Financial Performance - Total revenue increased 8% year-over-year to $45 million in Q4 2024[1] - Full year 2024 total revenue rose 1% year-over-year to $169 million[10] - Full year 2024 gross profit increased 1% year-over-year to $32 million[10] - GAAP net loss of $1.1 million in Q4 2024, consistent with the prior year[10] - Net loss for 2024 was $4.6 million, compared to a net income of $0.6 million in 2023[20] - EBITDA for 2024 decreased to $1.9 million from $6.8 million in 2023, representing a decline of approximately 72%[20] - Adjusted EBITDA rose 43% year-over-year to $2.0 million in Q4 2024[10] - Adjusted EBITDA for 2024 was $6.3 million, down from $8.4 million in 2023, reflecting a decrease of about 25%[20] Assets and Liabilities - Assets Under Management (AuM) grew 13% year-over-year to $27 billion[1] - The company had cash and cash equivalents of $8 million and outstanding long-term debt of $25 million as of December 31, 2024[7] Operating Expenses - Total operating expenses increased to $9.6 million from $7.8 million in the prior year, primarily due to refinancing costs[5] - Interest expense decreased from $5.1 million in 2023 to $4.0 million in 2024[20] - The provision for income taxes changed from a benefit of $0.1 million in 2023 to a provision of $1.4 million in 2024[20] - Depreciation and amortization slightly decreased from $1.2 million in 2023 to $1.0 million in 2024[20] - Business combination and refinancing costs increased significantly from $1.6 million in 2023 to $4.4 million in 2024[20] Strategic Focus - The company is focused on a robust acquisition and recruiting pipeline for future growth[2] - The successful refinancing of senior notes resulted in more favorable terms compared to the prior facility[10]
Binah Capital Group, Inc.(BCG) - 2024 Q4 - Annual Results