Siebert Reports Second Quarter 2023 Financial Results

Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial results for the second quarter ended June 30, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230807022960/en/

Second Quarter 2023 Financial Highlights

• Revenue of $17.6 million compared to $11.7 million in the second quarter of 2022
• Net income available to common stockholders of $2.7 million compared to $0.7 million in the second quarter of 2022
• Earnings per share of $0.07 compared to $0.02 in the second quarter of 2022
• Total retail customer net worth of $15.2 billion, an improvement compared to $13.5 billion at the end of 2022

Recent Business Highlights

• Closed the previously announced $17.4 million investment by Kakao Pay Corp. (“Kakao Pay”) in Siebert on May 18, 2023
• Announced the appointment of John J. Gebbia as CEO and Chairman of Siebert as well as Simon Shin to Siebert’s Board of Directors. Kakao Pay intends to acquire an additional 31.1% of Siebert of newly issued shares for approximately $60.5 million, subject to shareholder and regulatory approval.
• 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

Management Commentary

"I am excited to be leading Siebert during this pivotal time and am proud to report incredible results for the first quarter leading as CEO,” said John J. Gebbia, CEO of Siebert. Our second quarter results demonstrate the diversity of our business model and how we’re able to successfully navigate market conditions to execute on our growth strategy.”

John J. Gebbia continued, “We are laser-focused on delivering on our strategic objectives, creating value for our stakeholders, and ultimately empowering our clients’ success through our diversified offerings. We enter the second half of the year with significant momentum and continue to work closely with Kakao Pay on a variety of initiatives including launching correspondent clearing and various technology opportunities to expand our reach, enhance our offerings, and strengthen our value proposition. There is a tremendous opportunity ahead for Siebert to capture opportunities in the current market environment while supporting client needs in the future. I look forward to leading Siebert into its next chapter of growth and impact as we build on Muriel Siebert’s legacy while creating long-term shareholder value.”