Siebert Financial (SIEB) Q3 2024 earnings summary

Executive summary

• Q3 revenue rose to $22.56M from $18.05M YoY; net income was $3.83M versus $2.76M, and EPS increased to $0.10 from $0.07.

• Retail customer net worth reached $17.5B, up 10% from Dec. 31, 2023; retail accounts totaled 158,594.

Financial highlights

• Q3 2024 revenue was $22.56M, up from $18.05M; operating income was $4.84M versus $4.27M, and net income was $3.83M versus $2.76M.

• 9M 2024 revenue was $63.88M versus $51.81M; operating income was $15.52M versus $13.25M, and net income was $11.57M versus $8.70M.

• 9M diluted and basic EPS was $0.29 versus $0.24; net income available to common stockholders was $11.55M versus $8.66M.

• Q3 expenses increased to $17.72M from $13.78M, led by compensation and benefits, which rose to $11.89M from $8.72M.

Outlook and guidance

• Available cash, credit lines, capital-market access and operating cash flows were expected to meet liquidity needs for the foreseeable future.

• The new retail platform was expected to enter service in Q2 2025; amortization begins once it is placed in service.

• Technology investments target retail trading, corporate services, infrastructure and expansion into new markets and demographics.