Binah Capital Group Reports Fourth Quarter and Full Year 2024 Results
Binah Capital Group (NASDAQ: BCG) reported its Q4 and full-year 2024 results, marking one year since its public listing. In Q4, total revenue grew 8% year-over-year to $45 million, while Assets Under Management increased 13% to $27 billion. The company posted a GAAP net loss of $1.1 million but saw Adjusted EBITDA grow 43% to $2.0 million.
For full-year 2024, revenue increased 1% to $169 million with a gross profit of $32 million. The company reported a GAAP net loss of $5.3 million, compared to net income of $0.6 million in 2023. Adjusted EBITDA was $6.3 million, down from $8.4 million in 2023. The company successfully refinanced its $20.0 million senior notes and ended the year with $8 million in cash and $25 million in long-term debt.
Binah Capital Group (NASDAQ: BCG) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, segnando un anno dalla sua quotazione pubblica. Nel quarto trimestre, il fatturato totale è cresciuto dell'8% rispetto all'anno precedente, raggiungendo 45 milioni di dollari, mentre gli Attivi in Gestione sono aumentati del 13% a 27 miliardi di dollari. L'azienda ha registrato una perdita netta GAAP di 1,1 milioni di dollari, ma ha visto crescere l'EBITDA rettificato del 43%, arrivando a 2,0 milioni di dollari.
Per l'anno intero 2024, il fatturato è aumentato dell'1% a 169 milioni di dollari, con un utile lordo di 32 milioni di dollari. L'azienda ha riportato una perdita netta GAAP di 5,3 milioni di dollari, rispetto a un utile netto di 0,6 milioni di dollari nel 2023. L'EBITDA rettificato è stato di 6,3 milioni di dollari, in calo rispetto agli 8,4 milioni di dollari del 2023. L'azienda ha rifinanziato con successo i suoi titoli senior da 20,0 milioni di dollari e ha chiuso l'anno con 8 milioni di dollari in contante e 25 milioni di dollari di debito a lungo termine.
Binah Capital Group (NASDAQ: BCG) informó sobre sus resultados del cuarto trimestre y del año completo 2024, marcando un año desde su cotización pública. En el cuarto trimestre, los ingresos totales crecieron un 8% interanual, alcanzando 45 millones de dólares, mientras que los Activos bajo Gestión aumentaron un 13% hasta 27 mil millones de dólares. La compañía reportó una pérdida neta GAAP de 1,1 millones de dólares, pero vio crecer el EBITDA ajustado un 43%, alcanzando los 2,0 millones de dólares.
Para el año completo 2024, los ingresos aumentaron un 1% hasta 169 millones de dólares con una utilidad bruta de 32 millones de dólares. La compañía reportó una pérdida neta GAAP de 5,3 millones de dólares, en comparación con una ganancia neta de 0,6 millones de dólares en 2023. El EBITDA ajustado fue de 6,3 millones de dólares, por debajo de los 8,4 millones de dólares de 2023. La compañía refinanció con éxito sus notas senior de 20,0 millones de dólares y terminó el año con 8 millones de dólares en efectivo y 25 millones de dólares en deuda a largo plazo.
비나 캐피탈 그룹 (NASDAQ: BCG)은 2024년 4분기 및 연간 실적을 발표하며 공개 상장 1주년을 기념했습니다. 4분기 총 수익은 전년 대비 8% 증가하여 4,500만 달러에 달했고, 운용 자산은 13% 증가하여 270억 달러에 이르렀습니다. 회사는 GAAP 기준으로 110만 달러의 순손실을 기록했지만 조정된 EBITDA는 43% 증가하여 200만 달러에 달했습니다.
2024년 전체 연간 수익은 1% 증가하여 1억 6,900만 달러에 이르렀고, 총 이익은 3,200만 달러였습니다. 회사는 GAAP 기준으로 530만 달러의 순손실을 보고했으며, 2023년에는 60만 달러의 순이익을 기록했습니다. 조정된 EBITDA는 630만 달러로, 2023년의 840만 달러에서 감소했습니다. 회사는 2천만 달러의 시니어 노트를 성공적으로 재융자하였고, 연말에는 800만 달러의 현금과 2,500만 달러의 장기 부채를 보유하고 있었습니다.
Binah Capital Group (NASDAQ: BCG) a publié ses résultats du quatrième trimestre et de l'année entière 2024, marquant un an depuis son introduction en bourse. Au quatrième trimestre, le chiffre d'affaires total a augmenté de 8 % par rapport à l'année précédente, atteignant 45 millions de dollars, tandis que les Actifs sous Gestion ont augmenté de 13 % pour atteindre 27 milliards de dollars. L'entreprise a enregistré une perte nette GAAP de 1,1 million de dollars, mais a vu son EBITDA ajusté augmenter de 43 % pour atteindre 2,0 millions de dollars.
Pour l'année entière 2024, le chiffre d'affaires a augmenté de 1 % pour atteindre 169 millions de dollars, avec un bénéfice brut de 32 millions de dollars. L'entreprise a déclaré une perte nette GAAP de 5,3 millions de dollars, par rapport à un bénéfice net de 0,6 million de dollars en 2023. L'EBITDA ajusté était de 6,3 millions de dollars, en baisse par rapport à 8,4 millions de dollars en 2023. L'entreprise a réussi à refinancer ses obligations senior de 20,0 millions de dollars et a terminé l'année avec 8 millions de dollars en liquidités et 25 millions de dollars de dettes à long terme.
Binah Capital Group (NASDAQ: BCG) hat seine Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und damit ein Jahr seit dem Börsengang markiert. Im vierten Quartal wuchsen die Gesamteinnahmen im Vergleich zum Vorjahr um 8% auf 45 Millionen Dollar, während die verwalteten Vermögenswerte um 13% auf 27 Milliarden Dollar anstiegen. Das Unternehmen verzeichnete einen GAAP-Nettoverlust von 1,1 Millionen Dollar, sah jedoch, dass das bereinigte EBITDA um 43% auf 2,0 Millionen Dollar wuchs.
Für das Gesamtjahr 2024 stiegen die Einnahmen um 1% auf 169 Millionen Dollar bei einem Bruttogewinn von 32 Millionen Dollar. Das Unternehmen berichtete von einem GAAP-Nettoverlust von 5,3 Millionen Dollar, verglichen mit einem Nettoertrag von 0,6 Millionen Dollar im Jahr 2023. Das bereinigte EBITDA betrug 6,3 Millionen Dollar, ein Rückgang von 8,4 Millionen Dollar im Jahr 2023. Das Unternehmen hat erfolgreich seine 20 Millionen Dollar Senior Notes refinanziert und schloss das Jahr mit 8 Millionen Dollar in bar und 25 Millionen Dollar an langfristigen Schulden ab.
- Q4 revenue growth of 8% YoY to $45 million
- Assets Under Management increased 13% YoY to $27 billion
- Q4 Adjusted EBITDA grew 43% YoY to $2.0 million
- Successfully refinanced $20.0 million senior notes at more favorable terms
- Q4 GAAP net loss of $1.1 million
- Full-year GAAP net loss of $5.3 million compared to $0.6 million profit in 2023
- Full-year Adjusted EBITDA declined to $6.3 million from $8.4 million in 2023
- Operating expenses increased from $31 million to $35 million year-over-year
Insights
Binah Capital Group's Q4 results present a mixed financial picture with some encouraging growth metrics offset by profitability challenges. The 8% revenue growth to
However, these positives are tempered by a GAAP net loss of
The company's liquidity position shows
While full-year Adjusted EBITDA declined to
- Grew Total Revenue
- Assets Under Management (“AuM”) Increased
- GAAP Net Loss of
- Grew Adjusted EBITDA*
NEW YORK, March 31, 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 and year ended December 31, 2024.
"As we celebrate the one-year anniversary of our successful public listing, we’re pleased to deliver our 2024 fourth quarter results,” stated Craig Gould, Chief Executive Officer of Binah Capital Group. “Beyond our solid financial performance, we’ve accomplished several key milestones over the past year: closing of the business combination, forming Binah Capital Group, Inc. and listing on the NASDAQ, successful recruiting efforts, significantly reducing our cost of funding through the successful refinancing of our senior credit facility at favorable terms, and maintaining a mature and stable business despite ongoing market volatility.”
“Looking ahead, we are off to a strong start in 2025, with a robust acquisition and recruiting pipeline. We continue to uncover many significant opportunities to onboard additional new businesses as we execute on our external growth strategy. Moreover, our hybrid-friendly business model, coupled with the favorable market for opportunities in our sector, we believe positions us well to deliver profitable, long-term growth as we work to create significant value for our shareholders.”
________________________________
* Non-GAAP Financial Measures. Adjusted EBITDA is a non-GAAP financial measure defined as net income (loss) attributable to Binah adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and non-recurring items that in the judgement of management significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Binah’s control. See the section captioned the “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.
Fourth Quarter 2024 Key Highlights Compared to Prior Year Period
- Total advisory and brokerage assets in the fourth quarter grew
13% year-over-year to$27 billion . - Total revenue increased
8% year-over-year to$45 million . - Gross profit of
$8.5 million , compared to$9.0 million in the prior year period. - Total operating expenses were
$9.6 million , compared to$7.8 million in the prior-year period. The change in operating expenses was primarily due to costs related to the re-financing of senior credit facility and public company operating expenses incurred in the fourth quarter but not incurred in the prior year. - GAAP net loss of
$1.1 million , compared to GAAP net loss of$1.1 million in the prior year. - Adjusted EBITDA* grew
43% year-over-year to$2.0 million , which was primarily attributable to revenue growth, partially offset by higher expenses.
Full Year 2024 Key Highlights Compared to 2023
- Total revenue rose
1% year-over-year to$169 million . - Gross profit increased
1% year-over-year to$32 million . - Total operating expenses were
$35 million , compared to$31 million in the prior-year. The change was primarily driven by costs related to the successful business combination, refinancing and public company related costs occurred in 2024 but were not incurred in 2023. - GAAP net loss of
$5.3 million , compared to GAAP net income of$0.6 million in the prior year. - Adjusted EBITDA* of
$6.3 million , compared to Adjusted EBITDA of$8.4 million in the prior year. - Further optimized the balance sheet through the successful refinance of its
$20.0 million senior notes at more favorable terms than the prior facility.
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 and Adjusted EBITDA are non-GAAP financial measures, defined as net income (loss) attributable to Binah adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and non-recurring items that in our judgement significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Binah’s control. The Company presents EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA and Adjusted EBITDA are not a measure of the Company’s financial performance under GAAP 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 and Adjusted EBITDA are that they exclude certain expenses that are required by U.S. GAAP to be recorded in our consolidated financial statements. In addition, EBITDA and Adjusted EBITDA are subject to inherent limitations as these metrics reflect the exercise of judgment by management about which expenses are excluded or included in determining EBITDA and Adjusted EBITDA. A reconciliation of Adjusted EBITDA to Net income attributable to Binah Capital, the most directly comparable GAAP measure, and Adjusted EBITDA to EBITDA 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 DECEMBER 31, 2024 AND 2023 | ||||||||
| (in thousands, except share amounts) | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents and restricted cash | $ | 8,486 | $ | 7,621 | ||||
| Receivables, net: | ||||||||
| Commissions receivable | 9,198 | 8,220 | ||||||
| Due from clearing broker | 873 | 631 | ||||||
| Other | 938 | 1,587 | ||||||
| Property and equipment, net | 599 | 974 | ||||||
| Right of use assets | 3,730 | 4,332 | ||||||
| Intangible assets, net | 1,021 | 1,580 | ||||||
| Goodwill | 39,839 | 39,839 | ||||||
| Other assets | 1,993 | 2,626 | ||||||
| TOTAL ASSETS | $ | 66,677 | $ | 67,410 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Accounts payable, accrued expenses and other liabilities | $ | 10,208 | $ | 9,082 | ||||
| Commissions payable | 11,468 | 10,676 | ||||||
| Operating lease liabilities | 3,820 | 4,381 | ||||||
| Notes payable, net of unamortized debt issuance costs of | 19,561 | 20,822 | ||||||
| Promissory notes-affiliates | 5,442 | 12,177 | ||||||
| Due to members | — | 5,169 | ||||||
| TOTAL LIABILITIES | 50,499 | 62,307 | ||||||
| Mezzanine Equity: | ||||||||
| Redeemable Series A Convertible Preferred Stock, par value | 14,947 | — | ||||||
| Stockholders’ Equity and Members’ Equity: | ||||||||
| Series B Convertible Preferred Stock, par value | 1,500 | — | ||||||
| Common stock, | — | — | ||||||
| Additional paid-in-capital | 22,984 | — | ||||||
| Accumulated deficit | (23,253 | ) | — | |||||
| Members’ Equity attributed to Legacy BMS Management Services LLC | — | 5,103 | ||||||
| Total Stockholders’ Equity, Mezzanine Equity and Members’ Equity Attributable to BMS Management Services LLC | 16,178 | 5,103 | ||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | $ | 66,677 | $ | 67,410 | ||||
Binah Capital Group Consolidated Statement of Operations
| BINAH CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (in thousands, except per share amounts) | ||||||||
| 2024 | 2023 | |||||||
| Revenues: | ||||||||
| Revenue from Contracts with Customers: | ||||||||
| Commissions | $ | 139,452 | $ | 138,191 | ||||
| Advisory fees | 24,939 | 21,668 | ||||||
| Total Revenue from Contracts with Customers | 164,391 | 159,859 | ||||||
| Interest and other income | 4,512 | 8,096 | ||||||
| Total revenues | 168,903 | 167,955 | ||||||
| Expenses: | ||||||||
| Commissions and fees | 136,932 | 136,169 | ||||||
| Employee compensation and benefits | 15,544 | 13,385 | ||||||
| Rent and occupancy | 1,150 | 1,189 | ||||||
| Professional fees | 6,971 | 4,709 | ||||||
| Technology fees | 1,292 | 2,457 | ||||||
| Interest | 4,026 | 5,119 | ||||||
| Depreciation and amortization | 1,019 | 1,216 | ||||||
| Other | 5,116 | 3,225 | ||||||
| Total expenses | 172,050 | 167,469 | ||||||
| (Loss) income before provision for income taxes | (3,147 | ) | 486 | |||||
| Provision (benefit) for income taxes | 1,415 | (85 | ) | |||||
| Net (loss) income | $ | (4,562 | ) | $ | 571 | |||
| Net income attributable to Legacy BMS Management Services LLC members | 730 | — | ||||||
| Net loss attributable to Binah Capital Group, Inc. | $ | (5,292 | ) | — | ||||
| Net loss per share basic and diluted | $ | (0.32 | ) | — | ||||
| Weighted average shares basic and diluted | 16,593 | — | ||||||
Binah Capital Group Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as net income plus interest expense, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus non-recurring costs related to our business combination as well as re-financing the senior credit facility costs. The Company presents EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA and Adjusted EBITDA are not a measure of the Company’s financial performance under GAAP 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 and EBITDA to Adjusted EBITDA for the periods presented (in millions):
| For the Years Ended December 31, | ||||||||
| EBITDA Reconciliation | 2024 | 2023 | ||||||
| Net (loss) income | $ | (4.6 | ) | $ | 0.6 | |||
| Interest expense | 4.0 | 5.1 | ||||||
| (Benefit) Provision for income taxes | 1.4 | (0.1 | ) | |||||
| Depreciation and amortization | 1.0 | 1.2 | ||||||
| EBITDA | $ | 1.9 | $ | 6.8 | ||||
| Business combination and re-financing costs | 4.4 | 1.6 | ||||||
| Adjusted EBITDA | $ | 6.3 | $ | 8.4 | ||||
FAQ
What was BCG's revenue growth in Q4 2024?
How much did BCG's Assets Under Management (AUM) grow in 2024?
What was BCG's net income/loss for full-year 2024?
How much debt does BCG have as of December 31, 2024?
What was BCG's Adjusted EBITDA performance in Q4 2024?
