Binah Capital Group Reports First Quarter 2025 Results
Binah Capital Group (NASDAQ: BCG) reported strong Q1 2025 financial results, with total revenue growing 18% year-over-year to $49 million. The company's Assets Under Management (AuM) increased 3% year-over-year to $26 billion. Notable improvements include achieving GAAP net income of $1 million, compared to a loss of $1.6 million in the prior year, and EBITDA increasing to $2.2 million from breakeven. Operating expenses decreased to $7 million from $10 million year-over-year. The company maintained a solid liquidity position with $9 million in cash and $25 million in long-term debt. Post-quarter, Binah welcomed Bleakley Financial Group and appointed Ryan Marcus as Chief Business Development and Engagement Officer.
Binah Capital Group (NASDAQ: BCG) ha riportato risultati finanziari solidi nel primo trimestre 2025, con un fatturato totale in crescita del 18% su base annua, raggiungendo i 49 milioni di dollari. Gli Asset Under Management (AuM) della società sono aumentati del 3% su base annua, arrivando a 26 miliardi di dollari. Tra i miglioramenti significativi si segnalano un utile netto GAAP di 1 milione di dollari, rispetto a una perdita di 1,6 milioni dell’anno precedente, e un EBITDA salito a 2,2 milioni dai valori di pareggio. Le spese operative sono diminuite a 7 milioni dai 10 milioni dell’anno precedente. La società ha mantenuto una solida posizione di liquidità con 9 milioni di dollari in contanti e 25 milioni di dollari di debito a lungo termine. Dopo la chiusura del trimestre, Binah ha accolto Bleakley Financial Group e nominato Ryan Marcus come Chief Business Development and Engagement Officer.
Binah Capital Group (NASDAQ: BCG) informó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso total que creció un 18% interanual hasta alcanzar los 49 millones de dólares. Los Activos Bajo Gestión (AuM) de la compañía aumentaron un 3% interanual hasta los 26 mil millones de dólares. Entre las mejoras destacadas se incluye la obtención de un ingreso neto GAAP de 1 millón de dólares, en comparación con una pérdida de 1,6 millones el año anterior, y un EBITDA que aumentó a 2,2 millones desde el punto de equilibrio. Los gastos operativos disminuyeron a 7 millones desde los 10 millones del año anterior. La empresa mantuvo una sólida posición de liquidez con 9 millones en efectivo y 25 millones en deuda a largo plazo. Después del trimestre, Binah dio la bienvenida a Bleakley Financial Group y nombró a Ryan Marcus como Chief Business Development and Engagement Officer.
Binah Capital Group (NASDAQ: BCG)는 2025년 1분기 강력한 재무 실적을 보고했으며, 총 수익이 전년 대비 18% 증가하여 4,900만 달러를 기록했습니다. 회사의 운용 자산(AuM)은 전년 대비 3% 증가하여 260억 달러에 달했습니다. 주목할 만한 개선 사항으로는 전년도의 160만 달러 손실과 비교해 GAAP 순이익 100만 달러 달성과 EBITDA가 손익분기점에서 220만 달러로 증가한 점이 있습니다. 영업비용은 전년 대비 1,000만 달러에서 700만 달러로 감소했습니다. 회사는 900만 달러의 현금과 2,500만 달러의 장기 부채로 견고한 유동성 상태를 유지했습니다. 분기 후 Binah는 Bleakley Financial Group을 환영하고 Ryan Marcus를 최고 사업 개발 및 참여 책임자로 임명했습니다.
Binah Capital Group (NASDAQ : BCG) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires total en hausse de 18 % sur un an, atteignant 49 millions de dollars. Les actifs sous gestion (AuM) de la société ont augmenté de 3 % en glissement annuel, atteignant 26 milliards de dollars. Parmi les améliorations notables, on compte un résultat net GAAP de 1 million de dollars, contre une perte de 1,6 million l'année précédente, et un EBITDA en hausse à 2,2 millions, contre l'équilibre. Les dépenses d'exploitation ont diminué à 7 millions, contre 10 millions l'année précédente. L'entreprise a maintenu une solide position de liquidité avec 9 millions de dollars en liquidités et 25 millions de dollars de dette à long terme. Après la clôture du trimestre, Binah a accueilli Bleakley Financial Group et nommé Ryan Marcus au poste de Chief Business Development and Engagement Officer.
Binah Capital Group (NASDAQ: BCG) meldete starke Finanzergebnisse für das erste Quartal 2025, mit einem Gesamtumsatz, der im Jahresvergleich um 18 % auf 49 Millionen US-Dollar wuchs. Die verwalteten Vermögenswerte (AuM) des Unternehmens stiegen im Jahresvergleich um 3 % auf 26 Milliarden US-Dollar. Bemerkenswerte Verbesserungen umfassen einen GAAP-Nettogewinn von 1 Million US-Dollar im Vergleich zu einem Verlust von 1,6 Millionen im Vorjahr sowie einen Anstieg des EBITDA auf 2,2 Millionen US-Dollar von der Gewinnschwelle. Die Betriebskosten sanken von 10 Millionen auf 7 Millionen US-Dollar im Jahresvergleich. Das Unternehmen hielt eine solide Liquiditätsposition mit 9 Millionen US-Dollar in bar und 25 Millionen US-Dollar langfristigen Schulden. Nach Quartalsende begrüßte Binah die Bleakley Financial Group und ernannte Ryan Marcus zum Chief Business Development and Engagement Officer.
- Revenue growth of 18% YoY to $49 million
- Turned GAAP net loss into $1 million profit
- EBITDA improved to $2.2 million from breakeven
- Operating expenses reduced by 30% YoY to $7 million
- AuM grew 3% YoY to $26 billion
- Significant long-term debt of $25 million compared to $9 million cash position
- Relatively modest 3% AuM growth might indicate slower business expansion
Insights
Binah Capital shows impressive revenue growth and return to profitability, though debt levels warrant monitoring against modest cash reserves.
Binah Capital Group has delivered a solid first quarter with
The firm's transition to GAAP profitability is particularly noteworthy - posting
Looking at expense management, Binah reduced operating expenses by
The balance sheet presents some caution signals -
The acquisition of Bleakley Financial Group (mentioned without financial details) aligns with their growth strategy but will likely impact second quarter results in ways not yet quantifiable from this release.
- Grew Total Revenue
- Assets Under Management (“AuM”) Increased
- Net Income of
- Increased EBITDA1 to
NEW YORK, May 15, 2025 (GLOBE NEWSWIRE) -- Binah Capital Group, Inc. (“Binah”, “Binah Capital” or the “Company”) (NASDAQ: BCG; BCGWW), a leading financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, today announced results for the quarter ended March 31, 2025.
"We once again delivered strong results, which is a continued testament to our differentiated RIA platform,” stated Craig Gould, Chief Executive Officer of Binah Capital Group. “Highlighting our business model's sustained momentum and the effective execution of our growth initiatives, we achieved double-digit year-over-year growth in both revenue and EBITDA while delivering GAAP profitability in the first quarter. Subsequent to quarter-end, we were pleased to welcome Bleakley Financial Group to the Binah family, underscoring the strength of our open-architecture platform and the confidence that leading entrepreneurial firms place in Binah. Additionally, we further expanded and strengthened our executive leadership with the appointment of Ryan Marcus as our Chief Business Development and Engagement Officer. Looking ahead, we believe our resilient and differentiated platform leaves us well-positioned to navigate the dynamic macro environment and drive long-term shareholder value.”
First Quarter 2025 Key Highlights
- Total advisory and brokerage assets in the first quarter grew
3% year-over-year to$26 billion . - Total revenue increased
18% year-over-year to$49 million . - Gross profit of
$8.6 million , compared to$7.8 million in the prior-year period. - Total operating expenses were
$7 million , compared to$10 million in the prior-year period. The change in operating expenses was primarily due to costs incurred in the prior-year period related to the consummation of the business combination but did not occur in the first quarter of 2025. - GAAP net income of
$1 million , compared to GAAP net loss of$(1.6) million in the prior-year period. - EBITDA* increased to
$2.2 million , compared to an EBITDA of$(0.0) in the prior year period. The increase was primarily attributable to higher revenue growth and lower expenses, as the first quarter 2025 did not include the business combination related costs that occurred in the prior-year period.
Liquidity and Capital
The Company had cash and cash equivalents of
_______________
* See "Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.
About Binah Capital Group
Binah Capital Group (“Binah Capital”, “Binah” or the “Company,” is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don’t just offer tools—we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.
For more, please visit: www.binahcap.com
Contact:
Binah Capital Investor Relations
ir@binahcap.com
Binah Capital Public Relations
media@binahcap.com
Non-GAAP Financial Measure
EBITDA is a non-GAAP financial measure, defined as net income (loss) adjusted for depreciation expense, amortization, interest expense and income tax. The Company presents EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA is not a measure of the Company’s financial performance under GAAP or liquidity and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. The principal limitations of EBITDA are that it excludes certain expenses that are required by U.S. GAAP to be recorded in our consolidated financial statements. In addition, EBITDA is subject to inherent limitations as these metrics reflect the exercise of judgment by management about which expenses are excluded or included in determining EBITDA. A reconciliation of EBITDA to Net income, the most directly comparable GAAP measure, appears below.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be subject to the "safe harbor" created by those sections and other applicable laws. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Binah. Forward-looking statements include, but are not limited to statements regarding: Binah’s financial and operational outlook; Binah’s operational and financial strategies, including planned growth initiatives and the benefits thereof, Binah’s ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “expect,” ”intend,” “anticipate,” “goals,” “prospects,” “will,” “would,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
While Binah believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: our ability to comply with supervisory and regulatory compliance obligations, the risk we may be held liable for misconduct by our advisors; poor performance of our investment products and services; our ability to effectively maintain and enhance our brand and reputation; our ability to expand and retain our customer base; our future capital requirements and sources and uses of cash; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the U.S. dollar, hyperinflation, devaluation and significant political or civil disturbances in international markets; and the effectiveness of Binah’s control environment, including the identification of control deficiencies.
These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties set forth in documents filed by Binah with the U.S. Securities and Exchange Commission from time to time, including the Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and subsequent periodic reports. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Binah cautions you not to place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Binah assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Binah does not give any assurance that it will achieve its expectations.
Binah Capital Group Consolidated Balance Sheet
| BINAH CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION MARCH 31, 2025 AND DECEMBER 31, 2024 (in thousands, except per share amounts) | ||||||||
| Unaudited | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents and restricted cash | $ | 8,821 | $ | 8,486 | ||||
| Receivables, net: | ||||||||
| Commission receivable | 9,603 | 9,198 | ||||||
| Due from clearing broker | 565 | 873 | ||||||
| Other | 1,672 | 938 | ||||||
| Property and equipment, net | 511 | 599 | ||||||
| Right of use assets | 3,574 | 3,730 | ||||||
| Intangible assets, net | 933 | 1,021 | ||||||
| Goodwill | 39,839 | 39,839 | ||||||
| Other assets | 2,359 | 1,993 | ||||||
| Total Assets | $ | 67,877 | $ | 66,677 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Accounts payable, accrued expenses and other liabilities | $ | 11,332 | $ | 10,208 | ||||
| Commissions payable | 11,460 | 11,468 | ||||||
| Operating lease liabilities | 3,675 | 3,820 | ||||||
| Notes payable, net of unamortized debt issuance costs of | 19,091 | 19,561 | ||||||
| Promissory notes-affiliates | 5,313 | 5,442 | ||||||
| Total Liabilities | 50,870 | 50,499 | ||||||
| Mezzanine Equity: | ||||||||
| Redeemable Series A Convertible Preferred Stock, par value | 15,121 | 14,947 | ||||||
| Stockholders’ Equity: | ||||||||
| Series B Convertible Preferred Stock, par value | 1,500 | 1,500 | ||||||
| Common stock, | — | — | ||||||
| Additional paid-in-capital | 22,606 | 22,984 | ||||||
| Accumulated deficit | (22,220 | ) | (23,253 | ) | ||||
| Total Stockholders’ Equity and Mezzanine Equity | 17,007 | 16,178 | ||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | $ | 67,877 | $ | 66,677 | ||||
Binah Capital Group Consolidated Statement of Operations
| BINAH CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE PERIODS ENDED MARCH 31, 2025 AND 2024 (in thousands, except per share amounts) | ||||||||
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Revenue from Contracts with Customers: | ||||||||
| Commissions | $ | 41,141 | $ | 34,395 | ||||
| Advisory fees | 6,916 | 5,685 | ||||||
| Total Revenue from Contracts with Customers | 48,057 | 40,080 | ||||||
| Interest and other income | 879 | 1,369 | ||||||
| Total revenues | 48,936 | 41,449 | ||||||
| Expenses: | ||||||||
| Commissions and fees | 40,298 | 33,655 | ||||||
| Employee compensation and benefits | 4,351 | 3,457 | ||||||
| Rent and occupancy | 285 | 295 | ||||||
| Professional fees | 536 | 4,337 | ||||||
| Technology fees | 753 | 362 | ||||||
| Interest | 566 | 1,062 | ||||||
| Depreciation and amortization | 187 | 301 | ||||||
| Other | 503 | (578 | ) | |||||
| Total expenses | 47,479 | 42,891 | ||||||
| Income (loss) before provision for income taxes | 1,456 | (1,442 | ) | |||||
| Provision for income taxes | 423 | 139 | ||||||
| Net income (loss) | $ | 1,033 | $ | (1,581 | ) | |||
| Net income attributable to Legacy Wentworth Management Services LLC members | — | 730 | ||||||
| Net income (loss) attributable to Binah Capital Group, Inc. | $ | 1,033 | $ | (2,311 | ) | |||
| Net income (loss) per share basic and diluted | $ | 0.06 | $ | (0.14 | ) | |||
| Weighted average shares: basic and diluted | 16,602 | 16,566 | ||||||
Binah Capital Group Reconciliation of GAAP Net Income to EBITDA
EBITDA is a non-GAAP financial measure. EBITDA is defined as net income plus interest expense, provision for income taxes, and depreciation and amortization. The Company presents EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA is not a measure of the Company’s financial performance under GAAP or liquidity and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP.
Below is a reconciliation of net income to EBITDA for the periods presented (in millions):
| For the Three Months Ended March 31, | ||||||||
| EBITDA Reconciliation | 2025 | 2024 | ||||||
| Net income (loss) | $ | 1.0 | (1.5 | ) | ||||
| Interest expense | 0.6 | 1.1 | ||||||
| Provision for income taxes | 0.4 | 0.1 | ||||||
| Depreciation and amortization | 0.2 | 0.3 | ||||||
| EBITDA | $ | 2.2 | (0.0 | ) | ||||
_____________________________
1 Non-GAAP Financial Measures. EBITDA is a non-GAAP financial measure defined as net income (loss) adjusted for depreciation expense, amortization expense, interest expense, and income tax. See the section captioned “Non-GAAP Financial Measures” below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures, as required by Regulation G.
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