🧾 What This Document Is

This is an earnings release filed as an 8-K exhibit. Companies use these to officially announce their quarterly and annual financial results to the public and the SEC. It’s a detailed report card for investors.

🏢 What The Company Does

👉 In simple terms, Binah Capital Group is a platform company for independent financial advisors. They own a network of firms that help these advisors run their businesses—handling brokerage services, investments, and tools. Think of them as a supporting headquarters that independent advisors can plug into.

💰 Financial Highlights

Here’s the breakdown of their 2025 performance:

Full Year 2025:

• Total Revenue: $187.1 million, up 11% from the prior year.
• Assets Under Management (AuM): $29.9 billion, also up 11% year-over-year.
• Profitability: Achieved a GAAP Net Income of $2.3 million, a major swing from a loss of $4.6 million in 2024.
• EBITDA: Came in at $5.4 million, more than double the prior year's $1.9 million.

Fourth Quarter 2025:

• Revenue: $50.5 million, up 13.2% from Q4 2024.
• Profitability: Reached a small GAAP Net Income of $0.2 million, improving from a loss of $1.1 million.

👉 Why it matters: The company is growing its top line (revenue and assets) at a healthy double-digit pace and, crucially, has flipped to profitability. This shows their growth is starting to translate into actual earnings.

🚀 Key Moves

The CEO, Craig Gould, emphasized that 2025 was their first full year as a public company. He credited their "differentiated platform" and growth initiatives for the strong results. The focus for 2026 is to continue seeking growth opportunities and demonstrating their platform's value to more customers.

👉 Why it matters: Successfully navigating the first full public year and hitting profitability is a key milestone. Their strategy is focused on scaling their existing model.

📦 Financial Position

As of December 31, 2025:

• Cash & Equivalents: $10.7 million
• Long-Term Debt: $17.7 million
  The company had operating expenses stabilize in Q4 after absorbing one-time costs related to mergers and financing in the previous year.

💸 Cash Flow Story

The filing doesn't detail cash from operations, but the key metric highlighted is Adjusted EBITDA, which reached $6.5 million for the full year. This measure is important to the company as it's used in calculations for their credit agreement covenants.

👉 Why it matters: Positive and growing EBITDA suggests the core business is generating cash, which is essential for funding operations and managing debt.

🔮 What's Next

The company is focused on continued growth in 2026. They plan to leverage their platform's "appeal and agility" to attract more customers (independent advisors) and drive long-term shareholder value.

⚖️ Big Picture

Strengths (👍):

• Clear growth trajectory in revenue and assets.
• Successfully achieved profitability (a key inflection point).
• A defined niche empowering independent advisors.

Risks (⚠️):

• Relies heavily on the performance and retention of its network of independent advisors.
• Faces competition in the financial services and broker-dealer aggregator space.
• Carries a meaningful amount of debt relative to its current cash position.

🧠 The Analogy

Binah Capital is like a tech platform for freelance advisors. Instead of building their own back-office, compliance, and trading systems, advisors join Binah's network. The company grows by attracting more advisors, and it just proved its "business model" can be profitable.

📇 Key Contacts & People

• Investor Relations: Mary T. Conway, [email protected]
• Media Relations: Donald Cutler or Lorene Yue, Haven Tower Group, (424) 317-4864 or (424) 317-4854, [email protected]

🧩 Final Takeaway

Binah Capital's 2025 report shows a growth-stage company hitting a major milestone: its first full year of profitability after going public. The focus now shifts to proving this performance is sustainable and can scale further in 2026.