Cobbs Allen Capital Holdings widened its net loss to $478.6 million in 2025, more than quadruple the $108.7 million loss posted in 2024, as operating costs surged far faster than revenue.
Revenue rose to $299.2 million from $282.0 million, an increase of $17.2 million. But operating expenses jumped to $735.4 million from $370.9 million. The biggest driver was commissions, salaries and benefits, which climbed to $670.3 million from $320.5 million.
That pushed the operating loss to $436.2 million, compared with $88.9 million a year earlier. After other expenses, the loss before income taxes widened to $487.0 million from $104.6 million.
Interest expense increased to $10.3 million from $9.0 million, while other expense, net, rose sharply to $40.5 million from $4.2 million. The company also swung to an income tax benefit of $8.4 million in 2025 from tax expense of $4.0 million in 2024.
On the balance sheet, total assets fell to $373.6 million from $422.5 million. Cash and cash equivalents declined to $13.7 million from $43.4 million, while fiduciary cash dropped to $88.8 million from $119.9 million. Commissions and fees receivable edged down to $43.9 million from $45.2 million, but fiduciary receivables climbed to $122.2 million from $97.8 million.
Total liabilities increased to $1.436 billion from $1.059 billion. The current portion of long-term debt rose to $137.2 million from $19.0 million, while long-term debt fell to zero from $124.6 million as the debt was shifted into current liabilities. Accounts payable and accrued expenses jumped to $28.7 million from $8.3 million.
Cash used in operating activities widened to $46.2 million from $35.9 million. Financing activities used $14.0 million in 2025, versus providing $70.0 million in 2024, as repayments of long-term debt increased to $47.9 million from $13.6 million and member contributions rose to $30.6 million from $2.8 million.
The company ended the year with cash and cash equivalents plus fiduciary cash of $102.5 million, down from $163.6 million a year earlier. The market has reacted to these announcements by moving the company's shares 0.06% to a price of $31.87. Check out the company's full 8-K submission here.
