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Business Upturn
3 days ago
- Business
- Business Upturn
CORRECTION – Binah Capital Group Announces PKS Investments as Finalist in Two Categories for the 2025 Wealth Management Industry Awards
NEW YORK, June 06, 2025 (GLOBE NEWSWIRE) — In a release issued under the same headline on Thursday, June 5th by Binah Capital Group (Nasdaq: BCG), please note that the last sentence of the first paragraph has been revised. The corrected release follows: Binah Capital Group, Inc. ('Binah Capital') (NASDAQ: BCG), a financial services enterprise supporting the growth of independent financial advisors, today announced that PKS Investments ('PKS'), a Binah Capital Group company, has been named a finalist in two categories for the prestigious 2025 Wealth Management Industry Awards ('The Wealthies'). The categories are Transition Support / Transition Services, recognizing PKS's excellence in advisor transition solutions, and Chief Executive of the Year, recognizing Katherine Flouton of PKS Investments. This dual recognition underscores Binah's unmatched commitment to leadership and operational excellence in supporting independent financial advisors through critical growth and transition stages. With decades of experience and a proven, scalable process, PKS has successfully supported thousands of advisor transitions, helping firms navigate change with confidence, clarity, and continuity. Through high-touch service model, operational excellence, and strategic leadership, PKS has redefined the benchmark for transition support within the wealth management industry. 'We are incredibly proud to see Katherine Flouton and PKS Investments recognized among the industry's top innovators,' said Craig Gould, Chief Executive Officer of Binah Capital Group. 'These nominations reflect our unwavering commitment to empowering independent advisors with the leadership, infrastructure, and flexibility they need to thrive in an evolving landscape.' Now in its 11th year, the Wealth Management Industry Awards is the only awards program of its kind to honor outstanding achievements by companies, organizations and individuals that support financial advisor success. A panel of judges made up of top names in the industry, led by director of editorial strategy and operations David Armstrong, chose the finalists and will determine the winners, which each year recognizes the firms and individuals who are bringing new innovations to market that make a real difference to the daily activities of financial advisors. Winners will be announced at a gala and awards ceremony in New York City on September 4th. 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: About Purshe Kaplan Sterling Investments Purshe Kaplan Sterling Investments (PKS) is a leading independent broker-dealer offering comprehensive support services for financial advisors nationwide. PKS's flexible affiliation models, operational precision, and client-first philosophy enable advisors to deliver outstanding service while growing their businesses with confidence. Contact: Binah Capital Investor Relations [email protected] Binah Capital Public Relations [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
15-05-2025
- Business
- Yahoo
Binah Capital Group Reports First Quarter 2025 Results
NEW YORK, May 15, 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 ended March 31, 2025. "We once again delivered strong results, which is a continued testament to our differentiated RIA platform,' stated Craig Gould, Chief Executive Officer of Binah Capital Group. 'Highlighting our business model's sustained momentum and the effective execution of our growth initiatives, we achieved double-digit year-over-year growth in both revenue and EBITDA while delivering GAAP profitability in the first quarter. Subsequent to quarter-end, we were pleased to welcome Bleakley Financial Group to the Binah family, underscoring the strength of our open-architecture platform and the confidence that leading entrepreneurial firms place in Binah. Additionally, we further expanded and strengthened our executive leadership with the appointment of Ryan Marcus as our Chief Business Development and Engagement Officer. Looking ahead, we believe our resilient and differentiated platform leaves us well-positioned to navigate the dynamic macro environment and drive long-term shareholder value.' First Quarter 2025 Key Highlights Total advisory and brokerage assets in the first quarter grew 3% year-over-year to $26 billion. Total revenue increased 18% year-over-year to $49 million. Gross profit of $8.6 million, compared to $7.8 million in the prior-year period. Total operating expenses were $7 million, compared to $10 million in the prior-year period. The change in operating expenses was primarily due to costs incurred in the prior-year period related to the consummation of the business combination but did not occur in the first quarter of 2025. GAAP net income of $1 million, compared to GAAP net loss of $(1.6) million in the prior-year period. EBITDA* increased to $2.2 million, compared to an EBITDA of $(0.0) in the prior year period. The increase was primarily attributable to higher revenue growth and lower expenses, as the first quarter 2025 did not include the business combination related costs that occurred in the prior-year period. Liquidity and Capital The Company had cash and cash equivalents of $9 million and outstanding long-term debt of $25 million as of March 31, 2025. _______________ * 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: Contact: Binah Capital Investor Relationsir@ Binah Capital Public Relationsmedia@ Non-GAAP Financial Measure EBITDA is a non-GAAP financial measure, defined as net income (loss) adjusted for depreciation expense, amortization, interest expense and income tax. The Company presents EBITDA because management believes that it can be a useful financial metric in understanding the Company's earnings from operations. EBITDA is not a measure of the Company's financial performance under GAAP or liquidity 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 are that it excludes certain expenses that are required by U.S. GAAP to be recorded in our consolidated financial statements. In addition, EBITDA is subject to inherent limitations as these metrics reflect the exercise of judgment by management about which expenses are excluded or included in determining EBITDA. A reconciliation of EBITDA to Net income, the most directly comparable GAAP measure, 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, STATEMENTS OF FINANCIAL CONDITIONMARCH 31, 2025 AND DECEMBER 31, 2024(in thousands, except per share amounts) Unaudited March 31, 2025 December 31, 2024 ASSETS Assets: Cash, cash equivalents and restricted cash $ 8,821 $ 8,486 Receivables, net: Commission receivable 9,603 9,198 Due from clearing broker 565 873 Other 1,672 938 Property and equipment, net 511 599 Right of use assets 3,574 3,730 Intangible assets, net 933 1,021 Goodwill 39,839 39,839 Other assets 2,359 1,993 Total Assets $ 67,877 $ 66,677 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts payable, accrued expenses and other liabilities $ 11,332 $ 10,208 Commissions payable 11,460 11,468 Operating lease liabilities 3,675 3,820 Notes payable, net of unamortized debt issuance costs of $702 and $739 as of March 31, 2025 and December 31, 2024, respectively 19,091 19,561 Promissory notes-affiliates 5,313 5,442 Total Liabilities 50,870 50,499 Mezzanine Equity: Redeemable Series A Convertible Preferred Stock, par value $0.0001, 2,000,000 shares authorized, 1,572,000 and 1,555,000 shares outstanding at March 31, 2025 and December 31, 2024 15,121 14,947 Stockholders' Equity: Series B Convertible Preferred Stock, par value $0.0001, 500,000 shares authorized, 150,000 shares outstanding at March 31, 2025 and December 31, 2024 1,500 1,500 Common stock, $0.0001 par value, 55,000,000 authorized, 16,602,460 issued and outstanding at March 31, 2025 December 31, 2024 — — Additional paid-in-capital 22,606 22,984 Accumulated deficit (22,220 ) (23,253 ) Total Stockholders' Equity and Mezzanine Equity 17,007 16,178 TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY $ 67,877 $ 66,677 Binah Capital Group Consolidated Statement of Operations BINAH CAPITAL GROUP, STATEMENTS OF OPERATIONSFOR THE PERIODS ENDED MARCH 31, 2025 AND 2024(in thousands, except per share amounts) Three months ended March 31, 2025 2024 Revenues: Revenue from Contracts with Customers: Commissions $ 41,141 $ 34,395 Advisory fees 6,916 5,685 Total Revenue from Contracts with Customers 48,057 40,080 Interest and other income 879 1,369 Total revenues 48,936 41,449 Expenses: Commissions and fees 40,298 33,655 Employee compensation and benefits 4,351 3,457 Rent and occupancy 285 295 Professional fees 536 4,337 Technology fees 753 362 Interest 566 1,062 Depreciation and amortization 187 301 Other 503 (578 ) Total expenses 47,479 42,891 Income (loss) before provision for income taxes 1,456 (1,442 ) Provision for income taxes 423 139 Net income (loss) $ 1,033 $ (1,581 ) Net income attributable to Legacy Wentworth Management Services LLC members — 730 Net income (loss) attributable to Binah Capital Group, Inc. $ 1,033 $ (2,311 ) Net income (loss) per share basic and diluted $ 0.06 $ (0.14 ) Weighted average shares: basic and diluted 16,602 16,566 Binah Capital Group Reconciliation of GAAP Net Income to EBITDA EBITDA is a non-GAAP financial measure. EBITDA is defined as net income plus interest expense, provision for income taxes, and depreciation and amortization. The Company presents EBITDA because management believes that it can be a useful financial metric in understanding the Company's earnings from operations. EBITDA is not a measure of the Company's financial performance under GAAP or liquidity 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 for the periods presented (in millions): For the Three Months Ended March 31, EBITDA Reconciliation 2025 2024 Net income (loss) $ 1.0 (1.5 ) Interest expense 0.6 1.1 Provision for income taxes 0.4 0.1 Depreciation and amortization 0.2 0.3 EBITDA $ 2.2 (0.0 ) _____________________________ 1 Non-GAAP Financial Measures. EBITDA is a non-GAAP financial measure defined as net income (loss) adjusted for depreciation expense, amortization expense, interest expense, and income tax. See the section captioned '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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
