Siebert Reports Fourth Quarter and Full Year 2023 Financial Results

Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial results for the fourth quarter and full year ended December 31, 2023.

Full Year 2023 Financial Highlights

• Revenue of $71.5 million compared to $50.1 million in 2022
• Operating income of $18.1 million compared to operating income of $0.4 million in 2022
• Net income of $7.8 million compared to net loss of $3.0 million in 2022
• Earnings per share of $0.21 compared to loss per share $0.06 in 2022
• Retail customer net worth of $15.9 billion, an improvement compared to $13.5 billion in 2022
• Total retail customer accounts of 153,727 compared to 122,394 in 2022

Full Year 2023 Business Highlights

• Announced the appointment of John J. Gebbia as CEO and Chairman of Siebert
• Moved headquarters to Miami Beach to solidify presence in this growing market and build relationships with strategic partners that have expanded their presence to South Florida
• Signed a five-year lease in the World Financial Center in New York City, expanding presence in New York and providing savings on occupancy costs
• Closed the previously announced $17.4 million investment by Kakao Pay Corp. (“Kakao Pay”) in Siebert

Management Commentary

John J. Gebbia, CEO of Siebert, said “We had an incredible year in 2023 as we delivered a significant improvement in both revenue and profitability while continuing to grow the number of retail clients we support. Throughout the year we remained focused on the execution of our strategic objectives as we continued to modernize our offerings, expand our reach, and enhance our competitive position across our business lines. These included our expanded presence in Miami and New York, the growth of our corporate services business, additional investments in technology, and the capital investment from Kakao Pay. We also note that during 2023, our management team engaged in several initiatives that led to significant growth in our retail customer accounts, the drivers of which were related to a partnership with NFS as well as new retail accounts from corporate services.

We remain optimistic about the numerous opportunities ahead of us to further improve Siebert’s operating model and drive profitable growth to build a more diversified business that can capitalize on the evolving needs of our clients and position Siebert for success.”

Andrew Reich, CFO of Siebert, commented: “The strong performance in 2023 was driven by our Securities Finance and retail trading divisions as we successfully navigated volatile market conditions and continued to benefit from the interest rate environment with a diversified model. We also made meaningful progress in improving both our operating income and margins in 2023. Looking ahead, we remain focused on maintaining operational efficiency and driving profitable growth while continuing to support the goals of our strategic partners and clients with a strong capital position.”*