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FY2026
12 months to Jan 31, 2026
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|---|---|
| Operating activities | |
| Net income (loss) | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |
| Depreciation and amortization of property, software, and equipment, net | |
| Non-cash lease expense | |
| Cash interest paid on convertible note | |
| Cash interest paid on related-party long-term debt | |
| Non-cash interest expense on related-party long-term debt | |
| Deferred income taxes | |
| Stock-based compensation expense | |
| Impairment of internally developed software | |
| Change in fair value of convertible note | |
| Change in fair value of warrant liabilities | |
| Change in fair value of simple agreement for future equity | |
| Changes in operating assets and liabilities: | |
| Due from clients | |
| Accounts receivable | |
| Other current and noncurrent assets | |
| Accounts payable | |
| Accrued liabilities | |
| Due to clients | |
| Payable to clearing broker | |
| Deferred revenue | |
| Lease liabilities | |
| Other noncurrent liabilities | |
| Net cash provided by operating activities | |
| Investing activities | |
| Purchases of property, software, and equipment | |
| Capitalized internally developed software | |
| Net cash used in investing activities | |
| Financing activities | |
| Repayment of convertible note | |
| Principal repayment of related-party long-term debt | |
| Proceeds from draw on credit facility | |
| Repayment of draw on credit facility | |
| Taxes paid related to net share settlement of equity awards in connection with IPO | |
| Proceeds from issuance of common stock | |
| IPO offering costs | |
| Proceeds from exercise of stock options, including early exercises | |
| Repurchase of common stock | |
| Proceeds from issuance of treasury stock | |
| Net cash provided by (used in) financing activities | |
| Net increase in cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents | |
| Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents at the beginning of the period | |
| Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents at the end of the period | |
| Supplemental disclosures of cash flow information | |
| Cash paid for interest | |
| Non-cash investing activities | |
| Stock-based compensation included in capitalized internally developed software | |
| Non-cash recognition of new lease | |
| Non-cash financing activities | |
| Issuance of common stock from conversion of preferred stock and SAFEs | |
| Change in early exercise of options liability | |
| Retirement of common stock | |
| The following presents cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents | |
| Cash and cash equivalents | |
| Cash segregated and on deposit for regulatory purposes | |
| Restricted cash and cash equivalents in other noncurrent assets |
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