Executive Summary

Q1 2018 revenue was $1.389M (+3.3% y/y) with a net loss of $(0.417)M ($0.02 per share); Adjusted EBITDA improved to $(0.097)M from $(0.208)M y/y as cost actions helped offset higher transaction costs .
Mix shift: Investment management services grew to $0.570M (+15.9% y/y), while Other investment advisory services declined to $0.603M (−9.9% y/y) .
Strategic catalyst: The Board approved a Stock Purchase Agreement to sell 100% of The Winthrop Corporation for $6.0M; management anticipates closing promptly after the shareholder vote, targeted on or before July 31, 2018 .
No formal financial guidance was issued; consensus estimates for Q1 2018 were not available via our S&P Global request today (data access limit), so beats/misses vs Street cannot be assessed.

What Went Well and What Went Wrong

What Went Well
- Non-GAAP profitability trend: Adjusted EBITDA improved to $(0.097)M from $(0.208)M y/y, reflecting ongoing cost discipline .
- Revenue mix: Investment management services grew to $0.570M (+$78K y/y), indicating stability in core fee revenue .
- Strategic action: Announced sale of Winthrop for $6.0M with an anticipated closing by July 31, 2018, potentially simplifying the structure and unlocking cash .
What Went Wrong
- Headline loss persisted: Net loss widened modestly y/y to $(0.417)M from $(0.402)M, as transaction costs increased .
- Advisory softness: Other investment advisory services revenue declined to $0.603M from $0.669M y/y .
- One-time costs: Transaction costs of $0.132M weighed on operating results for the quarter .

Financial Results

Overall P&L and per-share metrics (USD thousands, except per-share)

Metric	Q2 2017	Q3 2017	Q1 2018
Revenues	1,322	1,363	1,389
Net Income (Loss)	(477)	(211)	(417)
Basic & Diluted EPS ($)	(0.03)	(0.01)	(0.02)
Operating Loss	(445)	(189)	(384)
EBITDA	(336)	(78)	(272)
Adjusted EBITDA	(243)	(24)	(97)
Income Tax Expense (Benefit)	17	4	13
Interest expense and other, net	(15)	(18)	(20)
Transaction Costs	—	—	132

Revenue mix (USD thousands)

Revenue Component	Q2 2017	Q3 2017	Q1 2018
Investment management services	533	583	570
Other investment advisory services	593	564	603
Financial research and related data	196	216	216
Total Revenues	1,322	1,363	1,389

Operating cost detail (USD thousands)

Cost/Expense	Q2 2017	Q3 2017	Q1 2018
Compensation and benefits	876	755	859
Other operating	891	797	782
Transaction costs	—	—	132

KPIs and balance sheet snapshots

KPI	Q2 2017	Q3 2017	Q1 2018
Assets under management (AUM)	—	—	~$1.3B
Total assets (company)	—	—	$11,786K (3/31/2018)

Notes:

Company operates as a single segment (investment management and financial advisory); corporate expenses are not allocated to the operating segment .

Guidance Changes

No formal financial guidance (revenue, margin, OpEx, tax, dividends) was issued in Q1 2018 materials reviewed. Strategic/timing disclosures are below.

Metric/Item	Period	Previous Guidance	Current Guidance/Disclosure	Change
Sale of The Winthrop Corporation ($6.0M)	Close timing	—	Anticipated closing promptly after shareholder meeting; management targets on or before July 31, 2018	New transaction timing disclosure
2018 Annual Meeting/Proxy for Sale	2018	—	Annual meeting set for July 16, 2018; proxy to solicit shareholder approval for the Sale	New process disclosure
Open-end fund liquidations	Effective ~Apr 30, 2018	—	Selected Wright funds to be liquidated; company does not expect a material adverse impact on WISH operations	New strategic action

Earnings Call Themes & Trends

(Company did not provide an earnings call transcript in the documents reviewed; themes are drawn from press releases and 8-Ks.)

Topic	Prior Mentions (Q2 2017, Q3 2017)	Current Period (Q1 2018)	Trend
Cost discipline/operating efficiency	Management emphasized reduced operating costs; Adjusted EBITDA improved vs prior-year periods	Adjusted EBITDA improved y/y to $(0.097)M despite transaction costs	Improving non-GAAP profitability trend
Strategic portfolio actions	None disclosed	Announced Sale of Winthrop for $6.0M; targeted closing by 7/31/18 pending shareholder approval	Accelerating corporate simplification
Product lineup/rationalization	—	Liquidation of several Wright funds around Apr 30, 2018; WISH does not expect material adverse impact	Streamlining product set
Revenue mix	Revenues $1.322M (Q2) and $1.363M (Q3), with balanced advisory and research contributions	Revenues $1.389M; investment management services +y/y, other advisory −y/y	Mix shifting toward IM services
Regulatory/legal backdrop	—	DEEP dam orders disclosed at Seller level; Killingly Consent Order in 2017, ACME appeal pending; immaterial costs for the former	Neutral; monitored contingency

Management Commentary

“Our operating results have continued to improve due to reduced operating costs. We are committed to our goal of increasing assets under management in all of our business channels and will continue to identify new operating efficiencies and opportunities to invest in revenue generating activities as well as working to improve our operating results.” — Harvey Eisen, Chairman & CEO (2017 commentary reaffirming cost discipline trajectory) .
Strategic action disclosure: The Board voted to enter into a Stock Purchase Agreement to sell 100% of The Winthrop Corporation for $6.0M, with closing anticipated promptly after the shareholder meeting if approved .

Q&A Highlights

No earnings call transcript was provided in the company documents for Q1 2018; the quarter’s disclosures were delivered via 8-K press releases and transaction filings .

Estimates Context

Consensus EPS and revenue estimates for Q1 2018 were not available via our S&P Global request today due to access limits. As a result, we cannot assess beats/misses vs Street for this micro-cap name.

Key Takeaways for Investors

Non-GAAP loss narrowed y/y: Adjusted EBITDA improved to $(0.097)M vs $(0.208)M a year ago despite $0.132M of transaction costs, indicating underlying cost progress .
Top-line stability with mix shift: Revenues rose to $1.389M; investment management services grew, while other advisory softened, warranting attention to client activity and fees .
Corporate event path: The $6.0M Winthrop sale (insider-led) is the principal near-term catalyst; target close by July 31, 2018, pending shareholder approval, could reset the company’s operating profile and cash position .
Product rationalization: Liquidation of select Wright funds is underway; management does not expect material adverse impact on WISH operations, but investors should monitor revenue mix post-liquidation .
AUM base of ~$1.3B provides a recurring-fee foundation; watch for retention through and after the transaction .
With no formal guidance and limited sell-side coverage, the stock may be driven near term by transaction milestones and any subsequent capital allocation disclosures .

Supporting source documents:

Q1 2018 results press release and financial tables (Form 8-K Item 2.02; May 10, 2018) .
Q3 2017 and Q2 2017 results press releases (Form 8-K Item 2.02) .
Stock Purchase Agreement and related 8-K disclosures (April 11–12, 2018) .
Annual meeting/proxy timing 8-K (May 18, 2018) .
Fund liquidation disclosure (Schedule 3.1.8) .

Wright Investors Service Holdings, Inc. (IWSH)·Q1 2018 Earnings Summary