Jun. 30 at 5:30 PM
$BENF just reported quarterly results:
Total Revenue: A loss of $(39.1) million (driven by massive markdowns on their investments). Net Loss: $(87.4) million for common shareholders (a massive swing from a
$51.2M profit in 2025). GAAP Operating Expenses:
$127.4 million (which includes a
$62.8 million legal loss contingency accrual). Equity Deficit: They have a negative equity of $(189.3) million and allowance for credit losses of
$414.4 million against their
$584.0 million gross loan balance. If we look strictly at the traditional cash burn formula, Beneficient should already be bankrupt.
As of March 31, 2026, they reported having only
$2.5 million in cash and cash equivalents. Their adjusted operating expenses (stripping out non-cash impairments and the one-time legal contingencies) were
$56.4 million for the year. That equates to roughly
$4.7 million per month in operating burn.
