Siebert Financial Corp. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total revenue, which reached $22.6 million for the third quarter, up from $18.1 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $63.9 million, compared to $51.8 million in the prior year. This growth was driven by increases in commissions and fees, which rose to $2.3 million, and interest, marketing, and distribution fees, which reached $8.4 million.
Profitability also improved, with net income for the third quarter of 2024 at $3.8 million, up from $2.8 million in the previous year. For the nine-month period, net income totaled $11.6 million, compared to $8.7 million in 2023. Operating income for the third quarter increased to $4.8 million from $4.3 million year-over-year.
The company’s total assets decreased to $579.2 million as of September 30, 2024, down from $801.8 million at the end of 2023. Total current assets also fell to $549.9 million from $773.9 million. However, stockholders’ equity increased to $82.3 million, up from $69.7 million at the end of 2023, indicating a strengthening balance sheet.
Strategically, Siebert Financial made a significant acquisition on August 12, 2024, acquiring 100% of Gebbia Entertainment, LLC for $1.25 million. This acquisition is expected to enhance the company’s media and entertainment segment, although it was deemed immaterial to the consolidated financial statements.
The company also reported a decrease in cash and cash equivalents to $4.4 million from $5.7 million at the end of 2023. Additionally, Siebert Financial established a $20 million revolving credit facility with East West Bank on August 15, 2024, aimed at supporting acquisitions and general corporate needs.
Despite these challenges, Siebert Financial maintained compliance with all covenants related to its mortgage agreement and reported a net capital of $62.9 million, significantly exceeding regulatory requirements. The company is actively working to address identified weaknesses in internal controls over financial reporting, with remediation expected to be completed by the end of 2024.
About SIEBERT FINANCIAL CORP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.