PWP Q1 revenues plunge 30% to $148.9M on client losses; operating loss of $12.9M

Filed May 1, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 2, 2025 · ~1 min read

Key Changes

• high

  Revenues fell 30% YoY to $148.9M as advisory clients dropped from 74 to 62 and high-value clients (≥$1M fees) declined from 39 to 28, reversing prior year's 107% surge.

  MD&A: Revenue Performance verify on EDGAR →
• high

  Operating loss of $12.9M vs. $11.7M income in Q1 2025, driven by revenue decline and higher fixed compensation costs from new hires despite lower bonus accruals.

  MD&A: Operating Results verify on EDGAR →
• high

  Cash declined from $255.9M at year-end 2025 to $77.7M at quarter-end, a $178.2M drop primarily from $109.7M operating cash outflow for bonus payments.

  MD&A: Liquidity verify on EDGAR →