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.
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