B. Riley Financial Reports Second Quarter 2025 Financial Results

Core Insights - B. Riley Financial, Inc. reported a net income of $137.5 million for the second quarter of 2025, aligning with previous estimates of $120 million to $140 million [1][5] - The company successfully filed its Quarterly Report on Form 10-Q ahead of Nasdaq's compliance deadline, reflecting significant improvements in financial operations [2] Financial Performance - Net income of $137.5 million includes gains of $66.8 million from the sale of GlassRatner and $44.5 million from senior note exchanges, a significant recovery from a net loss of $(435.6) million in the second quarter of 2024 [5] - Income from continuing operations was $71.7 million, compared to a loss of $(449.2) million in the same period last year [5] - Revenues increased to $225.3 million from $94.9 million year-over-year, primarily due to a prior loss on fair value adjustments on loans [5][16] - Operating adjusted EBITDA from continuing operations was $38.5 million, up from $31.2 million in the second quarter of 2024 [5][18] Debt and Cash Position - Total debt decreased to $1.46 billion from $1.77 billion as of December 31, 2024, with net debt at $824.8 million [5][19] - Cash, cash equivalents, and restricted cash amounted to $268.6 million, an increase from $247.3 million at the end of 2024 [5][19] Company Overview - B. Riley Financial, Inc. is transitioning its name to BRC Group Holdings, Inc. on January 1, 2026, and operates as a diversified holding company with interests in financial services, telecom, and retail [4] - The company provides customized financial solutions for small-cap and middle-market companies, including services in capital markets, wealth management, and telecom [4]