B. Riley Financial Files 10-Q for Quarter Ended June 30, 2024

PR Newswire

Tue, Jan 14, 2025, 4:04 AM 4 min read

LOS ANGELES, Jan. 14, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services company, today announced the filing of its Quarterly Report on Form 10-Q for the three-month period ended June 30, 2024. The financial statements are consistent with the preliminary financial results released on August 12, 2024.

B. Riley expects to file the Quarterly Report for the third quarter 2024 in the near future, at which point it is expected to regain compliance with Nasdaq Listing Rules.

As of December 31, 2024, B. Riley disclosed a preliminary cash balance of $257 million, which includes the amount reserved for the payment of the Company's February 2025 Senior Notes.

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: "We regret the delays in our financial filings, which were due to a series of significant and unusual events that occurred in 2024. The results and disclosures contained in our 10-Q are consistent with the preliminary financial results we released in August. We are working diligently to finalize our third quarter 10-Q and expect to return to a normal filing cadence in 2025."

"As we look to the future, we believe B. Riley is positioned for stronger performance in 2025 thanks to the actions we have taken over the past several months to monetize non-core assets and deleverage our balance sheet. We will retire our February 2025 Senior Notes as scheduled and look for opportunities to enhance value for the company from the dislocation in our other outstanding maturities. With our balance sheet in a stronger position, we expect to once again invest in our core financial services businesses. We have maintained strong net capital levels in our broker dealer and believe we are well positioned to capitalize on the expected recovery in the small- and mid-cap equity markets. We expect to host an investor call and provide a broader update after we file our third quarter 10-Q in the near future."

The Form 10-Q is available in the Investor Relations section of the Company's website at ir.brileyfin.com under "SEC Filings," as well as on the SEC's website at www.sec.gov.

About B. Riley Financial
B. Riley Financial is a diversified financial services company that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its subsidiaries and affiliated entities, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.

Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information.

Contacts

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