Shares fell 2.9% as investors appeared cautious despite solid growth, likely due to a lack of incremental upside or concerns about margin pressure and cautious outlook given the absence of explicit guidance acceleration or margin commentary.

• Net contribution rose 19% year-over-year to $258 million, while adjusted EBITDA increased 35% to $109 million, marking new company records.
• Funded accounts grew 12% year-over-year to over 4 million, representing the fastest organic growth in over a year, supported by increased marketing and improved retention.
• Assets under administration expanded 15% year-over-year to $17 billion, driven by strong customer inflows.
• Commodities trading volumes surged nearly fourfold year-over-year, now accounting for 60% of trading commissions, reflecting shifts from crypto and equities.
• The company emphasized AI adoption across all functions, accelerating product development and operational productivity, though no concrete financial impact was quantified.