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Cohen & Company (COHN) investor relations material
Cohen & Company Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for the six months ended June 30, 2025, rose 202% year-over-year to $88.6M, driven by strong new issue and advisory revenue and improved principal transactions results.
Second quarter 2025 revenue reached $59.9M, with net income attributable to shareholders of $1.4M ($0.81 per diluted share), reversing a loss from the prior year quarter.
CCM generated $37.4M in new issue and advisory revenue across 25 clients, with a robust pipeline for the second half of the year.
Launched a SPAC-focused equity trading desk, generating over $1.4M in its first quarter.
Entered a business combination agreement with ProCap DTC/BTC, expected to close by year-end, with the combined entity to hold up to $1B in Bitcoin.
Financial highlights
Adjusted pretax income was $5.5M, up from $1.3M in the prior quarter and an adjusted pretax loss of $8.6M in the prior year quarter.
Net trading revenue reached $10.8M in Q2, up $1.5M sequentially and $2M year-over-year; for the six months, net trading revenue was $20.0M, up 7% year-over-year.
New issue and advisory revenue jumped 129% to $70.7M for the six months, reflecting strong investment banking activity.
Compensation and benefits expense was $44.3M in Q2, up from both prior quarters due to revenue fluctuations and variable incentive compensation.
Operating expenses rose 107% to $81.0M for the six months, mainly due to higher compensation and benefits.
Outlook and guidance
Entering the second half of the year with strong momentum and a robust pipeline in investment banking and SPAC activities.
Asset management revenue is expected to decline in future quarters following the sale of CDO management contracts.
Management expects margin pressures in fixed income brokerage and ongoing headwinds from interest rate and market volatility.
The Board will continue to evaluate the dividend policy each quarter based on operating results and capital needs.
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