Shares declined 5.4% following the earnings release, reflecting investor disappointment in margin compression amid aggressive expense growth and a cautious outlook on near-term profitability despite revenue strength.
- Revenue grew 36% year-over-year to $159.9 million, driven by volume growth across equities, options, and futures.
- Customer assets were $24 billion, up 90% year-over-year but down slightly sequentially due to market volatility.
- Equity notional volume surged 104% and option volume increased over 31% year-over-year, with futures growing 84% annually and 27% sequentially.
- Adjusted operating expenses increased 64% year-over-year to $141.1 million, reflecting heavy investment in AI capabilities and platform expansion.
- Management emphasized long-term growth over short-term margin improvement, signaling deliberate margin compression and cautious near-term profitability.
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