B. Riley Financial, Inc. reported its first-quarter 2025 results on November 18 2025, filing a Form 10‑Q that covers the period ended March 31 2025. Revenue for the quarter was $186.1 million, a 37.5% decline from $297.6 million in the same quarter a year earlier, reflecting a broader slowdown in the brokerage and wealth‑management segments that drive the company’s top line.
The company’s earnings from continuing operations were $0.50 per share in the negative, a substantial improvement from the $2.11 loss per share reported in Q1 2024. GAAP earnings per share were $0.39 in a loss, while the adjusted loss was $16.6 million, down from a $48.0 million loss in the prior year. The narrowing loss is largely attributable to a $66.1 million reduction in operating expenses, which fell to $247.5 million from $313.6 million in Q1 2024, driven by disciplined cost control and the completion of several asset‑sale transactions.
B. Riley’s management highlighted that the quarter’s results were achieved amid a strategic shift toward a leaner balance sheet. The company sold the GlassRatner unit for $118 million, divested brand assets for $236 million, and transferred a portion of its wealth‑management business to Stifel for up to $35 million. These transactions, combined with a $126 million debt‑reduction program, have lowered leverage and improved cash flow, setting the stage for future growth.
The filing also marked a critical step toward regaining compliance with Nasdaq’s listing requirements, after a period of delayed reporting that had triggered a delinquency notice. Management noted that the transition to BDO as the new auditor was completed smoothly, and that the company expects to maintain heightened staffing levels through the 2025 Form 10‑K. The company’s CEO, Bryant Riley, emphasized that the timely filing demonstrates the firm’s commitment to transparency and regulatory adherence.
Following the release, market participants reacted positively, with the stock rising 1.8% in after‑hours trading. The lift was driven by investor confidence that the company’s cost‑control measures and balance‑sheet improvements are beginning to offset the revenue decline, and by the perception that the firm is on track to meet Nasdaq’s compliance deadlines.
Overall, B. Riley’s Q1 2025 results show a company in transition: revenue is down sharply, but losses are narrowing thanks to aggressive expense management and asset‑sale proceeds. The company’s focus on debt reduction and auditor transition signals a strategic pivot toward financial stability, while the Nasdaq compliance milestone provides a foundation for future earnings growth.
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