Core Insights - B. Riley Financial, Inc. expects net income for the first half of 2025 to be between $125 million and $145 million, translating to diluted earnings per share of $4.08 to $4.74 [1][7][26] - The company reported a preliminary net loss of $772.3 million for the full year 2024, equating to a diluted loss per share of $25.46 [1][9] - As of June 30, 2025, B. Riley anticipates cash reserves of $268 million and total debt of $1.46 billion, with net debt estimated between $809 million and $839 million [1][26] Financial Performance - Preliminary estimates for the first half of 2025 indicate revenue between $405 million and $425 million, with operating adjusted EBITDA expected to range from $20 million to $26 million [7][26] - The company achieved a total debt reduction of approximately $600 million from September 30, 2024, to June 30, 2025 [6][26] - Cash proceeds from business sales amounted to approximately $187 million, with significant gains from the sales of GlassRatner and Atlantic Coast Recycling [6][26] Strategic Actions - B. Riley has focused on aligning its balance sheet while investing in its financial services businesses, which are experiencing increased momentum due to cash flows from telecom operations [3][4] - The company executed a carve-out of B. Riley Securities in March 2025 to better serve clients and provide flexible capital for emerging priorities, particularly in AI investments [6][26] - The company has made significant changes in its management, including the hiring of a new Chief Financial Officer, Scott Yessner, to enhance its financial operations [4][6] Year-End 2024 Summary - For the year ending December 31, 2024, B. Riley reported total revenues of $838.6 million, a decrease from $1.5 billion in 2023 [9][10] - Operating adjusted EBITDA for 2024 was reported at $(542.8) million, a significant decline from $123.9 million in 2023 [10][25] - The company faced substantial write-downs, including $510 million related to equity investments and impairments of goodwill and intangible assets totaling $105.4 million [10][11]

Core Points - B. Riley Financial, Inc. received a notification from Nasdaq regarding non-compliance due to delayed filings of its Annual Report on Form 10-K for the period ended December 31, 2024, and Quarterly Report on Form 10-Q for the period ended March 31, 2025 [1] - The company expects to return to a normal filing cadence by Fall 2025 [3] - Nasdaq has granted an exception allowing the company to regain compliance with the filing requirements by September 29, 2025 [2] Company Overview - B. Riley Financial is a diversified financial services company that provides tailored solutions to meet the strategic, operational, and capital needs of its clients [4] - The company offers a wide range of services including investment banking, institutional brokerage, private wealth management, financial consulting, corporate restructuring, and more [4] - B. Riley also engages in opportunistic investments to benefit its shareholders and has affiliates that originate and underwrite senior secured loans for asset-rich companies [4]