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BENF

Beneficient

BENF

Beneficient • NASDAQ
$0.60 ▲ 3.00% (+0.02)
Market Cap $5.06 M
52w High $1.56
52w Low $0.22
Dividend Yield 0%
P/E -0.04
Volume 92.68K
Outstanding Shares 8.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $8.561M ▼ $15.141M ▲ $12.914M ▼ 150.847% ▼ $2.96 ▲ $14.458M ▼
Q1-2025 $10.046M ▲ $-38.142M ▼ $47.667M ▲ 474.487% ▲ $0.17 ▲ $49.04M ▲
Q4-2024 $-43.104M ▼ $145.189M ▼ $-66.217M ▲ 153.621% ▼ $-19.59 ▲ $-190.129M ▲
Q3-2024 $-10.3M ▲ $898.311M ▲ $-542.166M ▼ 5.264K% ▲ $-158.26 ▼ $-919.014M ▼
Q2-2024 $-42.761M $323.605M $-371.735M 869.332% $-115.77 $-375.659M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $4.482M ▲ $368.788M ▲ $256.454M ▼ $-165.299M ▲
Q1-2025 $4.399M ▼ $361.304M ▼ $258.542M ▼ $-182.583M ▲
Q4-2024 $7.913M ▲ $368.501M ▼ $309.567M ▲ $-234.349M ▼
Q3-2024 $4.482M ▲ $368.788M ▲ $256.454M ▼ $-165.299M ▲
Q2-2024 $4.399M $361.304M $258.542M $-182.583M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $12.914M ▼ $-8.612M ▲ $4.772M ▼ $3.923M ▲ $83K ▲ $-8.881M ▲
Q1-2025 $44.31M ▲ $-10.647M ▼ $6.392M ▼ $991K ▲ $-3.264M ▲ $-11.311M ▼
Q4-2024 $-66.217M ▲ $-8.646M ▲ $7.32M ▼ $-1.965M ▼ $-3.291M ▼ $-9.075M ▲
Q3-2024 $-542.166M ▼ $-22.214M ▼ $10.997M ▼ $20.071M ▲ $8.854M ▲ $-22.589M ▼
Q2-2024 $-381.764M $-13.446M $14.514M $-2.532M $-1.464M $-13.878M

Five-Year Company Overview

Income Statement

Income Statement Beneficient’s income statement looks like that of an early‑stage, still‑experimental business. Revenue is tiny and inconsistent, while operating costs are very heavy relative to that revenue. Losses have been persistent for several years and appear to have widened most recently, with both operating profit and bottom‑line profit deeply negative. This points to a company still building out its platform and business model rather than one that has reached scale or profitability. Earnings per share are heavily in the red, reflecting both accounting charges and a capital structure that has already been significantly reworked.

Balance Sheet

Balance Sheet The balance sheet is thin and fragile. Total assets are quite small and have fallen sharply since shortly after the company came public. Shareholders’ equity has flipped from positive to clearly negative, which means obligations now exceed the accounting value of assets. Debt exists but is not large in absolute terms; the bigger concern is that there is very little cushion if performance disappoints. Cash on hand is low, so the business looks dependent on continued external financing or a swift improvement in operating results to support its obligations and growth plans.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been consistently negative, showing that the core business is not yet self‑funding. Free cash flow is also negative each year, even though the company is not spending heavily on physical assets. In practical terms, this means cash is being consumed mainly by operating expenses, not by long‑term investment in property or equipment. Unless operating cash flow improves, Beneficient will likely need ongoing access to capital markets or partner funding to keep executing its strategy.

Competitive Edge

Competitive Edge Strategically, Beneficient is trying to carve out a niche in a specialized corner of finance: providing quicker, more accessible liquidity for holders of illiquid alternative assets. Its pitch rests on three pillars: speed, focus, and regulation. The technology platform aims to close transactions far faster than traditional secondary markets; the target clients are smaller investors and mid‑sized institutions that big firms often ignore; and the TEFFI charter provides a distinctive regulatory framework that can build trust. Against this, the company is tiny, operates in a trust‑sensitive market, and ultimately competes with far larger secondary funds and platforms. Its moat is promising on paper but still unproven at scale, and execution risk is high given limited financial resources.

Innovation and R&D

Innovation and R&D Innovation is clearly the company’s strongest side. The AltAccess platform, automated pricing (MAPS), and fast quote tools are all designed to simplify and accelerate a historically slow, opaque process. Around that core, Beneficient is building a broader ecosystem: custody and trust services, data analytics for alternative portfolios, and programs tailored to private equity and venture fund managers. Planned expansion into digital asset services via the proposed Mercantile Bank International acquisition would further widen the product set and geographic reach. In effect, the company is spending its scarce resources on software, data, and new product design rather than on heavy physical infrastructure. The key question is whether this innovation can translate into enough transaction volume and fee revenue to offset ongoing losses.

Summary

Beneficient is a highly innovative but financially fragile niche player in the alternative asset and liquidity space. Its technology‑driven model, regulatory positioning, and focus on underserved investors give it a distinctive strategic story and potential for differentiation. At the same time, the financial statements show a small company with very limited assets, negative equity, persistent and sizable losses, and continuing cash burn. The business is still firmly in the “build and prove” phase: success depends on achieving adoption of its platform, scaling volumes, and demonstrating a clear path to sustainable profitability before its balance sheet and funding flexibility become real constraints. Uncertainty is high, and future outcomes will largely hinge on execution, regulatory stability, and how quickly the market embraces its liquidity solutions.

NEWS

November 14, 2025 · 5:15 PM UTC

Beneficient Reports Results for Second Quarter Fiscal 2026

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November 5, 2025 · 9:00 AM UTC

Beneficient Statement About Brad Heppner Indictment

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October 30, 2025 · 5:30 PM UTC

Beneficient Regains Compliance with Nasdaq Periodic Filing Requirement and Market Value of Listed Securities Requirement

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October 21, 2025 · 5:22 PM UTC

Beneficient Chairman and Interim CEO Participate in Limited Conversion of Subsidiary Securities into Class A Common Stock

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October 21, 2025 · 7:30 AM UTC

Beneficient Reports Results for First Quarter Fiscal 2026

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