{"success":true,"data":{"pressRelease":{"id":"32361","rtpr_id":"nBw65fT7Ha","ticker":"ANDG","exchange":"NYSE","all_tickers":["ANDG"],"title":"Andersen Reports Strong First-Quarter of 2026 Financial Results and Updates Full-Year Guidance","author":"Business Wire","published_at":"2026-05-12T20:15:00.192Z","article_body":"Andersen Reports Strong First-Quarter of 2026 Financial Results and Updates\nFull-Year Guidance\n\nAndersen Group Inc. (NYSE: ANDG) today released financial results for the\nfirst quarter ended March 31, 2026.\n\nAndersen continued to deliver strong top-line growth with first-quarter\nrevenue of $240.7 million up 15.7%, compared with $208.1 million in the prior\nyear quarter. Higher revenue in the first quarter of 2026 was supported by\nclient growth, higher volume and service line expansion. There were no large\none-time first-quarter 2026 revenue items, and all of our service lines grew\nrevenue in the first quarter of 2026. Higher equity-based compensation\nexpenses of $41.1 million led to net income of $17.7 million in the\nfirst-quarter of 2026 compared with $50.6 million in the prior year quarter.\nAdjusted net income for the first-quarter of 2026 was $62.9 million as\ncompared with $55.2 million in the prior year quarter.\n\n\n * First Quarter 2026: Andersen delivered a strong first quarter, driven by\ndemand across core services, with consistent revenue growth in the Tax\npractice and accelerating momentum in Andersen Consulting.\n\n * First-Quarter 2026 Revenue: $240.7 million, up 15.7% compared with $208.1\nmillion in first-quarter 2025.\n\n * First-Quarter 2026 Earnings per share (EPS) basic were $0.04 and EPS diluted\nwere $0.03.\n\n * Second-Quarter 2026 Guidance: Revenue expected to be in the range of\napproximately $190 million to $205 million, equating to a growth rate of\napproximately 13%, with a projected net loss and negative EPS due to\nseasonality.\n\n * Updated 2026 Full-Year Guidance: Revenue expected to be in the range of\napproximately $980 million to $1 billion, equating to a growth rate of\napproximately 18%, including inorganic revenue of approximately $55 million;\nAdjusted EBITDA projected in the range of approximately $225 million to $250\nmillion with Adjusted EBITDA margins in the range of approximately 23% to 25%.\n\n * Strategic Investment Focus: 2026 will reflect continued investment in talent,\ntechnology, automation, AI, and integration of firms to be acquired during the\nyear, resulting in an anticipated positive net income and EPS for the full\nyear.\n\n * Long-Term Growth: Positioned for sustained revenue growth and expanding\nmargins, supported by a large addressable market, strong competitive\npositioning, scalable operating model, and selective inorganic expansion.\n\n * Commitment to Shareholder Value: Maintaining flexibility to deploy capital\nstrategically to strengthen and expand the multi-dimensional platform, and\nenhance long-term shareholder value.\n\nMark L. Vorsatz, Global Chairman and CEO of Andersen, said:\n\n“Our first-quarter results reflect the strength of our platform and the\nmomentum across the business,” said Mark Vorsatz, Global Chairman and CEO of\nAndersen. “We are generating consistent, organic growth throughout all\nservice lines, supported by our integrated global platform and our ability to\ndeliver coordinated, cross-border solutions.”\n\nRecent Developments—Inorganic Growth Opportunities\n\nAndersen’s relationships with over 400 Andersen Global and Andersen\nConsulting member and collaborating firms provide opportunities for domestic\nand international expansion through closer partnerships and, future\nacquisitions and business combinations. In May 2026, the Company announced it\nclosed the acquisition of tax firms in Ireland and New Zealand, a tax firm and\na consulting firm in Nigeria, and a tax firm and a law firm in Uruguay,\nexpanding its presence across key developed and high-growth markets as it\ncontinues to scale its global platform. In addition, Andersen signed\nagreements for the acquisition of a tax firm in Switzerland and a business\ncombination in Canada, both expected to close in the third quarter of 2026.\n\nKey Financial and Operational Metrics\n\nWe monitor the following key financial and business metrics to evaluate our\nbusiness, measure our performance and make strategic decisions:\n                         Three Months Ended March 31,              \n                                 2026                     20 \n                                                          25 \n Revenue:                                                          \n Revenue (in thousands)  $       240,746          $       208,067  \n Clients:                                                          \n Client groups                   10,870                   10,500   \n Client engagements              18,970                   18,600   \n People Metrics:                                                   \n Employees                       2,271                    2,209    \n\n\nComponents of Revenue\n\nWe generate our revenue from providing tax and financial advisory services to\nour clients. During the three months ended March 31, 2026 and 2025, the\nsubstantial majority of our revenue was generated on a time and materials\nbasis and, to a lesser extent, on a fixed fee basis and contingent fee basis.\nIn the future, our revenue and profitability could vary materially depending\non changes in the nature of services provided, as well as the stage of\nperformance at which the right to receive fees is finally determined. We\nprovide services in four primary areas:\n\n\n * Private Client Services. We provide comprehensive tax and financial services\nfor individuals and families, addressing complex client matters such as\nmultigenerational wealth, charitable giving and trust and estate planning.\n\n * Business Tax Services. We offer a broad range of scalable, integrated\ntax-related consulting and compliance services for businesses, helping\norganizations with managing their tax planning, compliance and reporting\nneeds.\n\n * Alternative Investment Funds. We deliver comprehensive tax and\nfinancial-related services for alternative investment funds, including family\noffices, funds of funds, hedge funds, private equity funds, venture capital\nfunds and real estate investment trusts.\n\n * Valuation Services. We provide clients with independent valuation expertise\nthat helps clients navigate tax laws and regulations and comply with\nregulatory requirements.\n\nDuring the three months ended March 31, 2026, our revenue increased by 15.7%\nto $240.7 million from $208.1 million during the three months ended March 31,\n2025. Revenue consists of professional services revenue and reimbursable\nexpenses, which primarily include travel and out-of-pocket costs that are\nbillable to clients.\n\nOur busiest periods typically align with U.S. tax filing deadlines,\nparticularly the months leading up to April 15th for individual and corporate\ntax filings and the extension deadlines in October. During these peak times,\nwe typically experience a substantial increase in client engagements and\nworkload, which has historically driven an increase in billable hours and\nrevenue in the first and third quarters of the year.\n\nRevenue by Service Line\n\nWe have built a multidimensional independent advisory firm with the ability to\nprovide differentiated services across tax and financial services to address\nour clients’ most complex challenges. This is reflected in the revenue\ncontribution of our services lines:\n                               Three Months Ended March 31,            \n                               2026                    2025            \n Private Client Services       51.2    %               50.1    %       \n Business Tax Services         33.5    %               34.4    %       \n Alternative Investment Funds  10.4    %               10.7    %       \n Valuation Services            4.9     %               4.8     %       \n\n\nThe percentage of revenue by service line has largely remained stable over the\npast five years.\n\nRevenue by Geographic Region\n\nSince our founding, we have expanded our geographic reach across the United\nStates, serving clients from 27 offices as of March 31, 2026. While our\noffices are primarily situated in major metropolitan areas, our expansive\npresence across the United States allows us to adapt to regional market\nfluctuations and capitalize on localized opportunities. Geographic revenue\ncontribution is derived from the assigned office of each employee working on\nan engagement. This regional allocation typically aligns with the region in\nwhich the client is located, but in some cases, the client may be in a region\ndifferent from the location of the office or employees.\n\nRevenue by U.S. region was:\n          Three Months Ended March 31,            \n          2026                    2025            \n East     42.1    %               39.8    %       \n Central  16.4    %               17.0    %       \n West     41.5    %               43.2    %       \n\n\nClients\n\nClient groups will often comprise multiple client engagements with different\nentities or individuals, such as multiple subsidiaries of an entity, multiple\nprincipals within a single private equity fund or multiple individuals or\ntrusts within a single wealthy family. Across our client groups, we had over\n18,970 client engagements during the three months ended March 31, 2026,\nrepresenting an increase of approximately 2% from the over 18,600 client\nengagements we served during the three months ended March 31, 2025.\n\nOur clients are distributed across a substantial number of individuals,\nwealthy families and trusts and business enterprises within a wide range of\nindustries, including financial services, consumer products, healthcare,\nhospitality, manufacturing, pharmaceutical and biotech, private equity, real\nestate, technology and venture capital. By serving a diverse range of clients\nacross a diverse range of industries, we believe we can capitalize on growth\nopportunities in expanding sectors while offsetting potential slowdowns in\nothers.\n\nPeople Metrics\n\nCompensation represents the largest portion of our operating expenses. As a\nresult, we monitor our total number of employees and growth in employees:\n                         Three Months Ended March 31,        \n                         2026                    2025        \n Managing Directors      323                     312         \n Non-Managing Directors  1,948                   1,897       \n Total Employees         2,271                   2,209       \n\n\nOur workforce, which excludes temporary staff, consists of predominantly\nclient serving professionals, and grew to 2,271 total employees as of March\n31, 2026. During the three months ended March 31, 2026, attrition, excluding\ninvoluntary terminations, increased by 1.5% to 15.7% from 14.2% during the\nthree months ended March 31, 2025.\n\nAs of March 31, 2026, our workforce had a balanced distribution of tenure,\nreflecting a blend of experienced professionals and newer talent. Our 2,271\ntotal employees included 323 Managing Directors as of March 31, 2026.\n\nNon-GAAP Financial Measures\n\nThe following table summarizes the Non-GAAP Financial Measures (along with the\nmost directly comparable GAAP measures) for the periods indicated:\n                                  Three Months Ended March 31,                         \n                                         2026                          2025            \n                                  ($ in thousands)                                     \n Net Income                       $      17,738                 $      50,576          \n Adjusted Net Income((1))                62,858                        55,228          \n EBITDA((1))                             27,180                        55,744          \n Adjusted EBITDA((1))                    72,300                        57,177          \n Revenue                                 240,746                       208,067         \n Net Income Margin                       7.4      %                    24.3     %      \n Adjusted Net Income Margin((1))         26.1     %                    26.5     %      \n Adjusted EBITDA Margin((1))             30.0     %                    27.5     %      \n\n (1)  These are non-GAAP financial measures. See below for a reconciliation to the  \n      most directly comparable GAAP financial measure.                              \n\n\nAdjusted Net Income and Adjusted Net Income Margin\n\nWe define Adjusted Net Income as net income plus expenses related to\ntransaction activities, including costs related to planned mergers,\nacquisitions, and business combinations, non-recurring equity and non-cash\nequity-based compensation expense associated with equity interests that were\nissued in anticipation of, and in connection with, the initial public offering\n(IPO). We define Adjusted Net Income Margin as Adjusted Net Income divided by\nrevenue. We believe Adjusted Net Income and Adjusted Net Income Margin enhance\nan investor’s understanding of our financial and operating performance\nbecause they exclude transaction-related costs allowing for greater\ntransparency into what measures we use in operating our business and measuring\nour performance. In addition, these measures enable comparison of financial\ntrends and results between periods. The following table reflects the\nreconciliation of net income to Adjusted Net Income and Adjusted Net Income\nMargin for each of the periods indicated:\n                                                                          Three Months Ended March 31,                         \n                                                                                 2026                          2025            \n                                                                          ($ in thousands)                                     \n Net Income                                                               $      17,738                 $      50,576          \n Transaction costs((1))                                                          4,049                         1,433           \n Equity-based compensation associated with vesting of Class X Aggregator         41,071                        —               \n Units((2))                                                                                                                    \n Income tax effect of adjustments                                                —                             3,219           \n Adjusted Net Income                                                      $      62,858                 $      55,228          \n Revenue                                                                  $      240,746                $      208,067         \n Net Income Margin                                                               7.4      %                    24.3     %      \n Adjusted Net Income Margin                                                      26.1     %                    26.5     %      \n\n (1)  Transaction costs include certain legal, accounting and consulting costs         \n      incurred related to planned mergers, acquisitions, and business combinations     \n      during the three months ended March 31, 2026 and certain legal, accounting and   \n      consulting costs incurred for public company readiness not eligible for          \n      capitalization and related to the planned restructuring during the three         \n      months ended March 31, 2025.                                                     \n (2)  Equity-based compensation expense associated with the vesting of Class X         \n      Aggregator Units consists of non-cash expenses associated with the vesting of    \n      Class X Aggregator Units, which were part of the Reorganization Transactions.    \n      We recognized $37.5 million of non-cash equity-based compensation expense        \n      associated with Class X Aggregator Units in cost of services and $3.6 million    \n      in sales, general and administrative expense during the three months ended       \n      March 31, 2026.                                                                  \n\n\nEBITDA, Adjusted EBITDA and Adjusted EBITDA Margin\n\nWe define EBITDA as net income plus income tax expense, interest expense, and\ndepreciation and amortization less interest income. We define Adjusted EBITDA\nas EBITDA with adjustments to exclude results from expenses related to\ntransaction activities, including costs related to planned mergers,\nacquisitions, and business combinations, non-recurring equity restructuring\ncosts and non-cash equity-based compensation expense associated with equity\ninterests that were issued in anticipation of, and in connection with, the\nIPO. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.\nThe following table is a reconciliation of net income to EBITDA, Adjusted\nEBITDA and Adjusted EBITDA Margin for each of the periods indicated:\n                                                                          Three Months Ended March 31,                         \n                                                                                 2026                          2025            \n                                                                          ($ in thousands)                                     \n Net Income                                                               $      17,738                 $      50,576          \n Interest income                                                                 (1,879   )                    (1,200   )      \n Interest expense                                                                6,234                         143             \n Depreciation and amortization                                                   2,274                         2,095           \n Income tax expense                                                              2,813                         4,130           \n EBITDA                                                                          27,180                        55,744          \n Transaction costs((1))                                                          4,049                         1,433           \n Equity-based compensation associated with vesting of Class X Aggregator         41,071                        —               \n Units((2))                                                                                                                    \n Adjusted EBITDA                                                          $      72,300                 $      57,177          \n Revenue                                                                  $      240,746                $      208,067         \n Net Income Margin                                                               7.4      %                    24.3     %      \n Adjusted EBITDA Margin                                                          30.0     %                    27.5     %      \n\n (1)  Transaction costs include certain legal, accounting and consulting costs         \n      incurred related to planned mergers, acquisitions and business combinations      \n      during the three months ended March 31, 2026 and certain legal, accounting and   \n      consulting costs incurred for public company readiness not eligible for          \n      capitalization and related to the planned restructuring during the three         \n      months ended March 31, 2025.                                                     \n (2)  Equity-based compensation expense associated with the vesting of Class X         \n      Aggregator Units consists of non-cash expenses associated with the vesting of    \n      Class X Aggregator Units, which were part of the Reorganization Transactions.    \n      We recognized $37.5 million of non-cash equity-based compensation expense        \n      associated with Class X Aggregator Units in cost of services and $3.6 million    \n      in sales, general and administrative expense during the three months ended       \n      March 31, 2026.                                                                  \n\n\nNon-GAAP Financial Measures\n\nWe use certain non-GAAP financial measures to supplement our financial\nmeasures prepared in accordance with accounting principles generally accepted\nin the United States (GAAP), which include EBITDA, Adjusted EBITDA, Adjusted\nEBITDA Margin, Adjusted Net Income and Adjusted Net Income Margin\n(collectively, \"Non-GAAP Financial Measures\"). We believe that the Non-GAAP\nFinancial Measures, when taken collectively, may be helpful to investors\nbecause they provide consistency and comparability with past financial\nperformance. We also believe that the Non-GAAP Financial Measures can enhance\nan investor’s understanding of our financial and operating performance from\nperiod to period, because they exclude certain items relating to income tax\nexpense, interest, depreciation and amortization, equity-based compensation,\nrestructuring costs and transaction costs which are not necessarily reflective\nof our ongoing operations and performance. However, the Non-GAAP Financial\nMeasures are presented for supplemental informational purposes only, have\nlimitations as an analytical tool, and should not be considered in isolation\nor as a substitute for financial information presented in accordance with\nGAAP. Some of the limitations of EBITDA, Adjusted EBITDA and Adjusted EBITDA\nMargin include that they exclude certain tax payments that may reduce cash\navailable to us, do not reflect any cash capital expenditure requirements for\nthe assets being depreciated and amortized that may have to be replaced in the\nfuture, and do not reflect changes in, or cash requirements for, our working\ncapital needs. Some of the limitations of Adjusted Net Income and Adjusted Net\nIncome Margin include that they exclude the impact of expenses related to\ntransaction activities, certain equity restructuring expenses and certain\ncomponents of equity-based compensation.\n\nOther companies, including companies in the professional services industry,\nmay calculate similarly titled non-GAAP financial measures differently or may\nuse other measures to evaluate their performance, any of which could reduce\nthe usefulness of our Non-GAAP Financial Measures as tools for comparison. A\nreconciliation is provided below for each non-GAAP financial measure to the\nmost directly comparable financial measure stated in accordance with GAAP.\nInvestors are encouraged to review the related GAAP financial measures and the\nreconciliation of these Non-GAAP Financial Measures to their most directly\ncomparable GAAP financial measures, and not to rely on any single financial\nmeasure to evaluate our business.\n\nAdditionally, we have relied upon the exception in Item 10(e)(1)(i)(B) of\nRegulation S-K and have not reconciled forward-looking Adjusted EBITDA or\nforward-looking Adjusted EBITDA Margin to its most directly comparable U.S.\nGAAP measure, net income or loss and net income or loss margin, respectively,\nbecause we cannot predict with reasonable certainty the ultimate outcome of\ncertain components of such reconciliations, including market-related\nassumptions and interest rate changes that are not within our control, or\nothers that may arise, without unreasonable effort. For these reasons, we are\nunable to assess the probable significance of the unavailable information,\nwhich could materially impact the amount of future net income or loss.\n\nLiquidity and Capital Resources\n\nHistorically, we have generated sufficient cash to fund our operations,\ncapital expenditures and discretionary funding needs through cash generated\nfrom our operating activities. As of March 31, 2026, cash and cash equivalents\nwere $206.8 million and investments in treasury securities were $5.1 million.\n\nFirst Quarter 2026 Conference Call\n\nAndersen Group Inc. will host a conference call for analysts and investors to\nreview financial results for the first quarter of 2026 on Tuesday, May 12,\n2026 at 5:00 PM Eastern. The call can be accessed live at:\nhttps://event.choruscall.com/mediaframe/webcast.html?webcastid=W1rCDWjj\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevent.choruscall.com%2Fmediaframe%2Fwebcast.html%3Fwebcastid%3DW1rCDWjj&esheet=54532300&newsitemid=20260512024326&lan=en-US&anchor=https%3A%2F%2Fevent.choruscall.com%2Fmediaframe%2Fwebcast.html%3Fwebcastid%3DW1rCDWjj&index=1&md5=31aa4c0feb4a7c5315ece3b4601c98cc)\nand will be available for replay over the internet for six months by logging\nonto the Company’s investor relations website at\nhttps://investor.andersen.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.andersen.com&esheet=54532300&newsitemid=20260512024326&lan=en-US&anchor=https%3A%2F%2Finvestor.andersen.com&index=2&md5=e8d06016d398451cee6a4b2a9618dee3)\n.\n\nAbout Andersen\n\nAndersen is a leading provider of independent tax, valuation and financial\nadvisory services to individuals, family offices, businesses and alternative\ninvestment funds in the United States. Andersen’s differentiated approach to\nclient service is rooted in core values that emphasize stewardship,\ntransparency and the seamless delivery of independent, high-quality service.\nWorldwide, Andersen’s presence spans more than 180 countries through its\nglobal platform of member and collaborating firms delivering tax, legal,\nvaluation and consulting services across more than 1,000 locations with over\n3,000 partners and 50,000 professionals.\n\nSpecial Note Regarding Forward-Looking Statements\n\nThis Press Release includes “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended that involve\nsubstantial risks and uncertainties. All statements other than statements of\nhistorical facts contained in this Press Release, including statements\nregarding our future operating results and financial position; the nature and\ntiming of future acquisitions and business combinations and related\nintegration plans; our planned investments in talent, technology, automation,\nand AI; our business strategy and plans; and our objectives for future\noperations, are forward-looking statements. The words “believe,”\n“may,” “will,” “estimate,” “continue,” “anticipate,”\n“design,” “intend,” “expect,” “could,” “plan,”\n“potential,” “predict,” “seek,” “should,” “would,” or the\nnegative version of these words and similar expressions are intended to\nidentify forward-looking statements. We have based these forward-looking\nstatements on our current expectations and projections about future events and\ntrends that we believe may affect our financial condition, results of\noperations, strategy, short- and long-term business operations and objectives,\nand financial needs. We caution you that the foregoing list may not contain\nall of the forward-looking statements made in this Press Release. These\nforward-looking statements are subject to a number of risks, uncertainties,\nand assumptions, including the risk that: our future results, and the business\nactivities of our clients, may be adversely affected by volatile, negative or\nuncertain economic and geopolitical conditions; an inability to respond to the\nevolving technological environment could materially affect our results of\noperations; the development and use of AI could harm our business, damage our\nreputation or give rise to legal or regulatory action; we may be not able to\nmaintain or increase our historical growth, or effectively manage future\ngrowth; we may not be able to generate or maintain client demand for our\nservices; we may be unable to expand our service offerings; our success\ndepends substantially on the continued services of our CEO, executive team,\nManaging Directors and other key personnel; we may be unable to maintain our\nreputation, brand and firm culture; we may be unable to recruit, train and\nretain qualified professionals, and to staff client engagements; we may be\nsubject to cybersecurity incidents or attacks; we may be held liable for\nalleged errors in providing our services; we may be unable to identify\npotential acquisitions or business combinations or successfully integrate or\nmanage completed acquisitions and business combinations, and those risks,\nuncertainties, and assumptions described in Part I, Item 1A “Risk Factors”\nin our Annual Report on Form 10-K for the year ended December 31, 2025, and in\nother filings we make with the SEC from time to time. Moreover, we operate in\na very competitive and rapidly changing environment. New risks emerge from\ntime to time. It is not possible for our management to predict all risks, nor\ncan we assess the impact of all factors on our business or the extent to which\nany factor, or combination of factors, may cause actual results to differ\nmaterially from those contained in any forward-looking statements we may make.\nIn light of these risks, uncertainties, and assumptions, the forward-looking\nevents and circumstances discussed in this Press Release may not occur and\nactual results could differ materially and adversely from those anticipated or\nimplied in the forward-looking statements.\n\nYou should not rely upon forward-looking statements as predictions of future\nevents. The events and circumstances reflected in the forward-looking\nstatements may not be achieved or occur. Although we believe that the\nexpectations reflected in the forward-looking statements are reasonable, we\ncannot guarantee future results, performance or achievements. You should read\nthis Press Release with the understanding that our actual future results,\nperformance, and events and circumstances may be materially different from\nwhat we expect. The forward-looking statements made in this Press Release are\ngiven only as of the date on which the statements are made. We undertake no\nobligation to update any of these forward-looking statements for any reason\nafter the date of this Press Release or to conform these statements to actual\nresults or to changes in our expectations, except as required by law.\n\nIn addition, statements that “we believe” and similar statements reflect\nour beliefs and opinions on the relevant subject. These statements are based\nupon information available to us as of the date of this Press Release, and\nwhile we believe such information forms a reasonable basis for such\nstatements, such information may be limited or incomplete, and our statements\nshould not be read to indicate that we have conducted an exhaustive inquiry\ninto or review of all potentially available relevant information. These\nstatements are inherently uncertain and investors are cautioned not to unduly\nrely upon these statements.\n                                                                                                                                 \n ANDERSEN GROUP INC. AND SUBSIDIARIES                                                                                            \n \n                                                                                                                               \n \nUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                                      \n \n                                                                                                                               \n \n(in thousands, except share and per share amounts)                                                                             \n                                                                                                                                 \n                                                                       Three Months Ended March 31,                              \n                                                                              2026                               2025            \n Revenue                                                               $      240,746                     $      208,067         \n Operating expenses:                                                                                                             \n Cost of services (excluding depreciation and amortization)                   166,381                            117,963         \n Sales, general and administrative                                            48,011                             35,362          \n Depreciation and amortization                                                2,274                              2,095           \n Total operating expenses                                                     216,666                            155,420         \n Operating income                                                             24,080                             52,647          \n Interest income                                                              1,879                              1,200           \n Interest expense                                                             (6,234        )                    (143     )      \n Other income, net                                                            826                                1,002           \n Income before income tax expense                                             20,551                             54,706          \n Income tax expense                                                           2,813                              4,130           \n Net income                                                            $      17,738                      $      50,576          \n Less: net income attributable to noncontrolling interest              $      17,244                                             \n Net income attributable to Andersen Group Inc.                        $      494                                                \n Net income per share of Class A common stock, basic                   $      0.04                                               \n Weighted-average shares of Class A common stock outstanding, basic           12,650,000                                         \n Net income per share of Class A common stock, diluted                 $      0.03                                               \n Weighted-average shares of Class A common stock outstanding, diluted         14,814,721                                  \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260512024326/en/\n(https://www.businesswire.com/news/home/20260512024326/en/)\n\nGregory Vistica, Managing Director, Investor Relations\n\ngreg.vistica@andersen.com (mailto:greg.vistica@andersen.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw65fT7Ha","title":"Andersen Reports Strong First-Quarter of 2026 Financial Results and Updates Full-Year Guidance","author":"Business Wire","ticker":"ANDG","created":"2026-05-12T20:15:00.192Z","tickers":["ANDG"],"exchange":"NYSE","article_body":"Andersen Reports Strong First-Quarter of 2026 Financial Results and Updates\nFull-Year Guidance\n\nAndersen Group Inc. (NYSE: ANDG) today released financial results for the\nfirst quarter ended March 31, 2026.\n\nAndersen continued to deliver strong top-line growth with first-quarter\nrevenue of $240.7 million up 15.7%, compared with $208.1 million in the prior\nyear quarter. Higher revenue in the first quarter of 2026 was supported by\nclient growth, higher volume and service line expansion. There were no large\none-time first-quarter 2026 revenue items, and all of our service lines grew\nrevenue in the first quarter of 2026. Higher equity-based compensation\nexpenses of $41.1 million led to net income of $17.7 million in the\nfirst-quarter of 2026 compared with $50.6 million in the prior year quarter.\nAdjusted net income for the first-quarter of 2026 was $62.9 million as\ncompared with $55.2 million in the prior year quarter.\n\n\n * First Quarter 2026: Andersen delivered a strong first quarter, driven by\ndemand across core services, with consistent revenue growth in the Tax\npractice and accelerating momentum in Andersen Consulting.\n\n * First-Quarter 2026 Revenue: $240.7 million, up 15.7% compared with $208.1\nmillion in first-quarter 2025.\n\n * First-Quarter 2026 Earnings per share (EPS) basic were $0.04 and EPS diluted\nwere $0.03.\n\n * Second-Quarter 2026 Guidance: Revenue expected to be in the range of\napproximately $190 million to $205 million, equating to a growth rate of\napproximately 13%, with a projected net loss and negative EPS due to\nseasonality.\n\n * Updated 2026 Full-Year Guidance: Revenue expected to be in the range of\napproximately $980 million to $1 billion, equating to a growth rate of\napproximately 18%, including inorganic revenue of approximately $55 million;\nAdjusted EBITDA projected in the range of approximately $225 million to $250\nmillion with Adjusted EBITDA margins in the range of approximately 23% to 25%.\n\n * Strategic Investment Focus: 2026 will reflect continued investment in talent,\ntechnology, automation, AI, and integration of firms to be acquired during the\nyear, resulting in an anticipated positive net income and EPS for the full\nyear.\n\n * Long-Term Growth: Positioned for sustained revenue growth and expanding\nmargins, supported by a large addressable market, strong competitive\npositioning, scalable operating model, and selective inorganic expansion.\n\n * Commitment to Shareholder Value: Maintaining flexibility to deploy capital\nstrategically to strengthen and expand the multi-dimensional platform, and\nenhance long-term shareholder value.\n\nMark L. Vorsatz, Global Chairman and CEO of Andersen, said:\n\n“Our first-quarter results reflect the strength of our platform and the\nmomentum across the business,” said Mark Vorsatz, Global Chairman and CEO of\nAndersen. “We are generating consistent, organic growth throughout all\nservice lines, supported by our integrated global platform and our ability to\ndeliver coordinated, cross-border solutions.”\n\nRecent Developments—Inorganic Growth Opportunities\n\nAndersen’s relationships with over 400 Andersen Global and Andersen\nConsulting member and collaborating firms provide opportunities for domestic\nand international expansion through closer partnerships and, future\nacquisitions and business combinations. In May 2026, the Company announced it\nclosed the acquisition of tax firms in Ireland and New Zealand, a tax firm and\na consulting firm in Nigeria, and a tax firm and a law firm in Uruguay,\nexpanding its presence across key developed and high-growth markets as it\ncontinues to scale its global platform. In addition, Andersen signed\nagreements for the acquisition of a tax firm in Switzerland and a business\ncombination in Canada, both expected to close in the third quarter of 2026.\n\nKey Financial and Operational Metrics\n\nWe monitor the following key financial and business metrics to evaluate our\nbusiness, measure our performance and make strategic decisions:\n                         Three Months Ended March 31,              \n                                 2026                     20 \n                                                          25 \n Revenue:                                                          \n Revenue (in thousands)  $       240,746          $       208,067  \n Clients:                                                          \n Client groups                   10,870                   10,500   \n Client engagements              18,970                   18,600   \n People Metrics:                                                   \n Employees                       2,271                    2,209    \n\n\nComponents of Revenue\n\nWe generate our revenue from providing tax and financial advisory services to\nour clients. During the three months ended March 31, 2026 and 2025, the\nsubstantial majority of our revenue was generated on a time and materials\nbasis and, to a lesser extent, on a fixed fee basis and contingent fee basis.\nIn the future, our revenue and profitability could vary materially depending\non changes in the nature of services provided, as well as the stage of\nperformance at which the right to receive fees is finally determined. We\nprovide services in four primary areas:\n\n\n * Private Client Services. We provide comprehensive tax and financial services\nfor individuals and families, addressing complex client matters such as\nmultigenerational wealth, charitable giving and trust and estate planning.\n\n * Business Tax Services. We offer a broad range of scalable, integrated\ntax-related consulting and compliance services for businesses, helping\norganizations with managing their tax planning, compliance and reporting\nneeds.\n\n * Alternative Investment Funds. We deliver comprehensive tax and\nfinancial-related services for alternative investment funds, including family\noffices, funds of funds, hedge funds, private equity funds, venture capital\nfunds and real estate investment trusts.\n\n * Valuation Services. We provide clients with independent valuation expertise\nthat helps clients navigate tax laws and regulations and comply with\nregulatory requirements.\n\nDuring the three months ended March 31, 2026, our revenue increased by 15.7%\nto $240.7 million from $208.1 million during the three months ended March 31,\n2025. Revenue consists of professional services revenue and reimbursable\nexpenses, which primarily include travel and out-of-pocket costs that are\nbillable to clients.\n\nOur busiest periods typically align with U.S. tax filing deadlines,\nparticularly the months leading up to April 15th for individual and corporate\ntax filings and the extension deadlines in October. During these peak times,\nwe typically experience a substantial increase in client engagements and\nworkload, which has historically driven an increase in billable hours and\nrevenue in the first and third quarters of the year.\n\nRevenue by Service Line\n\nWe have built a multidimensional independent advisory firm with the ability to\nprovide differentiated services across tax and financial services to address\nour clients’ most complex challenges. This is reflected in the revenue\ncontribution of our services lines:\n                               Three Months Ended March 31,            \n                               2026                    2025            \n Private Client Services       51.2    %               50.1    %       \n Business Tax Services         33.5    %               34.4    %       \n Alternative Investment Funds  10.4    %               10.7    %       \n Valuation Services            4.9     %               4.8     %       \n\n\nThe percentage of revenue by service line has largely remained stable over the\npast five years.\n\nRevenue by Geographic Region\n\nSince our founding, we have expanded our geographic reach across the United\nStates, serving clients from 27 offices as of March 31, 2026. While our\noffices are primarily situated in major metropolitan areas, our expansive\npresence across the United States allows us to adapt to regional market\nfluctuations and capitalize on localized opportunities. Geographic revenue\ncontribution is derived from the assigned office of each employee working on\nan engagement. This regional allocation typically aligns with the region in\nwhich the client is located, but in some cases, the client may be in a region\ndifferent from the location of the office or employees.\n\nRevenue by U.S. region was:\n          Three Months Ended March 31,            \n          2026                    2025            \n East     42.1    %               39.8    %       \n Central  16.4    %               17.0    %       \n West     41.5    %               43.2    %       \n\n\nClients\n\nClient groups will often comprise multiple client engagements with different\nentities or individuals, such as multiple subsidiaries of an entity, multiple\nprincipals within a single private equity fund or multiple individuals or\ntrusts within a single wealthy family. Across our client groups, we had over\n18,970 client engagements during the three months ended March 31, 2026,\nrepresenting an increase of approximately 2% from the over 18,600 client\nengagements we served during the three months ended March 31, 2025.\n\nOur clients are distributed across a substantial number of individuals,\nwealthy families and trusts and business enterprises within a wide range of\nindustries, including financial services, consumer products, healthcare,\nhospitality, manufacturing, pharmaceutical and biotech, private equity, real\nestate, technology and venture capital. By serving a diverse range of clients\nacross a diverse range of industries, we believe we can capitalize on growth\nopportunities in expanding sectors while offsetting potential slowdowns in\nothers.\n\nPeople Metrics\n\nCompensation represents the largest portion of our operating expenses. As a\nresult, we monitor our total number of employees and growth in employees:\n                         Three Months Ended March 31,        \n                         2026                    2025        \n Managing Directors      323                     312         \n Non-Managing Directors  1,948                   1,897       \n Total Employees         2,271                   2,209       \n\n\nOur workforce, which excludes temporary staff, consists of predominantly\nclient serving professionals, and grew to 2,271 total employees as of March\n31, 2026. During the three months ended March 31, 2026, attrition, excluding\ninvoluntary terminations, increased by 1.5% to 15.7% from 14.2% during the\nthree months ended March 31, 2025.\n\nAs of March 31, 2026, our workforce had a balanced distribution of tenure,\nreflecting a blend of experienced professionals and newer talent. Our 2,271\ntotal employees included 323 Managing Directors as of March 31, 2026.\n\nNon-GAAP Financial Measures\n\nThe following table summarizes the Non-GAAP Financial Measures (along with the\nmost directly comparable GAAP measures) for the periods indicated:\n                                  Three Months Ended March 31,                         \n                                         2026                          2025            \n                                  ($ in thousands)                                     \n Net Income                       $      17,738                 $      50,576          \n Adjusted Net Income((1))                62,858                        55,228          \n EBITDA((1))                             27,180                        55,744          \n Adjusted EBITDA((1))                    72,300                        57,177          \n Revenue                                 240,746                       208,067         \n Net Income Margin                       7.4      %                    24.3     %      \n Adjusted Net Income Margin((1))         26.1     %                    26.5     %      \n Adjusted EBITDA Margin((1))             30.0     %                    27.5     %      \n\n (1)  These are non-GAAP financial measures. See below for a reconciliation to the  \n      most directly comparable GAAP financial measure.                              \n\n\nAdjusted Net Income and Adjusted Net Income Margin\n\nWe define Adjusted Net Income as net income plus expenses related to\ntransaction activities, including costs related to planned mergers,\nacquisitions, and business combinations, non-recurring equity and non-cash\nequity-based compensation expense associated with equity interests that were\nissued in anticipation of, and in connection with, the initial public offering\n(IPO). We define Adjusted Net Income Margin as Adjusted Net Income divided by\nrevenue. We believe Adjusted Net Income and Adjusted Net Income Margin enhance\nan investor’s understanding of our financial and operating performance\nbecause they exclude transaction-related costs allowing for greater\ntransparency into what measures we use in operating our business and measuring\nour performance. In addition, these measures enable comparison of financial\ntrends and results between periods. The following table reflects the\nreconciliation of net income to Adjusted Net Income and Adjusted Net Income\nMargin for each of the periods indicated:\n                                                                          Three Months Ended March 31,                         \n                                                                                 2026                          2025            \n                                                                          ($ in thousands)                                     \n Net Income                                                               $      17,738                 $      50,576          \n Transaction costs((1))                                                          4,049                         1,433           \n Equity-based compensation associated with vesting of Class X Aggregator         41,071                        —               \n Units((2))                                                                                                                    \n Income tax effect of adjustments                                                —                             3,219           \n Adjusted Net Income                                                      $      62,858                 $      55,228          \n Revenue                                                                  $      240,746                $      208,067         \n Net Income Margin                                                               7.4      %                    24.3     %      \n Adjusted Net Income Margin                                                      26.1     %                    26.5     %      \n\n (1)  Transaction costs include certain legal, accounting and consulting costs         \n      incurred related to planned mergers, acquisitions, and business combinations     \n      during the three months ended March 31, 2026 and certain legal, accounting and   \n      consulting costs incurred for public company readiness not eligible for          \n      capitalization and related to the planned restructuring during the three         \n      months ended March 31, 2025.                                                     \n (2)  Equity-based compensation expense associated with the vesting of Class X         \n      Aggregator Units consists of non-cash expenses associated with the vesting of    \n      Class X Aggregator Units, which were part of the Reorganization Transactions.    \n      We recognized $37.5 million of non-cash equity-based compensation expense        \n      associated with Class X Aggregator Units in cost of services and $3.6 million    \n      in sales, general and administrative expense during the three months ended       \n      March 31, 2026.                                                                  \n\n\nEBITDA, Adjusted EBITDA and Adjusted EBITDA Margin\n\nWe define EBITDA as net income plus income tax expense, interest expense, and\ndepreciation and amortization less interest income. We define Adjusted EBITDA\nas EBITDA with adjustments to exclude results from expenses related to\ntransaction activities, including costs related to planned mergers,\nacquisitions, and business combinations, non-recurring equity restructuring\ncosts and non-cash equity-based compensation expense associated with equity\ninterests that were issued in anticipation of, and in connection with, the\nIPO. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.\nThe following table is a reconciliation of net income to EBITDA, Adjusted\nEBITDA and Adjusted EBITDA Margin for each of the periods indicated:\n                                                                          Three Months Ended March 31,                         \n                                                                                 2026                          2025            \n                                                                          ($ in thousands)                                     \n Net Income                                                               $      17,738                 $      50,576          \n Interest income                                                                 (1,879   )                    (1,200   )      \n Interest expense                                                                6,234                         143             \n Depreciation and amortization                                                   2,274                         2,095           \n Income tax expense                                                              2,813                         4,130           \n EBITDA                                                                          27,180                        55,744          \n Transaction costs((1))                                                          4,049                         1,433           \n Equity-based compensation associated with vesting of Class X Aggregator         41,071                        —               \n Units((2))                                                                                                                    \n Adjusted EBITDA                                                          $      72,300                 $      57,177          \n Revenue                                                                  $      240,746                $      208,067         \n Net Income Margin                                                               7.4      %                    24.3     %      \n Adjusted EBITDA Margin                                                          30.0     %                    27.5     %      \n\n (1)  Transaction costs include certain legal, accounting and consulting costs         \n      incurred related to planned mergers, acquisitions and business combinations      \n      during the three months ended March 31, 2026 and certain legal, accounting and   \n      consulting costs incurred for public company readiness not eligible for          \n      capitalization and related to the planned restructuring during the three         \n      months ended March 31, 2025.                                                     \n (2)  Equity-based compensation expense associated with the vesting of Class X         \n      Aggregator Units consists of non-cash expenses associated with the vesting of    \n      Class X Aggregator Units, which were part of the Reorganization Transactions.    \n      We recognized $37.5 million of non-cash equity-based compensation expense        \n      associated with Class X Aggregator Units in cost of services and $3.6 million    \n      in sales, general and administrative expense during the three months ended       \n      March 31, 2026.                                                                  \n\n\nNon-GAAP Financial Measures\n\nWe use certain non-GAAP financial measures to supplement our financial\nmeasures prepared in accordance with accounting principles generally accepted\nin the United States (GAAP), which include EBITDA, Adjusted EBITDA, Adjusted\nEBITDA Margin, Adjusted Net Income and Adjusted Net Income Margin\n(collectively, \"Non-GAAP Financial Measures\"). We believe that the Non-GAAP\nFinancial Measures, when taken collectively, may be helpful to investors\nbecause they provide consistency and comparability with past financial\nperformance. We also believe that the Non-GAAP Financial Measures can enhance\nan investor’s understanding of our financial and operating performance from\nperiod to period, because they exclude certain items relating to income tax\nexpense, interest, depreciation and amortization, equity-based compensation,\nrestructuring costs and transaction costs which are not necessarily reflective\nof our ongoing operations and performance. However, the Non-GAAP Financial\nMeasures are presented for supplemental informational purposes only, have\nlimitations as an analytical tool, and should not be considered in isolation\nor as a substitute for financial information presented in accordance with\nGAAP. Some of the limitations of EBITDA, Adjusted EBITDA and Adjusted EBITDA\nMargin include that they exclude certain tax payments that may reduce cash\navailable to us, do not reflect any cash capital expenditure requirements for\nthe assets being depreciated and amortized that may have to be replaced in the\nfuture, and do not reflect changes in, or cash requirements for, our working\ncapital needs. Some of the limitations of Adjusted Net Income and Adjusted Net\nIncome Margin include that they exclude the impact of expenses related to\ntransaction activities, certain equity restructuring expenses and certain\ncomponents of equity-based compensation.\n\nOther companies, including companies in the professional services industry,\nmay calculate similarly titled non-GAAP financial measures differently or may\nuse other measures to evaluate their performance, any of which could reduce\nthe usefulness of our Non-GAAP Financial Measures as tools for comparison. A\nreconciliation is provided below for each non-GAAP financial measure to the\nmost directly comparable financial measure stated in accordance with GAAP.\nInvestors are encouraged to review the related GAAP financial measures and the\nreconciliation of these Non-GAAP Financial Measures to their most directly\ncomparable GAAP financial measures, and not to rely on any single financial\nmeasure to evaluate our business.\n\nAdditionally, we have relied upon the exception in Item 10(e)(1)(i)(B) of\nRegulation S-K and have not reconciled forward-looking Adjusted EBITDA or\nforward-looking Adjusted EBITDA Margin to its most directly comparable U.S.\nGAAP measure, net income or loss and net income or loss margin, respectively,\nbecause we cannot predict with reasonable certainty the ultimate outcome of\ncertain components of such reconciliations, including market-related\nassumptions and interest rate changes that are not within our control, or\nothers that may arise, without unreasonable effort. For these reasons, we are\nunable to assess the probable significance of the unavailable information,\nwhich could materially impact the amount of future net income or loss.\n\nLiquidity and Capital Resources\n\nHistorically, we have generated sufficient cash to fund our operations,\ncapital expenditures and discretionary funding needs through cash generated\nfrom our operating activities. As of March 31, 2026, cash and cash equivalents\nwere $206.8 million and investments in treasury securities were $5.1 million.\n\nFirst Quarter 2026 Conference Call\n\nAndersen Group Inc. will host a conference call for analysts and investors to\nreview financial results for the first quarter of 2026 on Tuesday, May 12,\n2026 at 5:00 PM Eastern. The call can be accessed live at:\nhttps://event.choruscall.com/mediaframe/webcast.html?webcastid=W1rCDWjj\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevent.choruscall.com%2Fmediaframe%2Fwebcast.html%3Fwebcastid%3DW1rCDWjj&esheet=54532300&newsitemid=20260512024326&lan=en-US&anchor=https%3A%2F%2Fevent.choruscall.com%2Fmediaframe%2Fwebcast.html%3Fwebcastid%3DW1rCDWjj&index=1&md5=31aa4c0feb4a7c5315ece3b4601c98cc)\nand will be available for replay over the internet for six months by logging\nonto the Company’s investor relations website at\nhttps://investor.andersen.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.andersen.com&esheet=54532300&newsitemid=20260512024326&lan=en-US&anchor=https%3A%2F%2Finvestor.andersen.com&index=2&md5=e8d06016d398451cee6a4b2a9618dee3)\n.\n\nAbout Andersen\n\nAndersen is a leading provider of independent tax, valuation and financial\nadvisory services to individuals, family offices, businesses and alternative\ninvestment funds in the United States. Andersen’s differentiated approach to\nclient service is rooted in core values that emphasize stewardship,\ntransparency and the seamless delivery of independent, high-quality service.\nWorldwide, Andersen’s presence spans more than 180 countries through its\nglobal platform of member and collaborating firms delivering tax, legal,\nvaluation and consulting services across more than 1,000 locations with over\n3,000 partners and 50,000 professionals.\n\nSpecial Note Regarding Forward-Looking Statements\n\nThis Press Release includes “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended that involve\nsubstantial risks and uncertainties. All statements other than statements of\nhistorical facts contained in this Press Release, including statements\nregarding our future operating results and financial position; the nature and\ntiming of future acquisitions and business combinations and related\nintegration plans; our planned investments in talent, technology, automation,\nand AI; our business strategy and plans; and our objectives for future\noperations, are forward-looking statements. The words “believe,”\n“may,” “will,” “estimate,” “continue,” “anticipate,”\n“design,” “intend,” “expect,” “could,” “plan,”\n“potential,” “predict,” “seek,” “should,” “would,” or the\nnegative version of these words and similar expressions are intended to\nidentify forward-looking statements. We have based these forward-looking\nstatements on our current expectations and projections about future events and\ntrends that we believe may affect our financial condition, results of\noperations, strategy, short- and long-term business operations and objectives,\nand financial needs. We caution you that the foregoing list may not contain\nall of the forward-looking statements made in this Press Release. These\nforward-looking statements are subject to a number of risks, uncertainties,\nand assumptions, including the risk that: our future results, and the business\nactivities of our clients, may be adversely affected by volatile, negative or\nuncertain economic and geopolitical conditions; an inability to respond to the\nevolving technological environment could materially affect our results of\noperations; the development and use of AI could harm our business, damage our\nreputation or give rise to legal or regulatory action; we may be not able to\nmaintain or increase our historical growth, or effectively manage future\ngrowth; we may not be able to generate or maintain client demand for our\nservices; we may be unable to expand our service offerings; our success\ndepends substantially on the continued services of our CEO, executive team,\nManaging Directors and other key personnel; we may be unable to maintain our\nreputation, brand and firm culture; we may be unable to recruit, train and\nretain qualified professionals, and to staff client engagements; we may be\nsubject to cybersecurity incidents or attacks; we may be held liable for\nalleged errors in providing our services; we may be unable to identify\npotential acquisitions or business combinations or successfully integrate or\nmanage completed acquisitions and business combinations, and those risks,\nuncertainties, and assumptions described in Part I, Item 1A “Risk Factors”\nin our Annual Report on Form 10-K for the year ended December 31, 2025, and in\nother filings we make with the SEC from time to time. Moreover, we operate in\na very competitive and rapidly changing environment. New risks emerge from\ntime to time. It is not possible for our management to predict all risks, nor\ncan we assess the impact of all factors on our business or the extent to which\nany factor, or combination of factors, may cause actual results to differ\nmaterially from those contained in any forward-looking statements we may make.\nIn light of these risks, uncertainties, and assumptions, the forward-looking\nevents and circumstances discussed in this Press Release may not occur and\nactual results could differ materially and adversely from those anticipated or\nimplied in the forward-looking statements.\n\nYou should not rely upon forward-looking statements as predictions of future\nevents. The events and circumstances reflected in the forward-looking\nstatements may not be achieved or occur. Although we believe that the\nexpectations reflected in the forward-looking statements are reasonable, we\ncannot guarantee future results, performance or achievements. You should read\nthis Press Release with the understanding that our actual future results,\nperformance, and events and circumstances may be materially different from\nwhat we expect. The forward-looking statements made in this Press Release are\ngiven only as of the date on which the statements are made. We undertake no\nobligation to update any of these forward-looking statements for any reason\nafter the date of this Press Release or to conform these statements to actual\nresults or to changes in our expectations, except as required by law.\n\nIn addition, statements that “we believe” and similar statements reflect\nour beliefs and opinions on the relevant subject. These statements are based\nupon information available to us as of the date of this Press Release, and\nwhile we believe such information forms a reasonable basis for such\nstatements, such information may be limited or incomplete, and our statements\nshould not be read to indicate that we have conducted an exhaustive inquiry\ninto or review of all potentially available relevant information. These\nstatements are inherently uncertain and investors are cautioned not to unduly\nrely upon these statements.\n                                                                                                                                 \n ANDERSEN GROUP INC. AND SUBSIDIARIES                                                                                            \n \n                                                                                                                               \n \nUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                                      \n \n                                                                                                                               \n \n(in thousands, except share and per share amounts)                                                                             \n                                                                                                                                 \n                                                                       Three Months Ended March 31,                              \n                                                                              2026                               2025            \n Revenue                                                               $      240,746                     $      208,067         \n Operating expenses:                                                                                                             \n Cost of services (excluding depreciation and amortization)                   166,381                            117,963         \n Sales, general and administrative                                            48,011                             35,362          \n Depreciation and amortization                                                2,274                              2,095           \n Total operating expenses                                                     216,666                            155,420         \n Operating income                                                             24,080                             52,647          \n Interest income                                                              1,879                              1,200           \n Interest expense                                                             (6,234        )                    (143     )      \n Other income, net                                                            826                                1,002           \n Income before income tax expense                                             20,551                             54,706          \n Income tax expense                                                           2,813                              4,130           \n Net income                                                            $      17,738                      $      50,576          \n Less: net income attributable to noncontrolling interest              $      17,244                                             \n Net income attributable to Andersen Group Inc.                        $      494                                                \n Net income per share of Class A common stock, basic                   $      0.04                                               \n Weighted-average shares of Class A common stock outstanding, basic           12,650,000                                         \n Net income per share of Class A common stock, diluted                 $      0.03                                               \n Weighted-average shares of Class A common stock outstanding, diluted         14,814,721                                  \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260512024326/en/\n(https://www.businesswire.com/news/home/20260512024326/en/)\n\nGregory Vistica, Managing Director, Investor Relations\n\ngreg.vistica@andersen.com (mailto:greg.vistica@andersen.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-12T20:15:00.252220027Z","server_sent_at_ms":1778616900252},"received_at":"2026-05-12T20:15:00.443Z","source_url":"https://www.businesswire.com/news/home/20260512024326/en/"},"analysis":null,"durationMs":null,"modelName":null}}