B Riley Financial Pref Share RILYP 6.875 Perp 10/07/24 | 8-K: FY2025 Q2 Revenue: USD 60.91 M

Revenue: As of FY2025 Q2, the actual value is USD 60.91 M.

EBIT: As of FY2025 Q2, the actual value is USD 16.93 M.

Segment Revenue

• Total Revenue: $60.9 million for Q2 2025.
• Investment Banking Revenue: $32.3 million.
• Institutional Brokerage Revenue: $25.4 million.
• Interest Revenue: $2.3 million.
• Revenue for the first half of 2025: Expected to range from $405.0 million to $425.0 million.

Operational Metrics

• GAAP Net Income: $12.5 million for Q2 2025.
• Adjusted Net Income: $8.6 million.
• Operating Net Income: $16.9 million.
• Total Expenses: $43.9 million, including compensation and benefits of $29.7 million.
• Preliminary year-end 2024 net loss available to common shareholders: $772.3 million, or $25.46 diluted net loss per common share.
• Operating adjusted EBITDA from continuing operations: Decreased 54.0% to $126.4 million in 2024, compared to $274.6 million in 2023.

Cash Flow

• Cash and Securities: $94.5 million as of June 30, 2025, with no outstanding debt.
• Estimated cash, cash equivalents, and restricted cash: $268 million as of June 30, 2025.

Unique Metrics

• Debt-Free Balance Sheet: As of June 30, 2025, BRS operates with no outstanding debt.
• Realized cash proceeds from business sales: Approximately $187 million from the sales of GlassRatner and Atlantic Coast Recycling.
• Bond exchanges: Achieved approximately $126 million of debt reduction through five bond exchanges through July 2025.

Outlook / Guidance

• B. Riley Securities anticipates continued growth in client activity, driven by AI investments and flexible financing solutions. The firm is focused on strengthening its team and capabilities to deliver increasing value to middle market clients.
• Net income available to common shareholders for the first half of 2025 is expected to be in the range of $125.0 million to $145.0 million, or $4.08 to $4.74 diluted net income per common share.
• Total debt is estimated to have decreased by $600 million from September 30, 2024, with net debt estimated to have decreased by $544 million to $574 million from September 30, 2024.