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KG

Kestrel Group, Ltd.

KG

Kestrel Group, Ltd. • NASDAQ
$14.89 ▲ 3.47% (+0.50)
Market Cap $115.28 M
52w High $36.80
52w Low $11.00
Dividend Yield 0%
P/E 1.71
Volume 14.74K
Outstanding Shares 7.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.299M ▲ $12.232M ▲ $-5.053M ▼ -24.893% ▼ $-0.65 ▼ $71K ▼
Q2-2025 $546K ▼ $-64.312M ▼ $69.927M ▲ 12.807K% ▲ $15.05 ▲ $71.944M ▲
Q1-2025 $14.049M ▲ $0 $-8.645M ▲ -61.535% ▼ $-1.74 ▲ $-1.093M ▲
Q4-2024 $-7.432M ▼ $0 ▼ $-157.989M ▼ 2.126K% ▲ $-31.83 ▼ $-151.474M ▼
Q3-2024 $752K $1.181M $-429K -57.048% $-6.91 $-429K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $181.733M ▼ $1.13B ▼ $986.666M ▼ $143.774M ▼
Q2-2025 $204.201M ▲ $1.159B ▲ $1.009B ▲ $150.085M ▲
Q1-2025 $44.268M ▲ $685.234M ▼ $647.661M ▼ $37.573M ▼
Q4-2024 $4.286M ▼ $744.675M ▼ $699.482M ▲ $45.193M ▼
Q3-2024 $127.788M $819.153M $610.971M $208.182M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.088M ▼ $-3.32M ▼ $16.079M ▼ $0 ▲ $6.856M ▼ $-3.32M ▼
Q2-2025 $78.178M ▲ $388K ▲ $58.856M ▲ $-40M ▼ $18.723M ▲ $388K ▲
Q1-2025 $-8.645M ▲ $-21.126M ▲ $29.477M ▲ $0 ▲ $9.533M ▲ $-21.126M ▲
Q4-2024 $-157.989M ▼ $-48.293M ▼ $-29.334M ▼ $-602K ▲ $-93.053M ▼ $-48.293M ▼
Q3-2024 $-34.468M $-3.824M $94.424M $-641K $90.466M $-3.824M

Five-Year Company Overview

Income Statement

Income Statement KG’s income statement points to a business that has largely wound down active operations. Revenue has fallen sharply over the past few years to a very low level, and operating profits that were once positive have faded to roughly break-even or small losses. Net income has bounced between modest profit and modest loss, but recent years show almost no real earning power. The extremely volatile earnings per share history likely reflects changes in the share count and capital structure more than underlying business strength. Overall, the income statement reads more like a tiny, inactive or runoff entity than a growing reinsurance platform.

Balance Sheet

Balance Sheet The balance sheet has steadily shrunk, with total assets and shareholders’ equity both trending down to a very thin base. Cash has almost disappeared, while a meaningful amount of debt remains in place relative to the size of the company. That combination – low cash, low equity, and lingering debt – suggests limited financial flexibility and little cushion to absorb shocks. For a firm in reinsurance, which normally depends on a strong capital base to support risk-taking and credit ratings, this lean balance sheet is a clear constraint on future scale and competitiveness.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative in earlier years and then has essentially flattened out as business activity dwindled. Free cash flow has followed the same pattern, showing that the company historically consumed cash rather than generated it, and has recently been more or less idle rather than cash-productive. There is virtually no spending on capital assets, which fits with a business that is not investing for growth. Overall, the cash flow profile signals a company that has relied on its balance sheet and external capital to survive, with no recent evidence of a self-funding, cash-generative core business.

Competitive Edge

Competitive Edge Based purely on these financials, KG does not look like a scaled, competitive reinsurer. The tiny revenue base, minimal equity, and lack of fresh investment are more consistent with a small runoff vehicle or holding company than with an active player competing against global reinsurance groups that have deep capital, long client relationships, and strong ratings. Without a clear source of scale, diversification, or differentiated underwriting capabilities in the numbers, it is difficult to see a durable edge in the reinsurance market. Any competitive strength would likely have to come from niche activities or assets not obvious in the reported financials.

Innovation and R&D

Innovation and R&D The separate research on Kestrel Instruments describes a very different picture at the operating level: a specialized business built around rugged, highly accurate environmental and ballistics meters with patented sensor technology and strong brand recognition. Its products are known for precision, durability, and integration with advanced software, which creates a sticky ecosystem for professional users in fields like military, firefighting, agriculture, and long-range shooting. Patents, proven accuracy, and user workflows built around Kestrel’s devices form a meaningful moat, and ongoing product updates, software integrations, and new sensor designs suggest an active innovation pipeline. The recent change in ownership at the parent level could provide resources to expand this niche further, though how that value flows through to KG and its shareholders is not clear from the financials alone.

Summary

Taken together, KG’s reported financials and the qualitative research paint a mixed and somewhat disjointed story. On the one hand, the listed entity looks very small, with shrinking assets, a thin equity base, minimal cash, and little evidence of a growing reinsurance franchise. Historical cash burn and the presence of debt on such a small balance sheet underscore the financial fragility. On the other hand, within the broader corporate family there appears to be at least one operating asset – Kestrel Instruments – that enjoys a strong niche position, real product differentiation, and ongoing innovation. The key uncertainties are how much of that operating strength is actually captured in KG’s numbers, what the future business model of the listed company will be, and whether the balance sheet can be strengthened enough to support any meaningful growth. Anyone following KG would likely focus on clarity of structure, the role and contribution of the Kestrel Instruments business, and any concrete steps to rebuild scale, capital, and consistent cash generation.

NEWS

November 5, 2025 · 4:15 PM UTC

Kestrel Group Reports Third Quarter 2025 Financial Results

Read more