v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Significant Revenues and Expenses Provided to CODM

The following table presents significant revenues and expenses provided to the CODM for the three and six months ended June 30, 2026 and 2025.

 

    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2026     2025     2026     2025  
Revenues                        
Equity and option order flow rebates   $ 112,961,852     $ 68,688,838     $ 197,354,691     $ 132,800,020  
Interest related income     42,752,379       36,286,533       82,802,757       67,426,597  
Handling charge income     34,780,092       20,105,503       61,192,834       37,652,513  
Other revenues     8,336,757       6,412,476       17,408,814       10,983,055  
Total revenues     198,831,080       131,493,350       358,759,096       248,862,185  
Segment expenses                                
Brokerage and transaction     44,348,662       34,800,716       82,741,802       58,046,172  
Technology and development(1)     20,573,843       17,554,435       40,309,088       32,980,484  
Marketing and branding(1)     34,566,602       29,719,577       83,723,532       52,400,406  
General and administrative(1)     36,751,872       26,174,593       74,571,553       53,535,320  
Other segment items(2)     17,135,197       26,969,402       34,336,772       35,038,447  
Total operating expenses per consolidated statements of operations and comprehensive income     153,376,176       135,218,723       315,682,747       232,000,829  
Operating income (loss)     45,454,904       (3,725,373 )     43,076,349       16,861,356  
Other expense, net     10,768,430       17,659,796       21,200,591       18,749,213  
Provision for income taxes     10,343,085       6,999,777       19,270,241       13,558,002  
Net income (loss)   $ 24,343,389     $ (28,384,946 )   $ 2,605,517     $ (15,445,859 )

 

(1) Excludes share-based compensation. See Note 12 -Expenses for operating expense allocation.
(2) Other segment items represent share-based compensation.