B. Riley Financial announced preliminary Q2 2024 results, expecting a net loss of $435-475 million ($14-15 per share), primarily due to a $330-370 million non-cash markdown related to its Franchise Group (FRG) investment and Vintage Capital loan receivable. Additional charges include a $28 million goodwill impairment for Targus and a $25 million deferred tax valuation allowance.The company's Operating Adjusted EBITDA is projected at $50-55 million for Q2. As of June 30, 2024, B. Riley maintained $237 million in cash and cash equivalents, with total cash and investments of approximately $1.1 billion against total debt of $2.16 billion. The company will suspend its common dividend to prioritize deleveraging.Management announced plans to refocus on core financial services businesses while advancing the strategic review of Great American Group. The company will delay its Q2 Form 10-Q filing due to ongoing valuation processes for certain loans and investments.

B. Riley Financial announced preliminary Q2 2024 results, expecting a net loss of $435-475 million ($14-15 per share), primarily due to a $330-370 million non-cash markdown related to its Franchise Group (FRG) investment and Vintage Capital loan receivable. Additional charges include a $28 million goodwill impairment for Targus and a $25 million deferred tax valuation allowance.The company's Operating Adjusted EBITDA is projected at $50-55 million for Q2. As of June 30, 2024, B. Riley maintained $237 million in cash and cash equivalents, with total cash and investments of approximately $1.1 billion against total debt of $2.16 billion. The company will suspend its common dividend to prioritize deleveraging.Management announced plans to refocus on core financial services businesses while advancing the strategic review of Great American Group. The company will delay its Q2 Form 10-Q filing due to ongoing valuation processes for certain loans and investments.