XS Financial Reports First Quarter 2024 Results

XS Financial Inc. has announced its financial results for the first quarter ended March 31, 2024. The specialty finance company, which provides CAPEX and equipment financing solutions to U.S. cannabis companies, reported net distributable earnings of $275,000, a significant 1,331% increase from $19,000 in Q1 2023.

Revenue for the quarter saw a 6% year-over-year decrease, reaching $2.7 million, attributed to a reduction in new leases added. Gross lease receivables also declined by 9% to $96.2 million. However, the company noted a reduction in operating expenses by 61% to $913,457, driven by lower non-cash incentive compensation.

CEO David Kivitz stated that the company is looking to expand its customer base and improve operational efficiency. XS Financial has $26 million available on its $54 million line of credit, providing sufficient liquidity for growth initiatives.