 financial results conference call on Friday, May 9, 2025, at 8:30 a.m. Eastern Time. With this release, the Company has provided an investor presentation that can be accessed through the Investor Relations/Events & Presentations section of the Company website (www.kingstonecompanies.com).Key Financial and Operational HighlightsThree Months Ended($ in thousands, except per share data)March 31,20252024ChangeDirect premiums written1 - Core Business2$57,175$46,58722.7%Net combined ratio93.7%93.3%0.4 ptsNet Income$3,883$1,427172.1%Net Income per share - basic$0.29$0.13123.1%Net Income per share - diluted$0.27$0.12125.0%Return on equity - annualized20.8%16.4%4.4 ptsManagement CommentaryMeryl Golden, President and Chief Executive Officer of Kingstone, stated, "We are pleased to report increased profitability and strong premium growth in the first quarter of 2025, reflecting the strength of our core business and disciplined execution. We achieved 23% growth in our core business direct premiums written, driven by the continuing favorable competitive landscape that creates meaningful opportunities for our producers to write high-quality, profitable new business in Downstate New York. Net premiums earned were exceptionally strong, reflecting the surge in new business writings in the second half of last year that are earning in at an accelerated pace over time, along with the return premium from the reduction in our quota share that has also started to earn in. This growth in earned premium will be a tailwind for our results throughout the year"."From a profitability standpoint, we achieved our sixth consecutive quarter of profitability, with a combined ratio of 93.7%, a 0.4 percentage point increase from the 2024 first quarter. Catastrophe losses were 3.5 percentage points lower than the prior year period and below our historical run-rate driven by the mild winter. We also experienced lower overall frequency, highlighting the strength of our disciplined underwriting and prudent risk selection. This improvement, however, was offset by an increase in severity due to a higher incidence of fire losses during the quarter, which is not atypical for this time of year".Ms. Golden concluded, "We delivered a strong quarter, achieving a remarkable 172% increase in net income. We are confidently maintaining our momentum in writing new business in this evolving market and take pride that we have effectively navigated the inherent risks in this environment. We remain optimistic about Kingstone's prospects for 2025 and beyond, and look forward to reporting on the Company's continued developments."Guidance (see "Disclaimer and Forward-Looking Statements" below)The Company reaffirms guidance for fiscal year 2025, calculated based on anticipated net premiums earned of approximately $184 million, and is as follows:Guidance Metrics2025ECore Business2 direct premiums written growth15% to 25%Net combined ratio81% to 85%Net income per share - basic$1.90 to $2.30Net income per share - diluted$1.75 to $2.15Return on equity27% to 35%The following reflects the impact of dilution on total shares outstanding for the three months ended March 31, 2025 and full year 2025 guidance:Common Stock MetricsThree Months Ended2025E(shares in millions)March 31, 2025Weighted average shares outstanding - basic13.513.7Weighted average shares outstanding - diluted14.314.3Total shares outstanding as of end of period - basic13.813.8Total shares outstanding as of end of period - diluted14.814.8Consolidated Financial ResultsConsolidated Financial ResultsThree Months Ended($ in thousands, except per share data)March 31,20252024ChangeDirect premiums written1$58,175$49,32517.9%Net premiums earned$43,523$28,82051.0%Net investment income$2,049$1,50336.3%Net (loss)/gain on investments$(138)$726NMGain on sale of real estate$1,966$0NMUnderlying loss ratio162.1%58.8%3.3 ptsNet development of prior year losses(1.4)%(2.0)%0.6 ptsNet loss ratio excluding the effect of catastrophes160.7%56.8%3.9 ptsCatastrophe loss ratio11.7%5.2%(3.5) ptsNet loss ratio62.4%62.0%0.4 ptsNet underwriting expense ratio31.3%31.3%- ptsNet combined ratio93.7%93.3%0.4 ptsAdjusted EBITDA1$4,256$2,93445.1%Net Income$3,883$1,427172.1%Net Income per share - basic$0.29$0.13123.1%Net Income per share - diluted$0.27$0.12125.0%Return on equity - annualized20.8%16.4%4.4 ptsOther comprehensive income/(loss)$2,223$(440)NMOperating net income1$2,439$853185.9%Operating net income per share - basic1$0.18$0.08125.0%Operating net income per share - diluted1$0.17$0.07142.9%Operating return on equity13.3%2.4%0.9 ptsOperating return on equity1 - annualized13.1%9.7%3.4 ptsBook value per share - diluted$5.57$2.8098.9%Book value per share - diluted excluding AOCI$6.24$3.8064.2%NM = Not MeaningfulCore Business Results (New York Only)The Company refers to its New York policies as its Core Business.Core Business Results (New York Only)Three Months Ended($ in thousands, except percentages)March 31,20252024ChangeDirect premiums written1, 3$57,175$46,58722.7%Net premiums earned$42,257$26,55659.1%Net loss ratio excluding the effect of catastrophes1,362.0%54.1%7.9 ptsCatastrophe loss ratio1, 31.5%3.8%(2.3) ptsNet loss ratio363.5%57.9%5.6 ptsNon-Core Business Results (Outside of New York)The Company has been aggressively reducing policy count in the Non-Core Business, subject to regulatory requirements.Non-Core Business Results (Outside of New York)Three Months Ended($ in thousands, except percentages)March 31,20252024ChangeDirect premiums written1, 3$1,000$2,738(63.5)%Net premiums earned$1,266$2,264(44.1)%Net loss ratio excluding the effect of catastrophes1,318.3%88.9%(70.6) ptsCatastrophe loss ratio1, 310.3%20.9%(10.6) ptsNet loss ratio328.6%109.8%(81.2) ptsPremium and Policy TrendsPremium and Policy TrendsQuarter Ended($ in thousands)March 31, 2025Sequential ChangeDecember 31, 2024Sequential ChangeSeptember 30, 2024Sequential ChangeJune 30, 2024Sequential ChangeMarch 31, 2024Core Business2Direct premiums written1, 3$57,175(18.5)%$70,1649.3%$64,17025.1%$51,30610.1%$46,587Policies in force73,9650.1%73,8576.5%69,3473.6%66,934(0.1)%66,991Non-Core Business2Direct premiums written1,3$1,000(57.8)%$2,370(3.5)%$2,45712.2%$2,190(20.0)%$2,738Policies in force2,940(22.6)%3,799(31.4)%5,540(24.2)%7,306(19.5)%9,0801These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures. See "Definitions and Non-GAAP Measures".2Kingstone refers to New York business as its "Core" business and business outside of New York as its "Non-Core" business.3Core and Non-Core business direct premiums written, net loss ratio excluding the effect of catastrophes and catastrophe loss ratio are not based on GAAP. Net premiums earned is the most directly comparable GAAP measure to direct premiums written. Net loss ratio is the most directly comparable GAAP measure to net loss ratio excluding the effect of catastrophes and catastrophe loss ratio. The aggregate of Core Business and Non-Core Business direct premiums written is represented by direct premiums written, as set forth under Consolidated Financial Results above. The combined Core Business and Non-Core Business net loss ratios are represented by net loss ratios, as set forth under Consolidated Financial Results above. The combined Core Business and Non-Core Business net loss ratios excluding the effect of catastrophes and catastrophe loss ratios are reconciled below to net loss ratio, the most directly comparable GAAP measure. See "Definitions and Non-GAAP Measures".Conference Call DetailsFriday, May 9, 2025, at 8:30 a.m. Eastern TimeTo participate please dial:U.S. toll free 1-877-423-9820International 1-201-493-6749Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call can also be accessed via webcast in the "Investor Relations/Events & Presentations" tab of the Company's website or by clicking here. The webcast will be archived and accessible for approximately 30 days.About Kingstone Companies, Inc.Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2024 was the 12th largest writer of homeowners insurance in New York. KICO is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.Investor Relations Contact:Karin DalyVice PresidentThe Equity Group Inc.[email protected]Disclaimer and Forward-Looking StatementsThe guidance provided above is based on information available as of May 8, 2025 and management's review of the anticipated financial results for 2025. Such guidance remains subject to change based on management's ongoing review of the Company's 2025 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.The risks and uncertainties include, without limitation, the following:the risk of significant losses from catastrophes and severe weather events;risks related to the lack of a financial strength rating from A.M. Best;risks related to limitations on the ability of our insurance subsidiary to pay dividends to us;adverse capital, credit and financial market conditions;risks related to volatility in net investment income;the unavailability of reinsurance at current levels and prices;the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;the credit risk of our reinsurers;the inability to maintain the requisite amount of risk-based capital needed to grow our business;the effects of climate change on the frequency or severity of weather events and wildfires;risks related to the limited market area of our business;risks related to a concentration of business in a limited number of producers;legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators;limitations with regard to our ability to pay dividends;the effects of competition in our market areas;our reliance on certain key personnel;risks related to security breaches or other attacks involving our computer systems or those of our vendors; andour reliance on information technology and information systems.Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.Definitions and Non-GAAP MeasuresDirect premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period.Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company's policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company's performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company's net premiums earned.Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, and stock-based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.Management uses adjusted EBITDA along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income and does not reflect the Company's overall profitability.Operating net income and basic operating net income per share is net income and basic income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income and basic net income per share are the GAAP measures most closely comparable to operating net income and basic operating net income per share.Management uses operating net income and basic operating net income per share along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income and basic operating net income per share are provided as supplemental information, not as a substitute for net income and basic net income per share and do not reflect the Company's overall profitability.Operating net income and diluted operating net income per share is net income and diluted income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income and diluted net income per share are the GAAP measures most closely comparable to operating net income and diluted operating net income (loss) per share.Management uses operating net income and diluted operating net income per share along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income and diluted operating net income per share are provided as supplemental information, not as a substitute for net income and diluted net income per share, and do not reflect the Company's overall profitability.Operating return on equity is operating income divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity.Management uses operating return on equity, along with other measures, to gauge the Company's performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company's overall return on average common equity.Underlying loss ratiois a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses.Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company's business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company's loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company's underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company's net loss ratio.Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio.Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company's business that may be obscured by catastrophe losses. Catastrophe losses cause the Company's net loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company's underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company's net loss ratio.The table below reconciles direct premiums written to net premiums earned for the periods presented:For the Three Months EndedMarch 31,%20252024Change(000's except percentages)Direct Premiums Written Reconciliation:Direct premiums written$58,175$49,32517.9%Ceded written premiums2,834(11,230)NMNet premiums written61,00938,09560.1Change in unearned premiums(17,486)(9,275)88.5Net premiums earned$43,523$28,82051.0%The following table reconciles net income to adjusted EBITDA for the periods indicated:For the Three Months EndedMarch 31,%20252024Change(000's except percentages)Adjusted EBITDA Reconciliation:Net income$3,883$1,427172.1%Interest expense227994(77.2)Income tax expense836378121.2Depreciation and amortization6245974.5EBITDA5,5703,39564.1Loss on extinguishment of debt175-NMNet loss (gain) on investments138(726)NMGain on sale of real estate(1,966)-NMStock-based compensation33926627.4Adjusted EBITDA$4,256$2,93445.1%(Components may not sum due to rounding)The following table reconciles net income to operating net income and basic net income per share to basic operating net income per share for the periods indicated:For the Three Months EndedMarch 31, 2025March 31, 2024AmountBasic income per common shareAmountBasic income per common share(000's except per common share amounts)Operating Net Income and Operating Net Income per Basic Common Share Reconciliation:Net income$3,883$0.29$1,427$0.13Net loss (gain) on investments138(726)(Gain) on sale of real estate(1,966)-Net loss (gain) on investments and (gain) on sale of real estate(1,828)(726)Less tax (expense) on net (gain)(384)(152)Net loss (gain) on investments and (gain) on sale of real estate, net of taxes(1,444)$(0.11)(574)$(0.05)Operating net income$2,439$0.18$853$0.08Weighted average basic shares outstanding13,472,40410,999,662(Components may not sum due to rounding)The following table reconciles net income to operating net income and diluted net income per share to diluted operating net income per share for the periods indicated:For the Three Months EndedMarch 31, 2025March 31, 2024AmountDiluted income per common shareAmountDiluted income per common share(000's except per common share amounts)Operating Net Income and Operating Net Income per Diluted Common Share Reconciliation:Net income$3,883$0.27$1,427$0.12Net loss (gain) on investments138(726)(Gain) on sale of real estate(1,966)-Net loss (gain) on investments and (gain) on sale of real estate(1,828)(726)Less tax (expense) on net (gain)(384)(152)Net loss (gain) on investments and (gain) on sale of real estate, net of taxes(1,444)$(0.10)(574)$(0.05)Operating net income$2,439$0.17$853$0.07Weighted average diluted shares outstanding14,272,50211,791,520(Components may not sum due to rounding)The following table reconciles net income to operating net income and return on equity to operating return on equity for the periods indicated:For the Three Months EndedMarch 31,20252024Change(000's except percentages)Operating Net Income Reconciliation:Net income$3,883$1,427172.1%Net loss (gain) on investments138(726)NM(Gain) on sale of real estate(1,966)-NMNet loss (gain) on investments and (gain) on sale of real estate(1,828)(726)151.8%Less tax (expense) on net (gain)(384)(152)152.6%Net (gain) on investments and (gain) on sale of real estate, net of taxes(1,444)(574)151.6%Operating net income$2,439$853185.9%Operating Return on Equity Reconciliation:Net income$3,883$1,427172.1%Average equity$74,459$35,127112.0%Return on equity5.2%4.1%1.1 ptsReturn on equity - annualized20.8%16.4%4.4 ptsNet (gain) on investments and (gain) on sale of real estate, net of taxes$(1,444)$(574)151.6%Average equity$74,459$35,127112.0%Effect of net (gain) on investments and (gain) on sale of real estate, net of taxes, on return on equity(1.9)%(1.6)%(0.3) ptsOperating net income$2,439$853185.9%Operating net income - annualized$9,756$3,412185.9%Average equity$74,459$35,127112.0%Operating return on equity3.3%2.4%0.9 ptsOperating return on equity - annualized13.1%9.7%3.4 pts(Components may not sum due to rounding)The following table reconciles the underlying loss ratio and the net loss ratio excluding the effect of catastrophes to the net loss ratio for the periods presented:For the Three Months EndedMarch 31,20252024Percentage Point ChangeUnderlying Loss Ratio Reconciliation:Underlying Loss Ratio62.1%58.8%3.3ptsEffect of prior-year reserve development(1.4)%(2.0)%0.6ptsNet loss ratio excluding the effect of catastrophes60.7%56.8%3.9ptsEffect of catastrophes1.7%5.2%(3.5)ptsNet loss ratio62.4%62.0%0.4pts(Components may not sum due to rounding)The following table reconciles the Core Business, Non-Core Business and Combined net loss ratio excluding the effect of catastrophes to the Core Business, Non-Core Business and net loss ratio for the periods presented:For the Three Months EndedMarch 31,20252024Percentage Point ChangeCore Business, Non-Core Business and Combined Net Loss Ratio Excluding the Effect of Catastrophes Ratio Reconciliation:Core Business Net loss ratio excluding the effect of catastrophes62.0%54.1%7.9ptsCore Business Effect of catastrophes1.5%3.8%(2.3)ptsCore Business Net loss ratio63.5%57.9%5.6ptsCore Business Net loss ratio excluding the effect of catastrophes18.3%88.9%(70.6)ptsCore Business Effect of catastrophes10.3%20.9%(10.6)ptsCore Business Net loss ratio28.6%109.8%(81.2)ptsCombined Net loss ratio excluding the effect of catastrophes60.7%56.8%3.9ptsCombined Effect of catastrophes1.7%5.2%(3.5)ptsNet loss ratio62.4%62.0%0.4pts(Components may not sum due to rounding)KINGSTONE COMPANIES, INC. AND SUBSIDIARIESConsolidated Balance SheetsMarch 31,2025December 31,2024(unaudited)AssetsFixed-maturity securities, held-to-maturity, at amortized cost (fair value of$5,976,487 at March 31, 2025 and $5,959,265 at December 31, 2024)$7,046,023$7,047,342Fixed-maturity securities, available-for-sale, at fair value (amortized cost of$216,882,931 at March 31, 2025 and $202,308,158 at December 31, 2024)204,282,369186,893,438Equity securities, at fair value (cost of $13,527,554 at March 31, 2025and December 31, 2024)10,103,17510,296,505Other investments4,437,7334,380,656Total investments225,869,300208,617,941Cash and cash equivalents37,490,18228,669,441Premiums receivable, net17,012,84021,766,988Reinsurance receivables, net60,818,14869,322,436Deferred policy acquisition costs24,400,99224,732,371Intangible assets500,000500,000Property and equipment, net7,889,5649,283,970Deferred income taxes, net5,132,7705,597,920Other assets6,325,4446,424,776Total assets$385,439,240$374,915,843LiabilitiesLoss and loss adjustment expense reserves$135,334,723$126,210,428Unearned premiums132,231,352134,701,733Advance premiums4,079,7753,503,063Reinsurance balances payable5,815,94810,509,121Deferred ceding commission revenue7,085,04711,541,239Accounts payable, accrued expenses and other liabilities11,967,82510,570,388Income taxes payable1,350,342-Debt, net (current $1,241,294 and long-term $4,122,971 at March 31, 2025,current $6,849,257 and long-term $4,322,163 at December 31, 2024 )5,364,26511,171,420Total liabilities303,229,277308,207,392Commitments and ContingenciesStockholders' EquityPreferred stock, $.01 par value; authorized 2,500,000 shares--Common stock, $.01 par value; authorized 20,000,000 shares; issued 15,283,417shares at March 31, 2025 and 14,448,205 shares at December 31, 2024; outstanding13,759,292 shares at March 31, 2025 and 12,924,080 shares at December 31, 2024152,834144,482Capital in excess of par98,450,64089,063,326Accumulated other comprehensive loss(9,952,290)(12,175,476)Accumulated deficit(873,214)(4,755,874)87,777,97072,276,458Treasury stock, at cost, 1,524,125 shares at March 31, 2025and December 31, 2024(5,568,007)(5,568,007)Total stockholders' equity82,209,96366,708,451Total liabilities and stockholders' equity$385,439,240$374,915,843Consolidated Statements of Income and Comprehensive Income (Unaudited)For the Three Months EndedMarch 31,20252024RevenuesNet premiums earned$43,523,063$28,819,902Ceding commission revenue2,958,6914,567,111Net investment income2,048,5961,502,860Net (losses) gains on investments(137,979)726,391Gain on sale of real estate1,965,989-Other income140,415148,913Total revenues50,498,77535,765,177ExpensesLoss and loss adjustment expenses27,175,07817,859,587Commission expense9,312,8807,851,812Other underwriting expenses7,405,4225,880,605Other operating expenses1,035,737778,082Depreciation and amortization623,863596,513Interest expense227,454993,875Total expenses45,780,43433,960,474Income from operations before taxes4,718,3411,804,703Income tax expense835,681378,024Net income3,882,6601,426,679Other comprehensive income (loss), net of taxGross decrease (increase) in unrealized losseson available-for-sale-securities2,812,432(560,347)Reclassification adjustment for lossesincluded in net income1,7262,867Net decrease (increase) in unrealized losses2,814,158(557,480)Income tax (expense) benefit related to itemsof other comprehensive income (loss)(590,972)117,072Other comprehensive income (loss), net of tax2,223,186(440,408)Comprehensive income$6,105,846$986,271Earnings per common share:Basic$0.29$0.13Diluted$0.27$0.12Weighted average common shares outstandingBasic13,472,40410,999,662Diluted14,272,50211,791,520spaceKINGSTONE COMPANIES, INC. AND SUBSIDIARIESConsolidated Statements of Stockholders' Equity (Unaudited)Three Months ended March 31, 2025 and 2024Preferred StockCommon StockCapitalin Excessof ParAccumulatedOtherComprehensiveLossAccumulatedDeficitTreasury StockSharesAmountSharesAmountSharesAmountTotalBalance, January 1, 2024-$-12,248,313$122,483$75,338,010$(12,274,563)$(23,114,310)1,471,406$(5,567,481)$34,504,139Stock-based compensation----265,789----265,789Vesting of restricted stock awards--233,6272,336(2,336)-----Shares deducted from restricted stockawards for payment of withholding taxes--(2,518)(25)(6,367)----(6,392)Net income------1,426,679--1,426,679Increase in unrealized losses on available-for-sale securities, net of tax-----(440,408)---(440,408)Balance, March 31, 2024-$-12,479,422$124,794$75,595,096$(12,714,971)$(21,687,631)1,471,406$(5,567,481)$35,749,807Balance, January 1, 2025-$-14,448,205$144,482$89,063,326$(12,175,476)$(4,755,874)1,524,125$(5,568,007)$66,708,451Stock-based compensation----339,010----339,010Vesting of restricted stock awards--212,8922,129(2,129)-----Exercise of stock options--44,92944955,700----56,149Issuance of common stock, net ofoffering costs of $221,792--612,9996,1309,539,562----9,545,692Shares deducted from restricted stockawards for payment of withholding taxes--(34,740)(347)(530,533)----(530,880)Shares deducted from exercise of stockoptions for payment of withholding taxes--(868)(9)(14,296)----(14,305)Net income------3,882,660--3,882,660Decrease in unrealized losses on available-for-sale securities, net of tax-----2,223,186---2,223,186Balance, March 31, 2025-$-15,283,417$152,834$98,450,640$(9,952,290)$(873,214)1,524,125$(5,568,007)$82,209,963SOURCE: Kingstone Companies, Inc.

Kingstone Reports First Quarter 2025 Results

FAQ

Why Very Bullish?

How important is it?

Why Short Term?

Related Companies

Related News