September 15, 2022 – Toronto, Ontario – Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a rapidly growing financial technology company changing the way Canadians purchase and finance used vehicles, today announced record financial results for the fiscal year ended June 30, 2022. 


  • Record auto loan originations of $154.0 million, a 34% year-over-year increase;
  • Record auto loan portfolio of $229.3 million, up 33% year-over-year;
  • Record revenues of $40.2 million, a 5% increase over prior year;
  • Record Adjusted earnings of $6.1 million;
  • Credit losses of 7.89% a 13% year-over-year reduction from 9.06% in prior year;
  • Operating expenses of 9.0% of average owned and managed portfolio assets, a reduction from 10.2% in prior year.

In fiscal 2022, auto loan originations increased by 34% to $154.0 million as compared to $115.2 million in the prior year.  Auto loan originations consisted of $86.5 million owned and on balance sheet and $67.5 million were volumes managed for Westlake Financial Services (“Westlake”).  Axis’ total owned and managed auto portfolio peaked at $229.3 million, consisting of $139.9 million of on balance sheet assets and $89.4 million in Westlake managed assets.  

Equipment finance originations in fiscal 2022 were a record $102.2 million, representing a 27% year over year increase, and consisted of $23.9 million owned and on balance sheet and $78.3 million were brokered to third parties.  In aggregate, the Axis on balance sheet portfolio achieved a record $161.0 million in fiscal 2022, a 27% year-over-year increase. 

Revenues in fiscal 2022 were $40.2 million, an increase of 5% year-over-year.

Annualized auto portfolio credit losses for the year were 7.89%, down from 9.06% in the prior year, representing a 13% improvement.  Furthermore, the Company concluded the year with reportable delinquency of 3.16%. 

Adjusted earnings for fiscal 2022 were $6.1 million or $0.052 per share, up from $6.0 million or $0.062 per share in fiscal 2021.  Net earnings for fiscal 2022 were $1.5 million or $0.013 per share, as compared to net earnings of $2.3 million or $0.024 per share.   Adjusted shareholder equity was $57.5 million at June 30, 2022, or $0.47 per share.

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,, 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

Non-IFRS Measures

The Company’s interim unaudited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and the accounting policies we adopted in accordance with IFRS. The Company believes that certain Non-IFRS Measures can be useful to investors because they provide a means by which investors can evaluate the Company’s underlying key drivers and operating performance of the business, exclusive of certain adjustments and activities that investors may consider to be unrelated to the underlying economic performance of the business of a given period. A full description of these measures can be found in the Management Discussion & Analysis that accompanies the financial statements for the corresponding period.

The TSX Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Axis Auto Finance Inc.
Todd Hudson
(416) 633-5626

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