Siebert Financial (SIEB) Q2 2024 earnings summary

Executive summary

• Q2 revenue was $20.863M vs. $17.592M YoY; operating income was $5.579M vs. $4.659M, and diluted EPS was $0.10 vs. $0.07.

• Retail customer net worth reached $17.4B; retail accounts totaled 157,116 as of June 30, 2024.

Financial highlights

• Q2 net income was $4.047M vs. $2.728M YoY; net income available to common stockholders was $4.040M vs. $2.703M.

• H1 revenue was $41.319M vs. $33.762M; operating income was $10.681M vs. $8.972M; net income was $7.734M vs. $5.943M.

• H1 diluted EPS was $0.19 vs. $0.17; total equity was $79.2M at June 30, 2024.

• Q2 operating expenses increased to $15.284M from $12.933M, led by higher employee compensation and benefits.

Outlook and guidance

• Management expects available cash, credit lines, capital-market access and operating cash flows to meet liquidity needs for the foreseeable future.

• The new Retail Platform was expected to enter service in Q4 2024; development investment is intended to support retail, correspondent clearing and corporate services.

• Technology-vendor commitments totaled $3.4M, with approximately $1.8M incurred by June 30, 2024.