Revenue performance remains highly erratic, with operating margins fluctuating between a negative 133.3% in 2026Q1 and a positive 21.1% in 2026Q3 due to significant mark-to-market adjustments.
| Sales/Revenue | -14.86M | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -22.07M | -24.8M | -164.04M | -150.52M | -150.52M | 81.2M | 60.29M | 75.8M | 32.89M |
| Gross Margin % | 148.47% | 312.1% | 165.85% | 143.36% | 143.36% | 79.62% | 100% | 95.39% | 81.36% |
| Gross Profit Growth % | - | 84.88% | -8.98% | -285.37% | 0.27% | 34.68% | -20.46% | 130.45% | - |
| Operating Expenses | 121.24M | 16.24M | 2.48B | 102.66M | 102.66M | 98.14M | 197.18M | 220M | 186.64M |
| OpEx % of Revenue | - | -204.43% | -2511.94% | -97.78% | -97.78% | 96.24% | 327.05% | 276.85% | 461.65% |
| Selling, General & Admin | 26.34M | 40.09M | 36.32M | 47.48M | 47.48M | 128.95M | 186.86M | 30.08M | 7.41M |
| SG&A % of Revenue | - | -504.54% | -36.72% | -45.23% | -45.23% | 126.45% | 309.94% | 37.85% | 18.34% |
| Research & Development | 0 | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - |
| Operating Income | -85.62M | -24.18M | -2.65B | -253.17M | -253.17M | -47.41M | -135.38M | 41.44M | 24.73M |
| Operating Margin % | 576% | 304.41% | 2677.79% | 241.14% | 241.14% | -46.49% | -224.54% | 52.15% | 61.17% |
| Operating Income Growth % | - | 99.09% | -946.14% | -433.97% | 0% | 64.98% | -426.68% | 67.57% | - |
| EBITDA | -84.78M | -22.49M | -2.64B | -249.57M | -249.57M | -46.36M | -135.05M | 41.68M | 27.76M |
| EBITDA Margin % | 570.41% | 283.07% | 2673.97% | 237.71% | 237.71% | -45.46% | -223.99% | 52.45% | 68.66% |
| EBITDA Growth % | 50.64% | 99.15% | -959.75% | -438.35% | -1570.12% | 65.67% | -424.02% | 50.13% | - |
| D&A (Non-Cash Add-back) | 832K | 1.7M | 3.77M | 3.61M | 3.61M | 1.05M | 332K | 237K | 3.03M |
| EBIT | -81.6M | -37.1M | -2.64B | -237.7M | -237.7M | -14.86M | -135.38M | 41.44M | 24.73M |
| Net Interest Income | -11.37M | -14.91M | -17.56M | -15.47M | -15.47M | -30.47M | 30.26M | 21.38M | 4.13M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 2.08M | 30.26M | 21.38M | 4.13M |
| Interest Expense | 17.18M | 14.91M | 17.56M | 15.47M | 15.47M | 32.55M | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - |
| Pretax Income | -149.87M | -723K | -2.66B | -253.17M | -253.17M | -47.41M | -167.15M | -165.57M | -157.88M |
| Pretax Margin % | 1008.25% | 9.1% | 2686.73% | 241.14% | 241.14% | -46.49% | -277.24% | -208.36% | -390.5% |
| Income Tax | -14.59M | 80K | 788K | -1.07M | -1.07M | 3.46M | 179K | 3.64M | -148.87M |
| Effective Tax Rate % | 9.74% | -11.07% | -0.03% | 0.42% | 0.42% | -7.3% | -0.11% | -2.2% | 94.3% |
| Net Income | -49.57M | 51.16M | -2.1B | -130.98M | -130.98M | -58.04M | -334.04M | -5.01M | -9M |
| Net Margin % | 333.5% | -643.95% | 2118.78% | 124.76% | 124.76% | -56.91% | -554.05% | -6.31% | -22.27% |
| Net Income Growth % | -247.26% | 102.44% | -1499.97% | -125.67% | 0% | 82.62% | -6560.84% | 44.3% | - |
| Net Income (Continuing) | -135.28M | -803K | -2.66B | -252.1M | -252.1M | -50.87M | -167.33M | -161.94M | -9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 51.16M | 222.6M | 293.28M | 293.28M | 1.09B | 1.46B | 1.91B | 1.67B | 1.07B |
| EPS (Diluted) | - | 0.06 | -666.53 | 11.72 | 0.00 | -101.36 | -583.38 | -0.11 | -0.18 |
| EPS Growth % | -241.03% | 100.01% | -5787.12% | 111.56% | 100% | 82.63% | -530245.45% | 38.89% | - |
| EPS (Basic) | - | 69.77 | -666.53 | 11.72 | 0.00 | -101.36 | -583.38 | -0.11 | -0.18 |
| Diluted Shares Outstanding | 0 | 528.87M | 3.14M | 325.38K | 0 | 572.6K | 572.6K | 45.03M | 50.24M |
| Basic Shares Outstanding | 0 | 733.3K | 3.14M | 325.38K | 0 | 572.6K | 572.6K | 45.03M | 50.24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Extreme balance sheet volatility
As evidenced by the quarterly data, Beneficient's top-line performance remains highly erratic, with revenue figures swinging from negative $43.1 million in 2024Q4 to positive $18.7 million in 2026Q3, reflecting the significant impact of mark-to-market adjustments on the company's alternative asset portfolio rather than consistent operational growth.
The extreme fluctuations in reported revenue suggest that the company's core business model is currently dominated by investment valuation swings rather than predictable fee-based income. Investors should monitor whether the AltAccess platform can eventually decouple its revenue generation from the underlying volatility of the alternative assets it services.
Based on reported financial statements, the company's gross margin profile is highly irregular, frequently exceeding 100% due to negative revenue figures, which indicates that traditional margin analysis is currently ineffective for evaluating the underlying profitability of the firm's liquidity provision services.
The reported gross margins appear to be accounting artifacts resulting from the netting of investment losses against service costs. A sustainable margin structure will likely only emerge if the company can achieve consistent positive revenue growth that outpaces the fixed costs associated with its regulatory and technological infrastructure.
According to historical income statement data, operating income has shown extreme instability, ranging from a loss of $916 million in 2024Q3 to a profit of $44.3 million in 2025Q1, suggesting that the firm has yet to achieve a stable operating leverage profile.
The lack of consistent operating income scaling implies that the company's cost structure is not yet optimized to support its current business model. The high variability in operating results warrants further investigation into whether the firm can maintain its regulatory and administrative overhead during periods of market-driven revenue contraction.
As reported in recent filings, the company's net income is heavily influenced by non-operating items and mark-to-market swings, leading to massive quarterly EPS fluctuations that make it difficult to assess the true underlying earnings power of the business.
The significant divergence between net income and operational performance suggests that investors should focus on cash-based metrics rather than GAAP earnings. The reliance on complex financing and the impact of unrealized gains or losses on the balance sheet may continue to obscure the firm's actual profitability for the foreseeable future.
Based on the provided financial data, the company's reliance on a high-beta balance sheet and its minimal cash position of $1.3 million suggest that the current liquidity-provision model may be unsustainable without frequent external capital injections or significant asset sales.
Short-term observers may focus on the risk that the company's duration mismatch between its liquidity obligations and asset exit horizons could lead to a liquidity crisis. The current financial profile appears to indicate that the firm is highly vulnerable to broader market downturns that could further depress the value of its alternative asset collateral.
Quick answers to the most common questions about buying BENF stock.
Beneficient (BENF) is profitable, generating $51.2M in net income for the fiscal year ending 2025 with a net profit margin of -644.0%.
Beneficient (BENF) reported an operating income of $-24.2M, resulting in an operating profit margin of 304.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Beneficient (BENF) generated $-24.8M in gross profit for the year, representing a gross profit margin of 312.1%. This demonstrates the company's core pricing power and production efficiency.