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Axis Auto Finance Inc
Symbol AXIS
Shares Issued 122,109,949
Close 2022-11-14 C$ 0.51
Market Cap C$ 62,276,074
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Axis Auto Finance earns $800,000 in fiscal Q1 2023

2022-11-15 14:43 ET - News Release

Mr. Todd Hudson reports


Axis Auto Finance Inc. has released financial results for the first quarter of fiscal 2023, ending Sept. 30, 2022.


Auto loan originations increased 40% year over year, to $44.5 million;

Auto loan portfolio of $244.5 million, up 33% year over year;

Revenues increased 2.5% to $10.2 million; and

Adjusted earnings of $0.8 million.

For the quarter ending September 30, 2022, auto loan originations increased 40% to $44.5 million compared to the same period in fiscal 2022. Auto loan originations consisted of $25.5 million owned and on balance sheet, while $19.0 million were volumes managed for Westlake Financial Services ("Westlake"). Axis' total owned and managed auto portfolio reached a record $244.5 million, consisting of $145.6 million of on balance sheet assets and $98.9 million in Westlake managed assets.

Equipment finance origination volumes in the quarter were $29.6 million, representing a 28% year-over-year increase, and consisted of $11.7 million owned and on balance sheet, with $17.9 million being brokered for third parties or sold to syndication partners. In aggregate, the Axis on balance sheet portfolio increased 36% year-over- year, to a record $176.9 million.

Revenues for the quarter were $10.2 million, an increase of 2.5% year-over-year.

Annualized auto portfolio credit losses for the quarter were 8.2%, up from 7.3% during the same period in prior year, while the Company concluded the quarter with reportable delinquency of 4.97%.

Adjusted earnings for the quarter was $0.8 million, or $0.007 per share, as compared to $1.8 million or $0.018 per share for the comparable quarter of 2022. The Company recorded a net loss for the quarter of $0.9 million or $0.007 per share, as compared to net income of $0.6 million or $0.007 per share in the first quarter of 2022. Adjusted shareholder equity was $58.9 million, or $0.48 per share, at September 30, 2022.

About Axis Auto Finance

Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing, and get the car delivered to their home. In addition, the company continues to grow B2B non-prime auto loan originations by delivering innovative technology solutions and superior service to its Dealer Partner Network. All Axis auto loans report to Equifax, resulting in over 70% of customers seeing a significant improvement of their credit scores. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.

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