BRC Group Signals Big Turnaround Amid 10-K Delay

B Riley Financial ( (RILY) ) has released a notification of late filing.

BRC Group Holdings, Inc., parent of B Riley Financial, has filed a Form 12b-25 to notify investors of a delay in submitting its Form 10-K (Yearly Report) for the financial year ended December 31, 2025. The company’s annual report is late but all other required periodic filings over the past 12 months have been submitted.

The main reason for the delay is operational: BRC brought on a new auditor in late September 2025 and then had to catch up on multiple outstanding Form 10-Q (Quarter Report) filings. Those delayed quarterly reports for March 31, June 30 and September 30, 2025 were only completed between November 20, 2025 and January 14, 2026, pushing back work on the annual accounts.

The company states that it is working diligently to finalize its 2025 financial statements and expects to file the Form 10-K (Yearly Report) within the SEC’s 15-day grace period. This means the annual filing should arrive shortly after the original March 16, 2026 deadline, assuming no further complications.

Preliminary numbers point to a sharp turnaround in performance, with total 2025 revenues projected between $966 million and $968 million, up from about $746 million in 2024. Management attributes the growth mainly to higher net trading gains and more favorable fair value adjustments on loans, partly offset by weaker services and fees income.

Operating expenses for 2025 are expected to drop significantly to between $892 million and $897 million from roughly $1.24 billion in 2024. The decline is driven by the absence of last year’s goodwill and tradename impairments and by lower selling, general and administrative costs, service delivery expenses, securities lending interest, and cost of goods sold.

Other income is projected to swing strongly positive, in a range of $153 million to $155 million, compared with a loss of about $403 million in 2024. This turnaround stems from prior-year investment losses not recurring, plus gains on the sale and deconsolidation of businesses, a gain on a senior note exchange, better equity investment income, and reduced net interest expense.

As a result, net income from continuing operations is expected between $233 million and $241 million for 2025, versus a net loss of around $922 million in 2024. Net income attributable to common shareholders is projected at $293 million to $301 million, or $9.60 to $9.86 per diluted share, including roughly $71 million from discontinued operations, compared with a net loss of about $772 million, or $25.46 per diluted share, including about $147 million from discontinued operations, in the prior year.

These figures are preliminary and may change once the audit and final Form 10-K (Yearly Report) are completed, and they should be viewed as forward-looking statements subject to revision. To evidence its commitment to compliance, BRC has formally authorized this late-filing notification, which is signed and dated March 17, 2026 by Chief Financial Officer Scott Yessner.

The most recent analyst rating on (RILY) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on B Riley Financial stock, see the RILY Stock Forecast page.

Spark’s Take on RILY Stock

According to Spark, TipRanks’ AI Analyst, RILY is a Neutral.

The score is held back mainly by stressed financial performance (declining revenue, negative operating profitability, negative equity, and inconsistent cash flow). This is partially offset by strong technical momentum and a very low P/E, while recent corporate events are mixed and add notable legal/compliance risk.

To see Spark’s full report on RILY stock, click here.

More about B Riley Financial

Average Trading Volume: 1,388,635

Technical Sentiment Signal: Buy

Current Market Cap: $214.5M

Find detailed analytics on RILY stock on TipRanks’ Stock Analysis page.