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FY2025
12 months to Dec 31, 2025
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|---|---|
| Cash flows from operating activities: | |
| Net income (loss) | |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |
| Amortization of debt discount and issue cost | |
| Amortization of beneficial conversion | |
| Settlement of interest payable in common stock | |
| Depreciation and amortization | |
| Share based compensation expense | |
| Provision for accounts receivable credit losses | |
| Provision for deferred income taxes | |
| Provision for notes receivable credit losses | |
| Impairment of investments | |
| Impairment of long-lived assets | |
| Issuance of common stock in connection with extinguishment of puttable common stock liability | |
| Settlement of induced conversion expense in common stock | |
| Change in fair value puttable common stock | |
| Change in fair value of puttable warrants issued with debt | |
| Unrealized (gain) loss on equity securities owned | |
| Realized loss on sale of intangible assets | |
| Proceeds from sale of intangible assets | |
| Unrealized (gain) loss on derivative assets | |
| Loss on debt extinguishment | |
| Warrant modifications | |
| Issuance of warrants with debt or debt amendments | |
| Settlement of convertible loans in common stock | |
| Total non-cash financing activities | |
| Other | |
| Changes in operating assets and liabilities: | |
| Accounts receivable | |
| Clearing house performance bonds and guarantee funds | |
| Participant margin deposits | |
| Receivables from broker-dealers, futures commission merchants, and clearing organizations | |
| Other current assets | |
| Other assets | |
| Accounts payable and other liabilities | |
| Accrued compensation payable | |
| Other liabilities | |
| Deferred transaction revenue | |
| Payables to customers | |
| Payables to clearing organizations | |
| Net cash provided by (used in) operating activities | |
| Cash flows from investing activities: | |
| Capital expenditures | |
| Capitalization of internally developed software | |
| Purchases of investments | |
| Cash paid for acquisitions, net of cash acquired | |
| Net cash used in investing activities | |
| Cash flows from financing activities: | |
| Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs | |
| Payment of IPO costs | |
| Proceeds from debt issuance, net of debt discount | |
| Puttable warrants issued with debt | |
| Payment of debt issuance costs | |
| Repayments of debt | |
| Prepayment premium and other expenses paid related to debt repayment | |
| Repayments of capital lease obligations | |
| Repurchases of common stock from employee stock incentive plans | |
| Proceeds from warrant extension | |
| Proceeds from issuance of warrants with common stock | |
| Proceeds from issuance of common stock and convertible preferred stock | |
| Net cash provided by (used in) financing activities | |
| Effect of exchange rate changes on cash and cash equivalents | |
| Increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash | |
| Cash, cash equivalents, segregated cash and restricted cash at beginning of period | |
| Cash, cash equivalents, segregated cash, and restricted cash at end of period | |
| Supplemental disclosure of cash transactions: | |
| Cash paid for income taxes | |
| Income taxes refunds | |
| Cash paid for interest | |
| Supplemental disclosure of non-cash investing activities: | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | |
| Assets acquired under capital leases | |
| Non-cash amounts related to capitalized internally developed software | |
| Total non-cash investing activities | |
| Supplemental disclosure of non-cash financing activities: | |
| Deferred offering costs not yet paid | |
| Deferred IPO cost recognized as additional paid-in capital | |
| Conversion of puttable common stock into non-puttable common stock | |
| Conversion of puttable warrants into non-puttable warrants | |
| Reconciliation of cash, cash equivalents, segregated cash, and restricted cash: | |
| Cash and cash equivalents | |
| Cash segregated under federal and other regulations | |
| Restricted cash | |
| Restricted cash (clearing house performance bonds and guarantee funds) | |
| Participant margin deposits | |
| Cash and cash equivalents and participant margin deposits included in assets held for sale |
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