Beneficient BENF
We are a technology-enabled financial services company that provides simple, rapid, and cost-effective liquidity solutions and related trustee, custody and trust administrative services to participants in the alternative asset industry. Through our business line operating subsidiaries (each a "Ben Business Unit" and collectively, the "Ben Business Units"), Ben Liquidity, Ben Custody, and Ben Markets, we seek to provide solutions in the alternative asset investment market for individual and institutional investors, general partners and sponsors ("GPs") and the alternative asset funds they manage ("Customers"). Following receipt of regulatory approval, our Ben Business Units are expected to include an additional business line, Ben Insurance Services. Our products and services are designed to meet the unmet needs of mid-to-high net worth ("MHNW") individual investors, small-to-midsize institutional ("STMI") investors, family offices ("FAMOs") and GPs, which collectively are our Customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | -$39.1M | -$7.9M | -$98.7M | -$104.9M | $55.3M | $140.3M | — |
| Total operating expenses | $127.4M | $16.2M | $2.55B | $148.3M | $126.4M | $187.7M | — |
| Operating income | -$166.5M | -$24.2M | -$2.65B | -$253.2M | -$71.1M | -$47.4M | — |
| Interest expense | — | — | $17.6M | $15.5M | $27.5M | $32.6M | — |
| Pre-tax income | -$164.5M | -$723.0K | -$2.66B | -$253.2M | -$105.1M | -$47.4M | — |
| Income tax | $214.0K | $80.0K | $788.0K | $1.1M | $0 | $3.5M | — |
| Net income | -$87.4M | $51.2M | -$2.66B | -$131.0M | -$63.0M | -$58.0M | — |
| EPS, basic | — | — | — | -1.94 | -1.84 | -1.27 | — |
| EPS, diluted | — | — | — | -1.94 | -1.84 | -1.27 | — |
| Shares, diluted (wtd. avg.) | — | — | — | 67.5M | 51.5M | 45.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.5M | $1.3M | $8.0M | $9.5M | $76.1M | $17.9M | $34.0M |
| Property, plant and equipment | $1.1M | $1.7M | $2.3M | $4.3M | $7.3M | — | — |
| Goodwill | $9.9M | $9.9M | $13.6M | $2.37B | $2.37B | $2.37B | $2.37B |
| Total assets | $238.8M | $354.9M | $368.5M | $2.91B | $3.14B | — | — |
| Total liabilities | $337.5M | $299.3M | $309.6M | $231.8M | $241.4M | — | — |
| Retained earnings | -$2.10B | -$2.01B | -$2.06B | $0 | — | — | — |
| Total equity | -$189.3M | -$34.9M | -$192.1M | $1.73B | $1.91B | $986.3M | $676.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$38.7M | -$37.7M | -$58.2M | -$95.1M | -$57.0M | -$54.0M | — |
| Depreciation and amortisation | $746.0K | $1.7M | $3.8M | $3.6M | $2.0M | $1.1M | — |
| Stock-based compensation | $1.6M | $5.6M | $39.1M | $10.1M | $23.2M | $107.8M | — |
| Capital expenditure | $96.0K | $1.1M | $1.8M | $2.1M | $4.2M | $3.2M | — |
| Investing cash flow | $61.2M | $28.1M | $44.1M | $63.0M | $44.6M | -$6.0M | — |
| Financing cash flow | -$21.3M | $3.0M | $12.6M | -$34.5M | $14.9M | $43.9M | — |
| Buybacks | — | — | — | — | — | $3.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001775734-26-000018.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $140.3M | $55.3M | -$104.9M | -$98.7M | -$7.9M | -$39.1M |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$58.0M | -$63.0M | -$131.0M | -$2.66B | $51.2M | -$87.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- New debt or obligation Item 2.03
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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