8-K ·Filed Jun 29, 2026

BENF

Beneficient
BEARISH
Impact 7/10
Horizonweeks Processed3mo ago SEC0001775734-26-000013
8-K Item 2.02: Earnings release
Actionable Insight ▼ Bearish

Monitor BENF for Nasdaq compliance risk given the accumulated deficit of $2.1B and negative equity of $189M. The company's cash burn rate (operating loss of $166.5M) far exceeds the $2.5M cash balance — a dilutive capital raise or restructuring appears unavoidable in the near term. The collateral management services announcement is early-stage and generates no near-term revenue.

DirectionBearish
Confidencehigh
Horizonweeks
Final — all horizons settled through T+60d
BENF ▼ -21.20% at T+60d
SHORT call ✓ call won +21.20% · α vs SPY +24.01% · entry $3.68 → $2.90
Entry anchored
Jun 29, 03:59 PM ET
via exchange tick
T+1d
+0.27%
call -0.27% · α -0.41%
$3.69
settled 3mo ago
T+5d
-1.36%
call +1.36% · α +1.96%
$3.63
settled 3mo ago
T+20d
-14.95%
call +14.95% · α +13.92%
$3.13
settled 2mo ago
T+60d
-21.20%
call +21.20% · α +24.01%
$2.90
settled 9d ago

Price Chart

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Executive Summary

Beneficient (BENF) reported FQ4 2026 results with GAAP revenues of -$42.4M (heavily influenced by mark-to-market losses and items) and Class A basic EPS of -$14.02 for the full fiscal year, reflecting continued underlying business decline — core segments (Ben Liquidity, Ben Custody) saw revenue declines of 3.5% and 13.9% QoQ respectively. While the company resolved litigation and repaid debt, operating losses widened, cash reserves fell to $2.5M, and total equity deficit deepened to -$189.3M, signaling a distressed micro-cap in restructuring mode.

Key Facts

  • Full-year GAAP total revenues were -$39.1M vs -$7.9M in the prior year, a 392% decline driven by investment losses
  • Class A basic EPS for FY2026 was -$14.02 vs +$68.08 in FY2025 (after reverse stock split adjustment)
  • Net loss attributable to common shareholders for FY2026 was -$87.4M vs +$51.2M in FY2025
  • Total equity (deficit) worsened to -$189.3M from -$34.9M at March 2025
  • Cash and cash equivalents dropped to $2.5M from $1.3M at March 2025 — minimal liquidity runway
  • Core operating segments declining: Ben Liquidity interest income fell 21.5% YoY; Ben Custody revenues fell 40.9% YoY
  • Allowance for credit losses grew to $414.4M (from $391M at Dec 2025) against gross loans of $584.0M — 71% allowance ratio

Financial Impact

Full-year net loss to common of $87.4M on a $53M market cap — 165% of market cap lost in a single year

revenueepsdebtequitycashcredit quality

Risk Factors

  • Imminent risk of Nasdaq delisting or further reverse split given $53M market cap and negative shareholders equity
  • Cash balance ($2.5M) insufficient to cover losses — likely need for dilutive equity offering
  • 71% allowance for credit losses signals severe collateral impairment in the alternative asset portfolio
  • Pending sentencing of former CEO and remaining GWG litigation overhang creates ongoing legal uncertainty
  • Near-zero institutional ownership suggests lack of credible refinancing or recovery path

Market Snapshot

Exchange
Nasdaq
Sector
Finance Services

Investment Themes

Traditional Finance

Documents Analyzed

This report is based on 7 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001775734-26-000013
Exhibit: ex992-shareholderletter.htm0001775734-26-000013
Document: ben-20260629.htm0001775734-26-000013
Document: 0001775734-26-000013-index-headers.html0001775734-26-000013
Document: 0001775734-26-000013-index.html0001775734-26-000013
Document: 0001775734-26-000013.txt0001775734-26-000013
8-K Data (Synthetic)0001775734-26-000013
9 reports for BENF
Performance horizon
60% Hit rate 3 of 5 directional calls best @ T+20▲ +29.18%Jul 29, 2026
Filters
Rows
Reports for BENF — sortable, filterable
TypeNow
Sep 16, 2026
16d ago
8-K
NEUTRAL ★ 4/10
$0.8192 $2.90▲ +254.00%▲ +252.18%$1.43 (+74.56%)
Aug 14, 2026
7w ago
8-K
BULLISH ★ 6/10
$2.40 $2.26▼ −5.83%▼ −4.47%$1.43 (−40.42%)
Aug 14, 2026
7w ago
Press Release
MIXED ★ 5/10
$2.40 $2.26▼ −5.83%▼ −4.47%$1.43 (−40.42%)
Jul 29, 2026
9w ago
S-1
BEARISH ★ 7/10
$3.05 $3.14▼ −2.95%▲ +0.67%$1.43 (+53.11%)
Jul 13, 2026
11w ago
DEFA14A
BEARISH ★ 6/10
$2.86 $3.45▼ −20.63%▼ −21.92%$1.43 (+50.00%)
Jul 13, 2026
11w ago
8-K
BEARISH ★ 6/10
$2.86 $3.45▼ −20.63%▼ −21.92%$1.43 (+50.00%)
Jun 29, 2026
13w ago
8-K
BEARISH ★ 7/10
$3.68 $3.63▲ +1.36%▲ +1.96%$1.43 (+61.14%)
Apr 10, 2026
25w ago
Press Release
BULLISH ★ 7/10
$4.08 $3.17▼ −22.30%▼ −26.81%$1.43 (−64.95%)
Mar 12, 2026
29w ago
8-K
NEUTRAL ★ 4/10
$3.83 $3.72▼ −2.87%▼ −1.89%$1.43 (−62.66%)
Showing 9 of 9

US Market Status

Market Closed — Opens Mon (38h 11m)

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