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XS Financial Inc. (XSHLF) is a specialty finance company that offers CAPEX and equipment financing solutions to cannabis businesses in the US. Established in 2017, XS Financial has reported record annual revenue of $11.7M and net distributable earnings of $0.4M in 2023. Led by CEO David Kivitz, the company focuses on expanding its customer base, improving operational efficiencies, and optimizing its balance sheet. With over 250 OEM partnerships, XS Financial provides end-to-end financing solutions to its clients, resulting in recurring revenues and strong profit margins.
XS Financial Inc. (OTCQB:XSHLF) has announced a significant upsized $39 million line of credit with Needham Bank, increasing their commitment from $20 million to $35 million. The credit facility, which matures in August 2024, will be utilized for CAPEX and equipment leases aimed at expanding XS Financial's portfolio in the cannabis sector. Loans will incur interest at the Wall Street Journal Prime rate plus 1%, with a minimum of 6%. CEO David Kivitz stressed the importance of this funding in the current market climate.
XS Financial has announced an upsized lease facility of up to $30 million with PharmaCann Inc. to finance equipment for their cannabis operations across the U.S. This expansion reflects a strengthening relationship since 2019, allowing PharmaCann to align equipment lifecycle with leasing terms. CEO David Kivitz highlighted the growing demand for CAPEX financing solutions within the cannabis industry. XS Financial specializes in providing such financing to various cannabis sectors, ensuring strong revenue potential and operational flexibility.
XS Financial Inc. (CSE:XSF)(OTCQB:XSHLF) reported significant growth in its Q3 2022 financial results, marking its first positive net distributable earnings. Revenue surged by 108% YoY to $2.1 million, and monthly recurring payments increased by 143% YoY to $2.4 million. The company achieved a net distributable earnings of $184.1k, compared to a loss of $(267k) in Q2 2022. Other highlights include a 0% default rate and numerous new lease agreements totaling $19.2 million. XS Financial aims to double its customer base and enhance operational efficiencies moving forward.
XS Financial has announced it will release its third quarter financial results for the period ending September 30, 2022, on November 28, 2022, after market close. An earnings call will follow at 1:30 p.m. Pacific Time. The unaudited financial statements and management discussion will be accessible on the Company's SEDAR profile and its website. The Company offers CAPEX financing solutions to cannabis businesses in the U.S. and has established partnerships with over 250 OEMs, enhancing its revenue model.
XS Financial Inc. announced the receipt of a delayed draw of $10 million as part of its $43.5 million unsecured convertible notes financing. This financing, led by a large institutional investor, originally funded $33.5 million at the closing on November 1, 2021. The company, specializing in CAPEX financing for U.S. cannabis firms, has partnered with over 250 OEMs, contributing to recurring revenues and strong profit margins.
XS Financial has announced a $13 million CAPEX lease facility for Connected International Inc., enabling an immediate drawdown of over $4.4 million. This financing will support equipment purchases and enhance Connected's processing capabilities in California and Arizona. Greg Fodell, VP of Corporate Development at Connected, praised the non-dilutive financing for accelerating their market expansion. Antony Radbod, COO of XS Financial, expressed optimism about the U.S. cannabis market despite ongoing capital constraints.
XS Financial has announced a $15 million lease facility for Ascend Wellness Holdings, a multi-state cannabis operator. The facility aims to finance equipment for cultivation, manufacturing, and processing across Massachusetts, Illinois, and New Jersey. This transaction emphasizes XS Financial's commitment to supporting growth in the cannabis sector. CEO David Kivitz expressed enthusiasm about collaborating with a leading operator like Ascend and views this agreement as the start of a long-term partnership.
XS Financial reported a strong Q2 2022 with a 195% year-over-year revenue increase to $1.7 million, up from $0.6 million in Q2 2021. Monthly recurring payments also rose by 198% to $1.7 million. The company has closed leases totaling $67.3 million since inception, including 14 new leases worth $19.2 million. Notably, XS Financial achieved a 0% default rate. Despite these gains, the net loss increased to $(3.57 million) from $(480,578) in the prior year due to rising operational and other expenses.
XS Financial Inc. (CSE:XSF, OTCQB:XSHLF) is set to announce its second quarter financial results for the period ending June 30, 2022, on August 25, 2022. A conference call will follow at 1:30 p.m. Pacific, accessible via a toll-free number. The unaudited financial statements and management discussion will be available on SEDAR and the company's website. XS Financial specializes in CAPEX financing for the cannabis sector in the U.S., collaborating with over 250 vendors, which strengthens its business model and revenue streams.
XS Financial has secured a new $24 million line of credit with Needham Bank, aimed at enhancing its financing capabilities for cannabis companies in the U.S. The Credit Facility, which includes a $20 million commitment from Needham Bank, will replace an existing $4 million line of credit and retire a $15 million line with Garrington Group. This two-year facility offers loans at an interest rate tied to the Wall Street Journal Prime rate, ensuring flexibility in funding CAPEX and equipment leases. XS Financial aims to leverage this facility to support its growing clientele amid tightening capital in the cannabis sector.
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