In the latest financial performance update, an online trading platform reported mixed outcomes in its first earnings as a publicly traded entity. The net contribution for the second quarter of 2025 reached $210 million, reflecting a significant 26% increase from $167 million in the same quarter the previous year. This growth was largely attributed to heightened trading activities across the platform. However, when considering net income, which remained almost unchanged year-over-year, there was a slight drop from $30.6 million in Q2 2024 to $30.2 million this year, according to Generally Accepted Accounting Principles (GAAP).
The financial results also included $15 million of expenses linked to the initial public offering and additional one-off costs. After adjusting for these expenses, the adjusted net income improved to $54.2 million, up from $44.2 million during the same period in the prior year.
When comparing these Q2 results to the previous quarter (Q1 2025), the net contribution decreased by approximately 3%, alongside a near 50% reduction in net income, which fell from $60 million in Q1. Additionally, adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) fell by 10% from $80 million in the first quarter.
There was notable growth in the user base, as the number of funded accounts increased by 14% to reach 3.63 million, up from 3.17 million. This rise can be attributed to both effective customer acquisition strategies and a previous acquisition of an Australian investing app. Furthermore, assets under administration saw substantial growth, rising 54% to $17.5 billion, compared to $11.3 billion a year ago.
CEO Yoni Assia highlighted the ongoing product development throughout the second quarter. The platform introduced 24/5 trading options for U.S. stocks, expanded offerings of long-term portfolios in collaboration with Franklin Templeton, and launched savings products in France. The development of a new hub in Singapore was also noted as a strategic move to enhance the company’s presence in the Asian market.
New features rolled out included access to 24/5 trading for a selection of 100 U.S. stocks, enabling users to transact outside of standard market hours. Additionally, the U.S. cryptocurrency offerings were expanded to over 100 digital assets, alongside the launch of AI-driven investment strategies branded as Alpha Portfolios, catering to retail investors.
Cryptocurrency transactions continue to play a dominant role in the company’s revenue stream, with crypto revenue rising to $1.915 billion, a 17% increase from the same quarter last year. Revenue generated from equities and commodities also saw a noteworthy rise of 37%, reaching $114 million. Conversely, net interest income witnessed a decrease of 12%, totaling $44 million, while currency conversion revenues saw a 27% increase, totaling $23 million. Overall, total revenue rose by 13% to $2.094 billion compared to $1.849 billion a year earlier.
The company has been diversifying its offerings beyond the traditional trading business. Recently, it launched new savings products in France, including retirement and life insurance solutions. In Europe, a debit card program has been introduced, featuring a unique incentive of 4% stock rewards on purchases.
Additionally, having secured regulatory approval from Singapore’s financial authorities, the platform designated Singapore as its new Asian headquarters. The firm’s CFO emphasized a commitment to achieving profitable revenue growth since transitioning to being publicly traded.
Looking towards the future, there are plans to incorporate tokenization technology and advanced AI tools aimed at transforming the engagement of retail investors with market opportunities and enhancing growth potential.