BENF

MKT CAP:$4M

Beneficient

Market Cap

$4M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$3.26-$4.02 (-55.22%)

Apr 21, 2026

Company Details

Beneficient, a technology-enabled financial service company, provides liquidity solutions to participants in the alternative asset industry. It operates AltAccess platform, which provides liquidity, custody, and investment analytics solutio...

CEO

James G. Silk

IPO Date

Dec 3, 2021

Website

www.trustben.com

Key Metrics TTM

Revenue

-$32M

-161.7% YoY

Net Income

-$45M

EPS (Diluted)

-$48.33

Free Cash Flow

-$51M

Revenue / Share

-$28.18

Gross Margin

123.2%

Operating Margin

128.4%

Net Margin

141.6%

FCF Margin

161.5%

P/S

—

P/E

—

Earnings Reports

FY 2026

Oct 20, 2025

$198.0K-97.7%EPS -$57.55

Q1 2026

Oct 20, 2025

$198.0KEPS -$57.55

FY 2025

Nov 14, 2024

$9MEPS $2.96

Q2 2025

Nov 14, 2024

$9MEPS $2.96

FY 2023

Jun 28, 2022

-$37M-250.1%EPS $1.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$32M	$32M	$29M
Q2 19	$23M	$22M	$12M
Q3 21	$0	$0	$3
Q4 21	$427.0K	-$5M	-$450
Q1 22	$28M	$28M	$11M
Q3 22	-$4M	-$4M	-$435.0K
Q1 23	-$37M	-$37M	-$355.6K
Q2 25	$9M	$1M	-$14M
Q1 26	$198.0K	-$44.0K	-$26M

Valuation

Quarter	P/S	P/E
Q3 18	—	—
Q2 19	—	—
Q3 21	—	—
Q4 21	86.9x	806.6x
Q1 22	93.9x	—
Q3 22	211.5x	—
Q1 23	—	4985.4x
Q2 25	—	2.7x
Q1 26	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	-$137.0K	-$175.8K
Q2 19	$154M	$154M
Q4 21	-$1.9K	-$721.9K
Q1 22	-$8M	-$9M
Q3 22	-$697.2K	-$2M
Q4 22	-$11M	-$12M
Q1 23	-$196.3K	-$534.3K
Q3 23	-$13M	-$14M
Q3 24	-$22M	-$23M
Q4 24	-$9M	-$9M
Q2 25	-$9M	-$9M
Q1 26	-$11M	-$11M

Capital Expenditures

Quarter	CapEx
Q3 18	$38.7K
Q2 19	$92.7K
Q4 21	$720.0K
Q1 22	$873.5K
Q3 22	$2M
Q4 22	$975.0K
Q1 23	$338.0K
Q3 23	$796.0K
Q3 24	$375.0K
Q4 24	$429.0K
Q2 25	$269.0K
Q1 26	$96.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-12.8%	+369.9%
Q3 22	-115.6%	-128.9%
Q1 23	—	-1222944900.0%
Q2 25	+1904.9%	+5111.4%
Q1 26	-99.3%	+54.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$0	0.0%
Q2 19	$68.0K	0.3%
Q4 21	$5M	1172.6%
Q1 22	$4M	13.2%
Q3 22	$11M	—
Q4 22	$3M	—
Q1 23	$4M	—
Q3 23	$2M	—
Q3 24	$2M	—
Q4 24	$2M	—
Q2 25	$3M	39.3%
Q1 26	$461.0K	232.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 18	—	$3M	$307.2K
Q2 19	$33.9K	$3M	$4M
Q4 21	—	$11M	—
Q1 22	—	$3M	$10M
Q3 22	—	$6M	$36M
Q1 23	—	$8M	—
Q2 25	—	$8M	—
Q1 26	—	$8M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 21	$12.5K	$0	$12.5K
Q4 21	$3.8K	$0	$3.8K
Q4 23	$8M	$0	$8M
Q1 24	$8M	$0	$8M
Q2 24	$4M	$0	$4M
Q3 24	$4M	$0	$4M
Q4 24	$8M	$0	$8M
Q1 25	$4M	$0	$4M
Q2 25	$4M	$0	$4M
Q3 25	$4M	$0	$4M
Q4 25	$1M	$0	$1M
Q1 26	$8M	$2M	$9M
Q2 26	$5M	$2M	$7M
Q3 26	$8M	$0	$8M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	50M	—	—
Q2 19	23M	-54.3%	—
Q3 21	573K	-97.5%	—
Q4 21	573K	0.0%	—
Q1 22	603K	+5.2%	-98.8%
Q3 22	768K	+27.4%	-96.7%
Q1 23	2M	+224.6%	+335.1%
Q2 25	4M	+75.1%	+661.7%
Q1 26	1M	-74.1%	+87.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	—	—
Q2 19	—	—
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q3 22	—	—
Q1 23	—	—
Q2 25	$107.0K	80
Q1 26	$3.6K	55

Revenue / Employee