Abacus Global Management (NASDAQ:ABL) reported a 40% increase in fourth-quarter revenue, reaching $33.2 million, as the alternative asset manager expanded its operations through strategic acquisitions and capital deployment.
For the full year 2024, revenue surged 69% to $111.9 million, while adjusted net income climbed 58% to $46.5 million.
The company deployed $327.8 million in origination capital, a 50% increase from 2023, and completed two acquisitions to expand its market reach.
Adjusted net income more than doubled to $13.4 million compared to $5.9 million in the prior-year period, while adjusted EBITDA rose 51% to $16.6 million versus $11.1 million in the same year-ago quarter.
Abacus said it rebranded in March to better reflect its evolution and global presence. “We remain well positioned to capitalize on our momentum to drive long-term growth and create shareholder value,” the company said in a statement.
Looking ahead, Abacus expects adjusted net income in 2025 to grow between 51% and 68%, ranging from $70 million to $78 million. The company cited strong business fundamentals and a growing market opportunity as key drivers.
“As we look ahead, we’re off to a strong start in 2025,” Abacus told shareholders. “We remain very excited about our vast market opportunity and are well positioned to capitalize on our momentum to drive long-term growth and create shareholder value.”
Abacus held $128.8 million in cash and cash equivalents at the end of 2024.