Siebert Reports First Quarter 2024 Financial Results

Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Financial Highlights

• Revenue of $20.5 million compared to $16.2 million in the first quarter of 2023
• Operating income of $5.1 million compared to $4.3 million in the first quarter of 2023
• Net income available to common stockholders of $3.7 million compared to 3.2 million in the first quarter of 2023
• Earnings per share of $0.09 compared to $0.10 in the first quarter of 2023
• Retail customer net worth of $16.6 billion, an improvement compared to $15.9 billion at the end of 2023
• Total retail customer accounts of 155,499 compared to 153,727 at the end of 2023

Management Commentary

John J. Gebbia, CEO of Siebert, said “The first quarter represented a strong start to the year and continued momentum for Siebert as we made meaningful progress across our business in advancing our growth strategy and building a more diversified business. We are continuing to invest to meet the evolving needs of investors as we chart the next phase of our evolution to empower our clients’ success. We are excited about the year ahead and have numerous innovation-led initiatives underway that honor the legacy of Muriel Siebert while modernizing our offerings, expanding our reach, and enhancing our competitive position across our business lines to capitalize on the evolving needs of our clients. These include investing in our technology and retail trading platforms, marketing initiatives, as well as exploring new opportunities and business lines for Siebert. Looking ahead, we remain well-positioned to execute our strategic goals while continuing to optimize the business for profitability ahead.”

Andrew Reich, CFO of Siebert, commented: “We delivered strong results for revenue and net income this quarter with revenue increasing 27% year-over-year. This increase was driven by higher interest income, strong performance related to our principal transactions business line, as well as growth within our Securities Finance division. Looking ahead, we remain focused on maintaining operational efficiency and driving profitable growth while maintaining a strong capital position.”*