Full-Year 2024 Revenue Up 17% to $83.9 Million; Earnings per Share Increased 57% to $0.33
Siebert Financial Corp. (NASDAQ:SIEB) ("Siebert"), a diversified provider of financial services, today reported financial results for the year ended December 31, 2024.
Full Year 2024 Financial and Operational Highlights
- Revenue increased 17% to $83.9 million, compared to $71.5 million in 2023.
- Commissions and fees increased 32% to $9.6 million, compared to $7.3 in 2023.
- Stock borrow/stock loan increased by 19% to $19.2 million, compared to $16.2 million in 2023.
- Net income per share increased 57% to $0.33 per share, compared to $0.21 per share in 2023.
- Retail customer net worth increased 13% to $18.0 billion, compared to $15.9 billion at the end of 2023.
2024 Business Highlights
- Launched Siebert Investment Banking, led by seasoned capital markets professionals Ajay Asija and Kimberly Boulmetis, to serve middle-market clients and expand into high-growth sectors, including FinTech and digital assets.
- Appointed Randy Billhardt as Head of the newly launched Capital Markets Group to strengthen institutional market presence and drive retail growth.
- Strengthened Siebert Stock Plan Services by appointing Daniel Coyle and Hunter Sattich to the leadership team, enhancing its capacity to deliver tailored equity compensation solutions to underserved businesses.
- Launched Siebert.Valor, a fintech initiative led by former Navy Seal Kaj Larsen focused on empowering military service members, veterans, law enforcement, and first responders with customized financial education and investment services.
- Acquired Gebbia Media, a music and entertainment company, marking a strategic entry into the media and entertainment sectors.
- Appointed Four Star General (Ret.) Laura J. Richardson, former Commander of U.S. Southern Command, to the Advisory Board, adding decades of strategic leadership and global experience alongside other Advisory Board members such as international recording artist Akon, NFL Pro Brandon Marshall, Wall Street executives Mick Solimene and Steven Geskos.
Management Commentary
"2024 was a pivotal year for Siebert, highlighted by strong financial performance and meaningful progress in expanding our capabilities," said Chairman and CEO John J. Gebbia. "We invested in talent and launched new business lines—including investment banking, capital markets, and media and entertainment—to enhance our long-term value proposition. Our focus remains on disciplined execution and innovation across both our legacy and newly launched offerings. With the right leadership in place and a clear strategic direction, we are well-positioned to build on this momentum in 2025 and beyond."
Andrew Reich, CFO of Siebert, added: "We delivered strong results in 2024, with revenue growing 17% to $83.9 million, driven by an increase in commissions and fees, stock borrow/stock loan, and interest revenues. Operating income decreased slightly, driven by an increase in personnel costs in 2024 related to new business lines and key initiatives. Siebert remains in a strong financial position and in 2025 has been making strategic investments in personnel and new initiatives for future growth and expansion."
Notice to Investors
This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.
Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, StockCross Digital Solutions, Ltd, and Gebbia Media, LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions, in addition to entertainment and media production. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.
These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert's business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A - Risk Factors of Siebert's Annual Report on Form 10-K for the year ended December 31, 2024, and Siebert's filings with the SEC.
Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether because of new information, future events or otherwise, except to the extent required by the federal securities laws.
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Investor Relations:
Matt Glover and Clay Liolios
Gateway Group, Inc.
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