Is GLG profitable?

GLG is a fantastic business, that has generated huge fortunes for its founders and investors over more than two decades.
But is GLG still profitable in 2023?

Not sure, if you consider the debt load.
When GLG prepared their IPO, they raised debt with floating interest rates to fund large dividends. The idea was to plug the hole with proceeds from the IPO and repay the debt. Standard procedure.

Now, the IPO never happened so the debt stayed on the balance sheets. And then interest rates went up.

We saw in the S-1 that GLG had ~20% adjusted EBITDA margins, but only 5-6% net profit margins (i.e. after Interest, D&A and taxes).
They have a massive (~$1 Bn) debt load in various tranches, paying ~5.5% interest or ~$55m/year, up from ~1% (~$10m/year) in 2021 when they published the S1.
Even with a very bullish revenue estimate even as high as $700m, that $45m increase in interest expense is more than their net income (5.8%*700 = $41m).