Envestnet (NYSE:ENV), a leading provider of intelligent systems for wealth management and financial wellness, has reported a significant 11% increase in total revenue for the second quarter of 2024.
The company's revenue reached $348.3 million, up from $312.4 million in the same period last year.
However, despite the positive revenue growth, Envestnet experienced a substantial increase in its net loss.
The company reported a net loss attributable to Envestnet of $79.2 million, or $1.44 per diluted share, marking a significant rise from the $21.4 million net loss, or $0.39 per diluted share, recorded in Q2 2023.
On a more positive note, the company's adjusted EBITDA showed a robust increase of 39%, rising to $77.8 million for the second quarter of 2024, compared to $56 million for the same quarter in the previous year.
As of June 30, 2024, Envestnet reported holding $122 million in cash and cash equivalents, with $892.5 million in outstanding debt.