
Company News for Aug 13, 2025
CAH
) shares tumbled 7.2% after reporting fourth-quarter fiscal 2025 revenues of $60,159 million, missing the Zacks Consensus Estimate of $60,668.31 million.
Shares of Sea Limited (
SE
) jumped 19.1% after the company reported second-quarter 2025 revenues of $5,361.64 million, beating the Zacks Consensus Estimate of $5,122.40 million.
Circle Internet Group's (
CRCL
) shares rose 1.3% after posting second-quarter 2025 revenues of $658.08 million, surpassing the Zacks Consensus Estimate of $645.35 million.
Shares of On Holding AG (
ONON
) climbed 9% after the company posted second-quarter 2025 revenues of $907.78 million, outpacing the Zacks Consensus Estimate of $850.88 million.
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Key Points Adjusted net revenue (non-GAAP) reached $51.5 million in Q2 2025, with investment banking and institutional brokerage making up most of the total. The company posted GAAP net income of $12.5 million in Q2 2025 and ended the quarter with no debt with $94.5 million in cash and securities as of June 30, 2025. A one-time dividend of $0.22 per share was declared, but no recurring dividend program was established. These 10 stocks could mint the next wave of millionaires › B. Riley Financial (NASDAQ:RILY), a diversified financial services firm operating across investment banking, wealth management, and asset disposition, released its earnings for the period ended June 30, 2025, on Aug. 7, 2025. The highlight was a debt-free balance sheet, $94.5 million in cash and securities as of June 30, 2025, and GAAP net income of $12.5 million. Adjusted net revenue (non-GAAP) was $51.5 million. There were no published analyst estimates or prior-period comparables for this stand-alone quarter after the carve-out of its securities operations, leaving direct performance comparisons unavailable. Overall, the period reflected stabilization in core businesses and improvements in profitability, but the sustainability of gains remains to be seen. B. Riley Financial's Business and Focus Areas B. Riley Financial operates a mix of capital markets, wealth management, and asset disposition businesses. Its core unit, B. Riley Securities, handles investment banking (which includes services like underwriting new stock or debt offerings and advising on mergers), institutional brokerage (stock and bond trading for clients), and research. Other segments include wealth management, auctions and liquidations, principal investments in communications, and a brands licensing business. The company's most recent focus is on strengthening its capital markets and core advisory practices. It aims to grow its footprint in high-growth sectors, particularly by raising capital for technology clients and expanding expertise in renewables and health care. Key success factors include team expansion and a disciplined approach to returning capital, as evidenced by its dividend announcements. Quarter in Review: Performance, Drivers, and Events The quarter's results spotlight the impact of a recent business carve-out, with B. Riley Securities reporting as the principal operating business for the first time. Adjusted net revenue, which excludes gains related to legacy investment positions, reached $51.5 million in Q2 2025. While institutional brokerage commissions contributed $25.4 million. Capital markets activity improved sequentially, as management noted, 'client activity increased significantly during the quarter, driving sequential improvements in both Institutional Brokerage commissions and Investment Banking revenue.' The company put a spotlight on capital markets products, including convertibles (debt that can become equity), variable rate financings, and continued growth in flexible funding solutions. Over the past year, the company has helped clients raise over $8 billion to support AI-driven investments, reflecting both client demand and the firm's advisory strengths. Additionally, B. Riley Securities added seven senior executives across key industry sectors, such as technology, health care, and real estate, aiming to enhance client service and drive new business. Hosting its 25th annual investor conference strengthened engagement, with several hundred institutional investors and companies attending. The period saw no reporting detail on other B. Riley Financial units such as wealth management, auctions and liquidations, or the brands portfolio. Past quarters showed asset sales and joint ventures, such as a 44 % retained stake in Great American Group, following majority sales and decomposing non-core segments. The company further reduced its exposure to legacy investment positions, as reflected by adjustments in its reported profit. No major product launches or significant new business lines outside capital markets were highlighted in this quarter. From a balance sheet perspective, the company ended with no outstanding debt and $94.5 million in cash and securities as of June 30, 2025, supporting a strong liquidity position. It declared a one-time $0.22 per share dividend, totaling $4.1 million, approved in Q2 2025. Management explicitly stated this was not intended as a recurring program. Looking Ahead: Guidance and Investor Considerations B. Riley Financial's management did not provide any quantitative financial guidance for the next quarter or for fiscal 2025. Instead, management characterized the current phase as one of stabilization and cautious optimism, indicating that improvement 'has continued into Q3 2025.' They also cautioned that the quarter's performance should not be annualized or taken as a reliable indicator for future periods, citing the lumpy nature of capital markets revenue and the effect of non-recurring gains. Investors will want to watch for greater reporting detail in future quarters as the operations of B. Riley Securities and legacy businesses mature post-carve-out. Key factors include sustained deal flow across capital markets, effectiveness of new personnel hires, the recurrence or decline of non-GAAP investment gains, and the approach to future capital returns. The shifting segment structure and changing client activity patterns will remain important variables for tracking the company's trajectory. The quarterly dividend was declared as a one-time event and does not reflect an ongoing policy. 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