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Axis Auto Finance Inc
Symbol AXIS
Shares Issued 122,109,949
Close 2022-11-14 C$ 0.51
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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 REPORTS Q1 FISCAL 2023 FINANCIAL RESULTS

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

Q1 2023 FINANCIAL HIGHLIGHTS:

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/.

We seek Safe Harbor.

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