Siebert Reports First Quarter 2025 Financial Results
First Quarter 2025 Financial and Operational Highlights*
Total revenue increased 41% to $28.9 million, compared to $20.5 million in the first quarter of 2024, primarily driven by an unrealized gain of $9.2 million related to an equity investment. The unrealized gain was recorded with respect to shares in a U.S private company that Siebert purchased prior to the issuer's initial public offering, which shares were revalued following the initial public offering. These shares are currently subject to resale restrictions, and due to market volatility, including a significant decrease in price subsequent to March 31, 2025, and uncertainty around registration timing, the investment's fair value may significantly impact future financial results.
Operating income increased 106% to $10.5 million, compared to $5.1 million in the first quarter of 2024, primarily driven by the unrealized gain from the equity investment.
Stock borrow / stock loan increased by 18% to $4.8 million, compared to $4.1 million in the first quarter of 2024.
Net income available to common stockholders increased 135% to $8.7 million, compared to $3.7 million in the first quarter of 2024, primarily driven by the unrealized gain from the equity investment.
Recent Business Highlights
Appointed Stefano Marrone as Chief Marketing Officer to oversee marketing for all divisions and drive initiatives that bridge entertainment and financial literacy for our clients.
Appointed industry veteran Fredrick Scuteri as Chief Operating Officer of Muriel Siebert & Co., LLC ('MSCO') to oversee day-to-day operations, trading infrastructure, and platform modernization.
Management Commentary*
'The first quarter of 2025 was marked by continued investment in talent and our emerging business lines,' said Chairman and CEO John J. Gebbia. This quarter reflects disciplined execution of our broader strategic vision, and we're encouraged by the early signs of value being created through our investments in talent and innovation-driven initiatives. We are also excited to welcome industry veterans, Stefano Marrone as CMO and Fredrick Scuteri as COO of MSCO, to the Siebert family as they bring a wealth of experience and add significant value to our strategic initiatives for 2025 and beyond.'
Andrew Reich, CFO of Siebert, added: 'We continue to invest in our personnel and technology to be able to grow and scale our businesses while supporting new business lines. While our results for the quarter also benefited from a $9.2 million unrealized gain tied to a strategic equity investment, the value of this investment remains subject to market conditions and timing of liquidity. Overall, these results underscore our strong positioning to drive long-term value for clients and shareholders.'
*Refer to Siebert's 2025 Q1 10Q, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for further detail about the results of the quarter including the unrealized gain related to the equity investment.
Notice to Investors
This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.
Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, StockCross Digital Solutions, Ltd, and Gebbia Media LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions. Gebbia Media LLC provides entertainment and media productions including in-house marketing and advertising services for Siebert. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words 'may,' 'could,' 'would,' 'should,' 'believe,' 'expect,' 'anticipate,' 'plan,' 'estimate,' 'target,' 'project,' 'intend' and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.
These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns, including those resulting from extraordinary events; changes and volatility in tariffs and trade policies; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert's business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A - Risk Factors of Siebert's Annual Report on Form 10-K for the year ended December 31, 2024, and Siebert's filings with the SEC.
Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether because of new information, future events or otherwise, except to the extent required by the federal securities laws.
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