Key Highlights

● Second-quarter revenue rose 23.7 per cent year over year to $217.7 million.

● Adjusted EBITDA was $46.0 million, a 21.1 per cent margin for the quarter.

● The company recorded a net loss of $10.1 million on equity-based compensation.

● Management reaffirmed 2026 guidance of $980 million to $1 billion in revenue.

The company reported second-quarter results on 12 August 2026. Revenue was $217.7 million, up 23.7 per cent from $176.0 million, and first-half revenue was $458.4 million, up 19.4 per cent. On the earnings call, management cited organic growth of about 20.5 per cent. Adjusted EBITDA was $46.0 million, a 21.1 per cent margin, and $122.8 million for the half, a 26.8 per cent margin. Reported profit tells a different story. The company recorded a second-quarter net loss of $10.1 million, or $0.09 per diluted share, although net loss attributable to Andersen Group Inc. (NYSE:ANDG) was $1.0 million. Equity-based compensation was $48.3 million, against $129.6 million a year earlier. Chief executive Mark Vorsatz attributed the reported loss to non-cash equity compensation. The company also changed its non-GAAP definitions in the quarter to include all non-cash equity compensation, saying the effect on earlier figures is not material while acknowledging it affects comparability.

Business Mix and People

Private Client Services contributed 47.1 per cent of second-quarter revenue and Business Tax Services 39.2 per cent, with Alternative Investment Funds at 8.1 per cent and Valuation Services at 5.6 per cent. The company served 13,500 client groups, up from 11,300, with 23,800 client engagements against 20,600, and employed 2,690 people, including 349 Managing Directors. U.S. attrition was 15.7 per cent, compared with 14.2 per cent at the end of 2025, which is relevant because the release itself lists talent retention among its risks. Revenue is mostly time-and-materials, and tax deadlines drive heavier workloads in the first and third quarters, so single-quarter margins can swing. By region, U.S. West accounted for 41.1 per cent of second-quarter revenue and international operations for 2.5 per cent.

Acquisitions and Guidance

Management reaffirmed 2026 guidance for revenue of about $980 million to $1 billion and adjusted EBITDA of $225 million to $250 million, and said it expects a return to full-year net income. The company closed acquisitions in Ireland, New Zealand, Nigeria and Uruguay during the second quarter, a Swiss tax firm and a Canadian business combination in the third, and expects eight further deals to close in the fourth quarter, subject to conditions. According to a secondary summary of the call, expected 2026 revenue from acquisitions was lowered to roughly $25 million to $30 million from $55 million because of regulatory and structuring delays. Management also said more than 500 employees had been trained in its internal artificial intelligence programme and described the technology as a tailwind, with human oversight retained. Cash and equivalents were $175.6 million at 30 June.

A Short Trading History Adds to the Uncertainty

Andersen Group's growth came from both organic gains and a string of acquisitions across Ireland, New Zealand, Nigeria, Uruguay, Switzerland and Canada, though expected 2026 acquisition revenue was trimmed to $25-30 million from $55 million on regulatory delays. With the company's December 2025 initial public offering giving it only a short reporting history, and equity compensation still swinging GAAP results between losses and modest profit, the gap between reported and adjusted figures is likely to remain the main thing to track.