May 10, 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 its third quarter financial results for the period ending March 31, 2022. 

Q3 2022 Financial and Business Highlights:

• Auto loan originations increased 40% year-over-year to a record $37.2 million;

• Record auto loan portfolio balance of $208 million, up 29% year-over-year;

• Revenues at $9.9 million;

• Adjusted earnings of $1.2 million.

For the three-month period ended March 31, 2022, auto loan originations increased by 40% to $37.2 million compared to same period in fiscal 2021. $21.1 million are owned and on the Company’s balance sheet, with the remaining $16.1 million representing loans managed on behalf of Westlake Financial Services (“Westlake”). These record origination volumes resulted in Axis’ auto loan portfolio increasing to $208.3 million, consisting of $133.1 million of owned and $75.2 million in managed assets.

Equipment finance origination volumes in the quarter were $23.2 million, representing a 74% year-over-year increase. $8.3 million were owned and on Axis’ balance sheet, and $14.9 million were brokered to third parties. In aggregate, the Axis on balance sheet portfolio balance was $147.3 million at quarter-end.

Revenues for the quarter were $9.9 million, an increase of 4% year-over-year.

Annualized auto portfolio credit losses for the quarter were 8.8%, down from 9.2% during the same period last year, representing a 4% improvement. Furthermore, the Company concluded the quarter with reportable delinquency of 3.3%.

Adjusted earnings for the quarter amounted to $1.2 million, or $0.009 per share, as compared to $1.4 million or $0.015 per share for the third quarter of 2021.  Net income for the quarter was $0.3 million or $0.002 per share, as compared to net income of $0.6 million or $0.006 per share in the third quarter of 2021. Adjusted shareholder equity was $58.6 million, or $0.47 per share as at March 31, 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,, 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 Toronto Stock 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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