$ANDG

Andersen Group Inc.

CIK:0002065708|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 217,658	$ 175,991	$ 458,404	$ 384,058
Operating expenses:
Cost of services (excluding depreciation and amortization)	173,554	225,243	339,935	343,206
Sales, general and administrative	50,504	53,879	98,515	89,241
Depreciation and amortization	2,522	2,036	4,796	4,131
Total operating expenses	226,580	281,158	443,246	436,578
Operating (loss) income	(8,922)	(105,167)	15,158	(52,520)
Interest income	1,497	1,030	3,376	2,230
Interest expense	(5,887)	(104)	(12,121)	(247)
Other income, net	3,145	1,291	3,971	2,293
(Loss) income before income tax (benefit) expense	(10,167)	(102,950)	10,384	(48,244)
Income tax (benefit) expense	(73)	(6,967)	2,740	(2,837)
Net (loss) income	(10,094)	$ (95,983)	7,644	$ (45,407)
Less: net (loss) income attributable to noncontrolling interest	(9,086)		8,158
Net loss attributable to Andersen Group Inc.	$ (1,008)		$ (514)
Net loss per share of Class A common stock, basic (in dollars per share)	$ (0.08)		$ (0.04)
Net loss per share of Class A common stock, diluted (in dollars per share)	$ (0.09)		$ (0.04)
Weighted-average shares of Class A common stock outstanding, basic (in shares)	13,261,049		12,957,213
Weighted-average shares of Class A common stock outstanding, diluted (in shares)	13,261,049		12,957,213
Class A Common Stock
Operating expenses:
Net loss per share of Class A common stock, basic (in dollars per share)	$ (0.08)		$ (0.04)
Net loss per share of Class A common stock, diluted (in dollars per share)	$ (0.09)		$ (0.04)
Weighted-average shares of Class A common stock outstanding, basic (in shares)	13,261,049		12,957,213
Weighted-average shares of Class A common stock outstanding, diluted (in shares)	13,261,049		12,957,213

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (10,094)	$ (95,983)	$ 7,644	$ (45,407)
Adjustments to reconcile net income (loss) with net cash provided by operating activities:
Gain on reversal of legal accrual			0	(9,455)
Equity-based compensation			93,884	129,559
Depreciation and amortization			4,796	4,131
Non-cash lease expense			7,073	6,080
Provision for credit losses on accounts receivable			2,587	(931)	$ (1,198)
Amortization of discount on held-to-maturity debt securities			(35)	(316)
Deferred income tax			(125)	(721)
Reserves on loans and notes receivable from related parties			74	1,164
Gain on bargain purchase			(1,383)	0
Other, net			170	92
Changes in operating assets and liabilities:
Accounts receivable			(62,076)	(36,717)
Prepaid expenses and other current assets			(7,736)	(5,982)
Other assets			(5)	0
Accounts payable and other accrued expenses			2,550	6,441
Accrued payroll and benefits			(3,930)	12,784
Deferred revenue			22,082	14,710
Other current liabilities			671	(5,690)
Operating lease liabilities			(2,080)	(7,705)
Other liabilities			1,654	(162)
Net cash provided by operating activities			65,815	61,875
Cash flows from investing activities:
Proceeds from maturity of held-to-maturity debt securities			6,144	19,579
Issuance of loans and notes receivable from related parties			(850)	(2,027)
Proceeds from loans and notes receivable from related parties			408	1,295
Payments for purchases of property and equipment			(12,764)	(2,867)
Payments for capitalized internal-use software costs			(395)	(376)
Cash acquired, net of cash paid for business combinations			765	0
Net cash (used in) provided by investing activities			(6,692)	15,604
Cash flows from financing activities:
Payments of deferred offering costs			(1,209)	(3,633)
Principal payments under finance lease obligations			(34)	(44)
Principal payments on notes payable to related parties			(48,925)	0
Distributions paid			(83,556)	(82,050)
Deferred consideration payments for business combination			0	(800)
Net cash used in financing activities			(133,724)	(86,527)
Effect of exchange rate changes on cash and cash equivalents			(48)	0
Net change in cash and cash equivalents			(74,649)	(9,048)
Cash and cash equivalents at beginning of period			250,280	87,993	87,993
Cash and cash equivalents at end of period	$ 175,631	$ 78,945	175,631	78,945	$ 250,280
Non-cash investing and financing transactions
Property and equipment acquired through finance leases			304	14
Right-of-use assets obtained in exchange for lease liabilities (including remeasurements)			2,025	2,191
Purchases of property and equipment included in accounts payable and other accrued expenses			335	0
Reclassification of redeemable noncontrolling interest from temporary equity into permanent equity			804,297	0
Deferred consideration payments payable for business combinations			$ 6,421	$ 0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 175,631	$ 250,280
Accounts receivable, net of allowance for credit losses of $3,977 and $1,676, respectively	189,371	123,418
Loans and notes receivable from related parties, net of allowance for credit losses of $2,887 and $2,513, respectively	$ 302	$ 473
Financing Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party	Related Party
Investments in held-to-maturity debt securities, current	$ 2,070	$ 8,179
Prepaid expenses and other current assets	38,067	29,688
Total current assets	405,441	412,038
Loans and notes receivable from related parties, net of allowance for credit losses of $3,922 and $8,222, respectively	990	440
Property and equipment, net	44,389	35,695
Operating lease right-of-use assets	79,864	82,104
Intangible assets, net	6,226	2,543
Goodwill	32,326	30,078
Other assets	2,251	2,242
Total assets	571,487	565,140
Current liabilities:
Accounts payable and other accrued expenses	14,601	11,998
Accrued payroll and benefits	43,376	46,332
Deferred revenue	34,880	12,522
Distributions payable to related parties	10,886	52,745
Operating lease liabilities, current	9,686	3,958
Notes payable to related parties, current portion	$ 55,391	$ 62,340
Notes Payable, Current, Related Party [Extensible Enumeration]	Related Party	Related Party
Other current liabilities	$ 16,643	$ 5,912
Total current liabilities	185,463	195,807
Operating lease liabilities, noncurrent	103,374	106,448
Notes payable to related parties, less current portion	$ 245,843	$ 287,745
Notes Payable, Noncurrent, Related Party [Extensible Enumeration]	Related Party	Related Party
Other liabilities	$ 5,353	$ 3,517
Total liabilities	540,033	593,517
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest (Note 10)	0	106,354
Stockholders' equity (deficit):
Preferred stock, par value $0.0001 per share: 100,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in-capital	6,215	0
Accumulated deficit	(781,509)	(134,742)
Total stockholders' deficit attributable to Andersen Group Inc.	(775,283)	(134,731)
Noncontrolling interest (Note 10)	806,737	0
Total stockholders' equity (deficit)	31,454	(134,731)
Total liabilities, redeemable noncontrolling interest and stockholders' equity (deficit)	571,487	565,140
Class A Common Stock
Stockholders' equity (deficit):
Common stock, value	1	1
Class B Common Stock
Stockholders' equity (deficit):
Common stock, value	$ 10	$ 10