Siebert Financial (SIEB) Q4 2024 earnings summary

Executive summary

• FY24 net revenue rose to $83.9M from $71.5M and net income to $13.3M from $7.8M; EPS was $0.33 vs. $0.21. Operating income declined to $17.5M from $18.1M.

• Retail customer net worth increased to $18.0B from $15.9B; accounts reached 160,054 vs. 153,727.

Financial highlights

• Commissions and fees were $9.615M vs. $7.276M; interest, marketing and distribution fees were $32.407M vs. $29.577M.

• Principal transactions and proprietary trading were $14.616M vs. $13.094M; stock borrow/loan revenue was $19.249M vs. $16.172M.

• Employee compensation and benefits rose to $43.999M from $31.936M, primarily due to higher commission payouts and executive compensation.

• FY24 net income included no transaction termination costs; FY23 included $5.943M related to terminating the Kakaopay transaction.

Outlook and guidance

• Retail Platform development is ongoing; amortization is expected to begin when the platform enters service, anticipated in Q2 2025.

• FY25 strategic priorities include investment in core services, customer technology and potential acquisitions; available cash, credit lines and operating cash flow are expected to meet foreseeable liquidity needs.

• Investment Banking and Capital Markets launched in Q1 2025, with experienced hires to develop middle-market capital markets, M&A and advisory services.