Executive Summary

Solid quarter: revenue grew 9.5% YoY to $46.2M with a swing to GAAP profitability ($1.8M, $0.08 diluted EPS) as expense discipline offset higher compensation/technology costs; EBITDA rose to $2.9M from $0.4M YoY .
Year-to-date momentum: first nine months revenue up 10% to $137.0M, EBITDA up to $5.8M from $1.0M, and GAAP net income of $2.1M vs. a $3.5M loss last year, aided by lower non-recurring costs tied to last year’s business combination .
Platform KPIs: advisory and brokerage assets (AuM) reached $30.0B (+11% YoY), highlighting advisor/client growth and market tailwinds .
Estimates context: S&P Global consensus for Q3’25 EPS and revenue was not available at the time of this analysis; we cannot characterize a beat/miss vs. Street. Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

Return to profitability: GAAP net income of $1.8M vs. a $1.2M loss in Q3’24, driven by revenue growth and lower professional fees/interest expense YoY .
Operating leverage on non-GAAP basis: Q3 EBITDA increased to $2.9M from $0.4M YoY as higher revenues and reduced non-recurring costs flowed through .
Strategic narrative intact: “We… achieved double-digit year-over-year growth in both revenue and EBITDA while delivering GAAP profitability,” said CEO Craig Gould, reinforcing the platform differentiation thesis .

What Went Wrong

Sequential variability: Revenue rose YoY but was down sequentially vs. Q1’25 highs; compensation/technology spend remains elevated vs. early 2024 levels (Q3 employee comp $4.7M vs. $3.9M in Q3’24; technology $0.8M vs. $0.4M) .
Mix remains commission-heavy: Commissions of $37.37M materially outweigh advisory fees of $7.41M in Q3, leaving results more exposed to transaction/annuity flows vs. recurring fee streams .
Limited disclosures/guidance: No formal quantitative guidance provided for revenue/margins, limiting near-term estimate recalibration precision .

Financial Results

Summary P&L vs prior year and prior quarter

Metric	Q3 2024	Q2 2025	Q3 2025
Revenues ($M)	42.20	41.50	46.20
Total Expenses ($M)	42.81	42.06	44.25
Net Income ($M)	(1.15)	(0.65)	1.76
Diluted EPS ($)	(0.09)	(0.04)	0.08
EBITDA ($M, Non-GAAP)	0.40	1.00	2.90

Notes: EBITDA is non-GAAP; see reconciliation in the 8-K exhibits .

2025 Quarterly Trend

Metric	Q1 2025	Q2 2025	Q3 2025
Revenues ($M)	48.94	41.50	46.20
Net Income ($M)	1.03	(0.65)	1.76
Diluted EPS ($)	0.06	(0.04)	0.08
EBITDA ($M, Non-GAAP)	2.20	1.00	2.90

Segment/Mix (Revenue)

Revenue Component ($M)	Q1 2025	Q2 2025	Q3 2025
Commissions	41.14	33.998	37.370
Advisory Fees	6.916	6.627	7.407
Interest & Other	0.879	0.872	1.421
Total Revenues	48.94	41.50	46.20

KPIs and Balance Sheet (selected)

KPI	Q1 2025	Q2 2025	Q3 2025
Advisory & Brokerage Assets (AuM, $B)	26.0	28.0	30.0
Cash & Cash Equivalents ($M)	9.0	8.2	8.3
Long-Term Debt ($M)	25.0	18.6 (net of issuance costs)	18.2

Observations: Q3 net income margin improved to ~3.8% (1.76/46.20), from ~-2.7% in Q3’24, helped by lower professional fees (Q3’25 $0.56M vs. $1.12M) and lower interest expense (Q3’25 $0.53M vs. $0.78M) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 2025	N/A	No formal guidance disclosed	Maintained (no guidance)
EBITDA/Margins	FY/Q4 2025	N/A	No formal guidance disclosed	Maintained (no guidance)
OpEx, OI&E, Tax Rate	FY/Q4 2025	N/A	No formal guidance disclosed	Maintained (no guidance)
Segment/Other	FY/Q4 2025	N/A	No formal guidance disclosed	Maintained (no guidance)

Note: The Q3 8-K/press release contained no quantitative outlook; forward-looking statements reiterated strategic intent without ranges .

Earnings Call Themes & Trends

Note: An earnings call transcript for Q3’25 was not available in our corpus after targeted searches; themes below leverage management commentary from the press releases across quarters .

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
Platform differentiation (advisor-centric RIA model)	Emphasized “differentiated RIA platform” and “advisor-centric” growth model	Reiterated platform appeal driving double-digit revenue and EBITDA YoY with GAAP profitability	Improving
Growth via partnerships/M&A	Q1 referenced adding Bleakley Financial Group; leadership expansion to drive engagement	No new deals disclosed; focus on momentum and execution	Stable
Expense discipline/one-time costs	Q1 noted absence of business-combination costs vs. prior year ; Q2 maintained OpEx in line YoY	Q3 YoY OpEx benefited from lower non-recurring costs; professional fees lower YoY	Improving
Revenue mix & recurring fees	Q1–Q2 showed strong commissions with steady advisory fees	Q3 mix still commission-heavy; advisory fees growing	Mixed
Macro/regulatory backdrop	Generic macro/regulatory caution in forward-looking language	Continued macro caution; safe-harbor statements unchanged	Stable

Management Commentary

“We… achieved double-digit year-over-year growth in both revenue and EBITDA while delivering GAAP profitability… We remain confident that the dynamic macro environment offers us meaningful opportunity to continue our growth and demonstrate the agility of our differentiated platform” — Craig Gould, CEO (Q3) .
“Our second-quarter results reflect sustained momentum in our business model and disciplined execution of our strategy” (Q2) .
“We achieved double-digit year-over-year growth in both revenue and EBITDA while delivering GAAP profitability in the first quarter… we were pleased to welcome Bleakley Financial Group… and appointed Ryan Marcus as Chief Business Development and Engagement Officer” (Q1) .

Q&A Highlights

An earnings call transcript for Q3’25 was not available; no Q&A details or clarifications beyond the press release were found after document and internet searches during the review window .

Estimates Context

S&P Global consensus for Q3’25 EPS and revenue was not available in our pull; we cannot assess beat/miss vs. Street at this time. Values retrieved from S&P Global.*
Reported actuals: Revenue $46.2M and diluted EPS $0.08 (see Financial Results tables) .
Implication: With no formal guidance and no consensus snapshot, estimate updates will likely focus on higher run-rate EBITDA and reduced non-recurring expenses evidenced in 2025 to date .

Key Takeaways for Investors

Return to profitability: GAAP net income and EPS turned positive YoY; non-GAAP EBITDA scaled meaningfully, indicating operating leverage as non-recurring costs roll off .
Healthy top-line trajectory: Q3 revenue +9.5% YoY with steady advisory fee growth and higher interest/other income; watch for sustainability amid commission mix .
Improving expense profile: Lower professional fees and interest expense YoY aided margins; continued discipline is a lever into 2026 .
Strong platform KPI: AuM reached $30.0B (+11% YoY), underpinning medium-term revenue visibility if advisory penetration rises .
Balance sheet: Cash ~$8.3M and long-term debt ~$18.2M at Q3-end; deleveraging trend from Q1 suggests improving financial flexibility .
Near-term trading lens: Narrative of profitability inflection and EBITDA momentum can be a positive catalyst; lack of formal guidance/consensus may temper magnitude of reaction until more visibility emerges .
Thesis watch items: Mix shift toward recurring advisory fees, durability of cost reductions, and incremental M&A/partner adds (like Q1 Bleakley) will shape medium-term multiple and earnings quality .

*Values retrieved from S&P Global.

Binah Capital Group, Inc. (BCG)·Q3 2025 Earnings Summary