Binah Capital Group Reports Fourth Quarter and Full Year 2024 Results

- Grew Total Revenue 8% Year-over-Year to $45 Million in the Fourth Quarter 2024 -

- Assets Under Management ("AuM") Increased 13% Year-over-Year to $27 Billion -

- GAAP Net Loss of $1.1 Million in the Fourth Quarter -

- Grew Adjusted EBITDA(*) 43% Year-Over-Year to $2.0 Million in the Fourth Quarter -

NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) -- Binah Capital Group, Inc. ("Binah", "Binah Capital" or the "Company") (NASDAQ: BCG; BCGWW), a leading financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, today announced results for the quarter and year ended December 31, 2024.

"As we celebrate the one-year anniversary of our successful public listing, we're pleased to deliver our 2024 fourth quarter results," stated Craig Gould, Chief Executive Officer of Binah Capital Group. "Beyond our solid financial performance, we've accomplished several key milestones over the past year: closing of the business combination, forming Binah Capital Group, Inc. and listing on the NASDAQ, successful recruiting efforts, significantly reducing our cost of funding through the successful refinancing of our senior credit facility at favorable terms, and maintaining a mature and stable business despite ongoing market volatility."

"Looking ahead, we are off to a strong start in 2025, with a robust acquisition and recruiting pipeline. We continue to uncover many significant opportunities to onboard additional new businesses as we execute on our external growth strategy. Moreover, our hybrid-friendly business model, coupled with the favorable market for opportunities in our sector, we believe positions us well to deliver profitable, long-term growth as we work to create significant value for our shareholders."

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(*) Non-GAAP Financial Measures. Adjusted EBITDA is a non-GAAP financial measure defined as net income (loss) attributable to Binah adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and non-recurring items that in the judgement of management significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Binah's control. See the section captioned the "Non-GAAP Financial Measures" below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures, as required by Regulation G.

Fourth Quarter 2024 Key Highlights Compared to Prior Year Period

   -- Total advisory and brokerage assets in the fourth quarter grew 13% 
      year-over-year to $27 billion. 
 
   -- Total revenue increased 8% year-over-year to $45 million. 
 
   -- Gross profit of $8.5 million, compared to $9.0 million in the prior year 
      period. 
 
   -- Total operating expenses were $9.6 million, compared to $7.8 million in 
      the prior-year period. The change in operating expenses was primarily due 
      to costs related to the re-financing of senior credit facility and public 
      company operating expenses incurred in the fourth quarter but not 
      incurred in the prior year. 
 
   -- GAAP net loss of $1.1 million, compared to GAAP net loss of $1.1 million 
      in the prior year. 
 
   -- Adjusted EBITDA* grew 43% year-over-year to $2.0 million, which was 
      primarily attributable to revenue growth, partially offset by higher 
      expenses. 

Full Year 2024 Key Highlights Compared to 2023

   -- Total revenue rose 1% year-over-year to $169 million. 
 
   -- Gross profit increased 1% year-over-year to $32 million. 
 
   -- Total operating expenses were $35 million, compared to $31 million in the 
      prior-year. The change was primarily driven by costs related to the 
      successful business combination, refinancing and public company related 
      costs occurred in 2024 but were not incurred in 2023. 
 
   -- GAAP net loss of $5.3 million, compared to GAAP net income of $0.6 
      million in the prior year. 
 
   -- Adjusted EBITDA* of $6.3 million, compared to Adjusted EBITDA of $8.4 
      million in the prior year. 
 
   -- Further optimized the balance sheet through the successful refinance of 
      its $20.0 million senior notes at more favorable terms than the prior 
      facility. 

Liquidity and Capital

The Company had cash and cash equivalents of $8 million and outstanding long-term debt of $25 million, as of December 31, 2024.

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* See "Non-GAAP Financial Measures" below for additional information and a reconciliation to GAAP for all Non-GAAP metrics.

About Binah Capital Group

Binah Capital Group ("Binah Capital", "Binah" or the "Company," is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative hybrid-friendly model, making it an optimal platform for RIAs navigating today's complex financial landscape. Binah's portfolio companies are built to help advisors run, manage, and execute commission-based business seamlessly while providing best in class resources to support their advisory practice. We don't just offer tools--we cultivate partnerships. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.

For more, please visit: www.binahcap.com

Contact:

Binah Capital Investor Relations

ir@binahcap.com

Binah Capital Public Relations

media@binahcap.com

Non-GAAP Financial Measure

EBITDA and Adjusted EBITDA are non-GAAP financial measures, defined as net income (loss) attributable to Binah adjusted for depreciation expense, amortization, interest expense, income tax and other non-cash and non-recurring items that in our judgement significantly impact the period-over-period assessment of performance and operating results that do not directly relate to business performance within Binah's control. The Company presents EBITDA and Adjusted EBITDA because management believes that it can be a useful financial metric in understanding the Company's earnings from operations. EBITDA and Adjusted EBITDA are not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP. The principal limitations of EBITDA and Adjusted EBITDA are that they exclude certain expenses that are required by U.S. GAAP to be recorded in our consolidated financial statements. In addition, EBITDA and Adjusted EBITDA are subject to inherent limitations as these metrics reflect the exercise of judgment by management about which expenses are excluded or included in determining EBITDA and Adjusted EBITDA. A reconciliation of Adjusted EBITDA to Net income attributable to Binah Capital, the most directly comparable GAAP measure, and Adjusted EBITDA to EBITDA appears below.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be subject to the "safe harbor" created by those sections and other applicable laws. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Binah. Forward-looking statements include, but are not limited to statements regarding: Binah's financial and operational outlook; Binah's operational and financial strategies, including planned growth initiatives and the benefits thereof, Binah's ability to successfully effect those strategies, and the expected results therefrom. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "expect," "intend," "anticipate," "goals," "prospects," "will," "would," "will continue," "will likely result," and similar expressions (including the negative versions of such words or expressions).

While Binah believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: our ability to comply with supervisory and regulatory compliance obligations, the risk we may be held liable for misconduct by our advisors; poor performance of our investment products and services; our ability to effectively maintain and enhance our brand and reputation; our ability to expand and retain our customer base; our future capital requirements and sources and uses of cash; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the U.S. dollar, hyperinflation, devaluation and significant political or civil disturbances in international markets; and the effectiveness of Binah's control environment, including the identification of control deficiencies.

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