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Beneficient (BENF) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing the company had total assets of $400.0 million, up from $368.5 million as of March 31, 2024. This increase is primarily due to an increase in investments held by Customer ExAlt Trusts.
The company reported total revenues of $4.4 million for the quarter, compared to a negative $10.2 million in the same quarter the previous year. The revenue was driven by investment income from the Customer ExAlt Trusts.
Operating expenses for the quarter were $13.9 million, down from $905.7 million in the previous year, which included a significant goodwill impairment charge.
The company reported a net loss of $10.2 million for the quarter, compared to a net loss of $924.9 million in the previous year.
Cash and cash equivalents at the end of the period were $4.1 million, down from $7.9 million at the end of the previous fiscal year. The decrease is attributed to net cash used in operating activities.
The filing also details various legal proceedings, including ongoing litigation related to past transactions with GWG Holdings, which could have a significant financial impact.
Beneficient continues to face challenges related to its liquidity position and has disclosed substantial doubt about its ability to continue as a going concern.
The company has been exploring options to raise additional capital, including a Standby Equity Purchase Agreement with Yorkville, which allows for the sale of up to $250 million of common stock.
The filing outlines the company's business operations, which include providing liquidity solutions and trust services to participants in the alternative assets industry through its subsidiaries.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Beneficient quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.