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Siebert Reports Fourth Quarter and Full Year 2023 Financial Results

FY 2023 Revenue of $71.5 Million, Up 43% Year-over-Year

FY 2023 Operating Income of $18.1 Million

Significant Momentum in Retail Account Growth and Continued Execution of Growth Strategy

NEW YORK, May 10, 2024--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ: SIEB) ("Siebert"), a diversified provider of financial services, today reported financial results for the fourth quarter and full year ended December 31, 2023.

Full Year 2023 Financial Highlights

  • Revenue of $71.5 million compared to $50.1 million in 2022

  • Operating income of $18.1 million compared to operating income of $0.4 million in 2022

  • Net income of $7.8 million compared to net loss of $3.0 million in 2022

  • Earnings per share of $0.21 compared to loss per share $0.06 in 2022

  • Retail customer net worth of $15.9 billion, an improvement compared to $13.5 billion in 2022

  • Total retail customer accounts of 153,727 compared to 122,394 in 2022


Full Year 2023 Business Highlights

  • Announced the appointment of John J. Gebbia as CEO and Chairman of Siebert

  • Moved headquarters to Miami Beach to solidify presence in this growing market and build relationships with strategic partners that have expanded their presence to South Florida

  • Signed a five-year lease in the World Financial Center in New York City, expanding presence in New York and providing savings on occupancy costs

  • Closed the previously announced $17.4 million investment by Kakao Pay Corp. ("Kakao Pay") in Siebert

Management Commentary

John J. Gebbia, CEO of Siebert, said "We had an incredible year in 2023 as we delivered a significant improvement in both revenue and profitability while continuing to grow the number of retail clients we support. Throughout the year we remained focused on the execution of our strategic objectives as we continued to modernize our offerings, expand our reach, and enhance our competitive position across our business lines. These included our expanded presence in Miami and New York, the growth of our corporate services business, additional investments in technology, and the capital investment from Kakao Pay. We also note that during 2023, our management team engaged in several initiatives that led to significant growth in our retail customer accounts, the drivers of which were related to a partnership with NFS as well as new retail accounts from corporate services.

We remain optimistic about the numerous opportunities ahead of us to further improve Siebert’s operating model and drive profitable growth to build a more diversified business that can capitalize on the evolving needs of our clients and position Siebert for success."

Andrew Reich, CFO of Siebert, commented: "The strong performance in 2023 was driven by our Securities Finance and retail trading divisions as we successfully navigated volatile market conditions and continued to benefit from the interest rate environment with a diversified model. We also made meaningful progress in improving both our operating income and margins in 2023. Looking ahead, we remain focused on maintaining operational efficiency and driving profitable growth while continuing to support the goals of our strategic partners and clients with a strong capital position."*

*Refer to Siebert’s 2023 10-K, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for further detail.

Notice to Investors

This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.

About Siebert Financial Corp.

Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC., Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at

Cautionary Note Regarding Forward-Looking Statements

The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words "may," "could," "would," "should," "believe," "expect," "anticipate," "plan," "estimate," "target," "project," "intend" and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A - Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.

Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.

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Investor Relations:
Alex Kovtun and Matt Glover
Gateway Group, Inc.