v3.25.2
Revenues
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Revenues [Abstract]    
REVENUES

NOTE 12 — REVENUES

 

The following tables present a breakdown of our revenue categories presented within our condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024.

 

   For the Three Months Ended
June 30,		   For the Six Months Ended
June 30,		 
   2025   2024   2025   2024 
Equity and Option Order Flow Income:                
Option order flow rebates  $49,065,412   $30,257,156   $94,339,846   $60,145,364 
Equity order flow rebates   19,623,426    13,059,779    38,460,174    27,083,688 
Total  $68,688,838   $43,316,935   $132,800,020   $87,229,052 
                     
Interest and Other Related Income:                    
Stock lending  $7,637,688   $7,792,949   $13,042,625   $13,476,129 
Margin financing   8,617,766    7,022,208    17,519,653    14,409,646 
Client bank deposits   17,936,187    13,558,841    32,553,378    29,462,459 
Corporate bank deposits   2,094,892    3,524,793    4,310,941    7,048,186 
Total  $36,286,533   $31,898,791   $67,426,597   $64,396,420 
                     
Handling Charge Income:                    
Options   7,104,325   $6,456,829   $15,479,547   $13,824,124 
Platform and trading fees   13,001,178    3,908,597    22,172,966    6,245,811 
Total  $20,105,503   $10,365,426   $37,652,513   $20,069,935 
                     
Other Revenue:                    
Data subscription income   2,037,609   $1,772,544   $4,021,956   $3,387,901 
Co-marketing income   
—
    56,243    
—
    187,530 
Syndicate fees   112,454    238,746    403,475    386,268 
Lease income   301,669    283,895    604,397    567,831 
Foreign exchange fee   737,002    256,381    1,314,638    417,236 
Non-trading rebates   1,151,208    
—
    1,869,991    
—
 
Proxy income   2,048,315    1,692,805    2,694,888    2,121,748 
Other   24,219    14,122    73,710    67,687 
Total  $6,412,476   $4,314,736   $10,983,055   $7,136,201 

NOTE 20 — REVENUES

 

The following tables present a breakdown of our revenue categories presented within our consolidated statements of operations and other comprehensive (loss) income.

 

Equity and Option Order Flow Income:

 

   2024   2023   2022 
Option order flow rebates  $135,634,071   $141,010,186   $191,783,801 
Equity order flow rebates   61,435,491    51,222,529    87,197,333 
Total  $197,069,562   $192,232,715   $278,981,134 

 

Interest and Other Related Income:

 

   2024   2023   2022 
Stock lending  $26,089,934   $56,052,479   $46,311,899 
Margin financing   29,962,306    23,226,972    22,162,271 

Customer bank deposits

   61,476,142    61,679,840    19,082,384 
Corporate bank deposits   12,923,495    14,833,038    4,325,689 
Total  $130,451,877   $155,792,329   $91,882,243 

Handling Charge Income:

 

   2024   2023   2022 
Options  $28,382,630   $28,230,750   $7,847,738 
Platform and trading fees   20,662,070    2,446,427    652,583 
Total  $49,044,700   $30,677,177   $8,500,321 

 

Other Revenue:

 

   2024   2023   2022 
Data subscription income  $7,236,303   $6,756,403   $6,015,237 
Co-marketing income   225,048    487,006    1,371,198 
Syndicate fees   968,397    954,798    1,051,444 
Lease income   1,135,608    1,102,459    127,768 
Other   4,098,177    1,599,683    403,575 
Total  $13,663,533   $10,900,349   $8,969,222