PRHI

Presurance (the former Conifer Holdings, renamed September 2025) is not a going concern you invest in — it is a shrinking, capital-starved insurer managing decline. Revenue has fallen every year from $116M (FY2021) to $43.3M (FY2025), a 63% collapse, with FY2025 alone down 35.6%. The MD&A explains why this is structural, not cyclical: the company 'ceased writing almost all commercial lines premiums by August 30, 2024,' sold its CIS agency business (68 of 77 employees walked out the door with the buyer, including the CEO), and now relies entirely on underwriting that it deliberately curtailed for 'a lack of adequate statutory capital and surplus.' Gross written premiums fell to $59.8M from $72.1M. The lone FY2024 profit of $24.3M was a disposal/discontinued-operations artifact, not earning power — FY2025 swung right back to a -$18.4M loss.

The balance sheet is the disqualifier. Stockholders' equity is down to $8.97M against $230M of liabilities — a 25.7x liabilities/equity ratio — while retained earnings sit at a -$81.6M accumulated deficit that deepened another 29% this year. ROE is -205.6%. Operating cash flow was -$43.9M against just $27.4M of cash, so the company is burning far more than it holds and is surviving on serial dilutive capital raises: a $14.0M rights offering at $1.00/share (shares outstanding up 114.5% YoY), plus $8.0M of Series C preferred carrying a punishing 15% mandatory dividend that matures April 2027. These are affiliated-party lifelines (Clarkston/Hakala board members backstopping their own company), not a vote of market confidence.