Wed, May 15, 9:26 PM (72 days ago)
B. Riley Financial, Inc.'s Q1 2024 performance showed a notable decline compared to Q1 2023. Total revenues decreased by $89.1 million (20.6%) to $343.0 million. This decline was driven primarily by a $81.4 million drop in trading income and fair value adjustments on loans, a $17.2 million decrease in interest income from loans and securities lending, and a $12.1 million reduction in sales of goods. However, there was a $21.7 million increase in revenue from services and fees. Segment-wise performance was mixed: - Capital Markets: Revenue from services and fees increased by $2.4 million to $60.3 million. - Wealth Management: Revenue increased by $2.6 million to $51.2 million. - Auction and Liquidation: Revenue decreased by $1.9 million to $3.6 million. - Financial Consulting: Revenue increased by $10.1 million to $35.1 million. - Communications: Revenue decreased by $4.0 million to $81.1 million. - All Other: Revenue increased by $12.5 million to $26.1 million. Operating expenses were largely stable, showing a slight decrease of $0.7 million to $346.5 million. The company recorded an operating loss of $3.4 million, a significant drop from the $84.9 million operating income in Q1 2023. Additionally, net loss attributable to B. Riley Financial, Inc. was $49.2 million, compared to a net income of $17.2 million in Q1 2023.