Logo

RILYZ

B. Riley Financial, Inc. 5.25% Senior Notes due 2028

RILYZ

B. Riley Financial, Inc. 5.25% Senior Notes due 2028 • NASDAQ
$9.98 ▲ 3.31% (+0.32)
Market Cap $143.47 M
52w High $13.89
52w Low $4.86
Dividend Yield 1.31%
P/E 0
Volume 3.50K
Outstanding Shares 14.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $109.119M ▲ $15.434M ▼ $41.766M ▲ 38.276% ▲ $1.37 ▲ $55.041M ▲
Q2-2025 $60.911M ▼ $42.317M ▼ $12.521M ▲ 20.556% ▲ $0.41 ▲ $16.939M ▲
Q4-2024 $267.613M ▼ $326.927M ▲ $2.892M ▲ 1.081% ▲ $0.029 ▲ $-208.747M ▼
Q3-2024 $270.782M ▼ $256.198M ▼ $-284.397M ▲ -105.028% ▲ $-9.39 ▲ $-90.157M ▲
Q2-2024 $323.947M $412.621M $-433.604M -133.85% $-14.35 $-354.287M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $55.039M ▼ $382.109M ▼ $125.658M ▼ $0 ▲
Q4-2024 $154.877M ▼ $1.783B ▼ $2.239B ▼ $-488.175M ▲
Q3-2024 $159.247M ▼ $2.157B ▼ $2.583B ▼ $-497.583M ▼
Q2-2024 $236.895M ▲ $3.236B ▼ $3.379B ▼ $-218.336M ▼
Q1-2024 $190.69M $4.998B $4.698B $228.449M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-16.567M ▼ $184K ▲ $49.216M ▼ $0 ▲ $0 ▼ $184K ▲
Q4-2024 $-5.606M ▲ $-2.743M ▼ $415.005M ▲ $-317.225M ▼ $86.828M ▲ $-3.97M ▼
Q3-2024 $-287.598M ▲ $19.455M ▼ $18.825M ▲ $-111.196M ▼ $-68.775M ▼ $18.171M ▼
Q2-2024 $-433.781M ▼ $111.482M ▼ $-11.574M ▼ $-52.593M ▲ $46.044M ▲ $106.954M ▼
Q1-2024 $-49.165M $135.357M $18.278M $-190.933M $-41.26M $134.444M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Advertising Licensing And Other
Advertising Licensing And Other
 $0 ▲$0 ▲$50.00M ▲$20.00M ▼
Commissions Fees And Reimbursed Expenses
Commissions Fees And Reimbursed Expenses
 $30.00M ▲$10.00M ▼$0 ▼$10.00M ▲
Corporate Finance Consulting And Investment Banking Fees
Corporate Finance Consulting And Investment Banking Fees
 $60.00M ▲$50.00M ▼$60.00M ▲$20.00M ▼
Fair Value Adjustment On Loans
Fair Value Adjustment On Loans
 $-180.00M ▲$-70.00M ▲$0 ▲$-10.00M ▼
Interest Income Securities lending
Interest Income Securities lending
 $20.00M ▲$10.00M ▼$40.00M ▲$0 ▼
Interest Income Loans
Interest Income Loans
 $20.00M ▲$10.00M ▼$0 ▼$0 ▲
Other Segments
Other Segments
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Sale Of Goods
Sale Of Goods
 $60.00M ▲$60.00M ▲$50.00M ▼$50.00M ▲
Subscription Services
Subscription Services
 $80.00M ▲$70.00M ▼$60.00M ▼$60.00M ▲
Trading Loss Income
Trading Loss Income
 $0 ▲$0 ▲$0 ▲$-20.00M ▼
Wealth And Asset Management Fees
Wealth And Asset Management Fees
 $50.00M ▲$50.00M ▲$40.00M ▼$40.00M ▲
Advertising And Other
Advertising And Other
 $0 ▲$30.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement B. Riley’s income statement shows a business that can be very profitable in good years but is now under clear earnings pressure. Revenue has swung sharply over the past five years, peaking in strong market periods and falling noticeably more recently. Profitability followed the same pattern: solid profits earlier in the period have given way to sustained losses in the last three years, with the most recent year being the weakest. Operating and EBITDA results have moved from healthy positives to meaningful negatives, and net income has been in the red for several years in a row. Overall, the earnings profile is volatile, heavily exposed to market conditions and the performance of its investment and advisory activities, and currently in a loss‑making phase.

Balance Sheet

Balance Sheet The balance sheet has moved from reasonably solid to stressed. Total assets have shrunk from prior peaks, suggesting both de-risking and reduced scale. Cash on hand is modest relative to the size of the business and its obligations. Debt remains substantial and only slightly lower than in earlier years, while cumulative losses have eroded the capital base to the point that shareholders’ equity has turned negative. A negative equity position is a clear sign of balance sheet strain and leaves a thinner buffer to absorb further shocks. Management’s ongoing efforts to sell non-core assets and pay down debt are therefore critical to stabilizing the capital structure over time.

Cash Flow

Cash Flow Cash flow paints a somewhat more resilient, but still tight, picture than the income statement. Despite accounting losses, operating cash flow has generally stayed slightly positive, helped by low capital spending needs and working-capital management. Free cash flow has been positive but slim, leaving limited room for missteps or large unexpected needs. The company appears able to generate cash from its ongoing operations and asset base, but not at levels that make its leverage feel comfortably covered in a downturn. Continued progress in simplifying the business, improving profitability, and managing maturities will matter a lot for sustaining healthy cash coverage of interest and debt obligations.

Competitive Edge

Competitive Edge Competitively, B. Riley occupies a differentiated niche as a diversified financial services platform focused on the middle market. Its mix of investment banking, wealth management, restructuring, liquidation, and principal investing allows it to serve clients across the full business life cycle and to create cross-selling opportunities. Its specialization in smaller and mid-sized companies, and in complex or distressed situations, gives it a position where larger banks are often less active. At the same time, the model brings concentration and volatility risk: results depend heavily on deal activity, market sentiment, and the performance of its own investments. Recent reputational and financial challenges add to competitive pressure, so execution and risk control are particularly important to maintaining client trust and market standing.

Innovation and R&D

Innovation and R&D Innovation at B. Riley is more about business model and expertise than classic R&D. The firm integrates multiple advisory and investing businesses on one platform, supported by proprietary equity research, especially in smaller companies that receive less Wall Street coverage. It offers digital tools for wealth management clients and has leaned into emerging areas such as digital assets, crypto mining, and AI-related sectors, positioning itself as an advisor in newer parts of the market. This forward-leaning approach can create attractive opportunities but also adds exposure to volatile, fast-changing, and sometimes controversial sectors. The key question is whether the firm can keep refining its technology, risk management, and product offering in these areas while tightening its financial profile.

Summary

For RILYZ noteholders, the credit story behind B. Riley today is one of a capable but stressed diversified financial firm in the middle of a transition. The company has real strengths: a distinctive integrated platform, deep middle-market and restructuring expertise, and a history of generating strong profits in better conditions. However, the recent track record shows pronounced earnings volatility, several consecutive years of losses, shrinking assets, and a swing to negative equity, all of which point to elevated financial risk. Cash generation has been positive but thin, and debt remains significant, making continued de-leveraging and balance sheet repair crucial. Future outcomes will depend heavily on management’s ability to restore sustainable profitability, reduce leverage, manage reputational issues, and navigate cyclical and higher-risk sectors like digital assets. Investors in the notes typically watch closely for signs of earnings stabilization, improved capital strength, and consistent, ample cash flow coverage of interest and maturities.