Fri, May 24, 10:03 AM (150 days ago)
Binah Capital Group, Inc. reported a net loss of $1.6 million for Q1 2024, compared to a net income of $1.1 million in Q1 2023, driven by a 4.5% decline in total revenues to $41.4 million. Commissions and advisory fees, the primary revenue sources, saw a slight decline, with commissions down 2.6% and advisory fees up 1%. Total expenses increased by 1.9%, notably due to a significant rise in professional fees linked to transaction costs from the recent business combination. The company completed a reverse merger with Wentworth Management Services LLC, resulting in restructuring and recapitalization activities, including issuing $14.4 million in Series A Redeemable Convertible Preferred Stock. Gross profit fell by 6% to $7.8 million, and EBITDA dropped to $0 from $2.8 million. The company’s liquidity is supported by a $25 million credit facility with Oak Street Funding LLC, with $20.2 million outstanding. Total assets slightly decreased to $65.8 million from $67.4 million at year-end 2023.