B. Riley Financial posts preliminary 2024 loss, projects 2025 profit

B. Riley Financial Inc. (NASDAQ: RILY) reported a preliminary net loss of $772.3 million for 2024 while projecting net income of $125 million to $145 million for the first half of 2025, according to preliminary results released by the diversified financial services company.

The 2024 loss translates to a diluted net loss of $25.46 per common share, primarily driven by $510 million in writedowns related to equity investments in Freedom VCM Holdings LLC and loan receivables from Vintage Capital Management, plus $105.4 million in goodwill and intangible asset impairments.

For the first half of 2025, the company estimates diluted net income per common share of $4.08 to $4.74. The projected income includes gains of $53 million from Atlantic Coast Recycling sale, $66 million from GlassRatner sale, and $55 million from senior note exchanges.

B. Riley reduced total debt by approximately $600 million from September 30, 2024 to June 30, 2025. As of June 30, 2025, estimated cash stands at $268 million with total debt of $1.46 billion, resulting in net debt ranging from $809 million to $839 million.

The company executed a B. Riley Securities carve-out in March 2025 and completed business sales generating approximately $187 million in cash proceeds. Five bond exchanges through July 2025 achieved approximately $126 million in debt reduction.

B. Riley secured a $160 million senior facility with Oaktree Capital Management, later paid down to $62.5 million. The company also earned approximately $29 million from equity participation in JOANN's liquidation.

Operating adjusted EBITDA from continuing operations decreased 54% to $126.4 million in 2024 compared to $274.6 million in 2023. For the first half of 2025, operating adjusted EBITDA from continuing operations is expected to range from $20 million to $26 million.

The company hired Scott Yessner as Chief Financial Officer and added accounting resources to support SEC filings. B. Riley expects to file its 2024 Form 10-K shortly, followed by first and second quarter 10-Qs within 30 to 45 days.

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