Financial Data and Key Metrics Changes - Revenue grew 84% year-over-year, reaching $5.1 million for the quarter [4][9] - Net income reported at $6.8 million, marking a significant improvement [4][10] - Stockholders' equity turned positive to $21.7 million, an increase of nearly $60 million since year-end 2024 [4][10] - Total assets increased to $77.6 million from $60.9 million as of June 30, 2025 [10] - Cash and restricted cash at quarter-end totaled $46.2 million, including $23.1 million in cash and cash equivalents [11] Business Line Data and Key Metrics Changes - Commissions were the largest revenue contributor at just over $3 million for the quarter, with clearing fees and stock locate-related activity also contributing meaningfully [9] - The operational performance of Wilson-Davis as the core clearing engine showed continued strength across commissions and clearing-related activities [6][7] Market Data and Key Metrics Changes - The current market environment is becoming increasingly constructive, with greater engagement from broker-dealers and financial institutions focusing on operational efficiency and modernization [4][5] - The demand for flexible and efficient clearing infrastructure is growing among smaller and mid-sized institutions [12] Company Strategy and Development Direction - The company aims to build a modern, technology-enabled financial infrastructure platform for smaller and mid-sized institutions [3] - Priorities include enhancing the client experience, scaling responsibly, and advancing the full AtlasClear vision, including the proposed acquisition of Commercial Bancorp of Wyoming [12][13] - The focus is on execution, delivering for clients, and building a platform designed for long-term growth [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position entering 2026, highlighting a strengthened balance sheet and operational momentum [15] - The regulatory environment is perceived to be improving, potentially accelerating the approval process for the Commercial Bancorp acquisition [25] Other Important Information - The company has significantly simplified its capital structure over the past year, with a current outstanding share count of approximately 150 million shares [17] - The acquisition of Commercial Bancorp is expected to create a full licensing platform, enhancing service offerings [27][28] Q&A Session Summary Question: What does the fully diluted share count look like today? - The current outstanding share count is approximately 150 million shares, with potential additional shares from warrants and convertible notes [17] Question: How should investors think about corporate liquidity versus regulatory capital? - The company maintains a regulatory capital threshold of $10.5 million and aims to keep cash above $15 million for operational flexibility [18] Question: At what revenue level does the clearing business begin to generate consistent operating leverage? - The operating costs are around $14 million, and once covered, the company expects to achieve significant operating leverage [19][20] Question: What is the expected ramp timeline for new introducing brokerage firms? - The company anticipates that new correspondent clearing clients will onboard quickly, with measurable revenue impacts expected over the next few quarters [21][23] Question: Can you provide an update on the proposed Commercial Bancorp acquisition? - The company is preparing to file its application with the Fed, with expectations for a quicker approval process than initially anticipated [24][25][30]