BRC Group Holdings, Inc. (RILY) · Nov 5, 2026 · Earnings

BRC Group earnings crushed by Babcock loss as debt falls

Miss — Diluted EPS -$6.04 vs. +$2.91 in Q3 2025; no published consensus

BRC Group’s Q3 earnings were overwhelmed by a $226.7M Babcock & Wilcox loss, though debt reduction and the GA Group sale improved liquidity.

BRC Group entered Q3 trying to turn a strong first-half operating performance into a more focused, less levered platform, with financial services, communications and opportunistic investments still sharing the same balance sheet. Its second-quarter release had shown $66.0 million of Operating Adjusted EBITDA and continued debt reduction, while the planned Sangoma deal was set to expand recurring communications revenue. No reliable published Q3 consensus was available, so the cleanest benchmark is the company’s own recent performance and prior-year quarter.

The quarter was a sharp earnings failure, driven by one concentrated investment loss. Common shareholders absorbed a $243.0 million loss, or $6.04 per diluted share, versus $89.1 million of income and $2.91 per share a year earlier. The Babcock & Wilcox position generated a $226.7 million pre-tax loss, while the company also recorded a $14.6 million non-cash impairment on GA Group. 〔0〕

Figure	Q3 2026	Q3 2025
Diluted EPS (Income Statement)	-$6.04	$2.91
Total revenues (Financial Highlights)	$33.0M	$277.9M
Operating revenues (Operating Revenues Reconciliation)	$161.3M	$244.1M
Investment gains / losses (Financial Highlights)	$(128.3)M	$33.7M
Operating Adjusted EBITDA (EBITDA Reconciliation)	$2.9M	$54.9M
Net debt (Net Debt Reconciliation)	$562.3M	$627.0M at Dec. 31, 2025

The core operating platform held up better than the headline loss suggests, but not well enough to offset the portfolio damage. Operating Adjusted EBITDA remained slightly positive at $2.9 million, and nine-month Operating Adjusted EBITDA reached $103.3 million versus $93.2 million a year earlier. Still, Capital Markets swung to a $120.0 million segment loss from $54.8 million of income, reflecting Babcock-related trading losses and weaker small-cap transaction activity. The company’s communications businesses continued producing income, but revenue declined with expected customer attrition.

Balance-sheet execution is the main offset, not a clean operating recovery. Total debt fell to $1.14 billion from $1.43 billion at year-end, while the completed GA Group sale generated $62.3 million of cash, repaid $51.7 million of Oaktree term debt and added $36.5 million of net liquidity. That improves financing flexibility, but it also confirms that deleveraging depends partly on selling or monetizing investments rather than solely on recurring operating cash flow.

The strategic reset is progressing, but the next growth step is still unproven. GA Group is now exited, B. Riley Securities is fully owned again, and Sangoma would add scale and recurring revenue to communications; however, Sangoma requires $140.8 million of incremental subsidiary debt and $54 million of equity contributions, with closing expected by early 2027.

Bottom line: This was a materially weak quarter because the investment portfolio overwhelmed otherwise positive operating progress. Debt reduction and the GA Group exit improve the structure, but the filing reinforces that BRC Group’s earnings remain highly exposed to volatile, concentrated investments.

What to watch next

GA Group pro forma filing due November 9

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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BRC Group earnings crushed by Babcock loss as debt falls

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