Financial Performance - For Q4 2024, net loss attributable to Cohen & Company Inc. was 2.0million,or1.21 per diluted share, compared to net income of 2.2million,or1.31 per diluted share in Q3 2024[6]. - Total revenues for Q4 2024 were 18.5million,downfrom31.7 million in the prior quarter and 34.5millionintheprioryearquarter[6].−Thecompanyreportedanetlossof6,875,000 for the three months ended December 31, 2024, compared to a net income of 26,881,000forthesameperiodin2023[14].−BasicearningspershareforthethreemonthsendedDecember31,2024,was(1.20), compared to 2.99forthesameperiodin2023[14].−Thecompany’stotaloperatingincome(loss)forthetwelvemonthsendedDecember31,2024,was(8,023,000), compared to 6,861,000forthesameperiodin2023[14].RevenueBreakdown−NettradingrevenueforQ42024was8.9 million, up 1.1millionfromtheprioryearquarter,primarilyduetohighertradingrevenuefromthemortgagegroup[6].−AssetmanagementrevenueforQ42024was2.1 million, slightly down from the prior quarter and up 0.1millionfromtheprioryearquarter[6].−NewissueandadvisoryrevenueforQ42024was10.1 million, down 12.4millionfromthepriorquarteranddown8.6 million from the prior year quarter[6]. - Full year revenue for Cohen & Company Capital Markets (CCM) was 38.9million,nearlydoublethefullyear2023revenueof21.9 million[4]. - Total revenues for the three months ended December 31, 2024, were 18,541,000,adecreasefrom34,464,000 for the same period in 2023, representing a decline of 46.1%[14]. - Net trading revenue increased to 8,947,000forthethreemonthsendedDecember31,2024,comparedto7,809,000 for the same period in 2023, reflecting a growth of 14.5%[14]. - New issue and advisory revenue decreased significantly to 10,075,000forthethreemonthsendedDecember31,2024,downfrom18,722,000 in the same period of 2023, a decline of 46.3%[14]. Expenses and Liabilities - Compensation and benefits expense decreased by 5.0millionfromthepriorquarterand3.4 million from the prior year quarter, with 113 employees as of December 31, 2024[6]. - Operating expenses totaled 24,044,000forthethreemonthsendedDecember31,2024,comparedto23,015,000 for the same period in 2023, an increase of 4.5%[14]. - Total liabilities increased to 880,866million,upfrom680,964 million[19]. Assets and Equity - Total equity as of December 31, 2024, was 90.3million,adecreasefrom91.8 million as of December 31, 2023[10]. - Total assets increased to 971,149millionasofDecember31,2023,upfrom772,761 million[19]. - Cash and cash equivalents rose to 19,590million,comparedto10,650 million in the previous period[19]. - Total stockholders' equity slightly increased to 41,728millionfrom41,682 million[19]. - Receivables under resale agreements significantly increased to 668,259millionfrom408,408 million[19]. - Trading securities sold, not yet purchased decreased to 36,432millionfrom65,751 million[19]. Future Outlook - The company anticipates that future performance may be impacted by factors such as inflation, rising interest rates, and geopolitical situations[11]. - The company noted that its revenue and operating results may fluctuate materially from quarter to quarter, suggesting that annual results may be the most meaningful gauge for investors[12]. Adjusted Pre-Tax Income - Adjusted pre-tax income (loss) for the three months ended December 31, 2024, was (7,705,000),comparedto15,993,000 for the same period in 2023[15]. - Adjusted pre-tax income (loss) is presented as a useful measure of performance, excluding income tax expense and including net income attributable to convertible non-controlling interest[20]. - The company emphasizes that adjusted pre-tax income (loss) should not be viewed as a substitute for net income prepared in accordance with GAAP[21]. - The company’s management uses adjusted pre-tax income (loss) to evaluate enterprise operations performance[21].
