Core Insights - The company reported strong fourth quarter results, with a 16% year-over-year growth in subscription revenue and a significant increase in adjusted EBITDA margins by over 400 basis points [5][28]. - The full year 2025 was highlighted as the strongest in terms of bookings, revenue, and profitability, with a total of 26 enterprise and Tier 1 deals executed [7][28]. - The company is optimistic about 2026, raising its subscription revenue growth outlook to at least 14% and providing a clearer long-term financial framework [37][38]. Financial Performance - Total revenue for Q4 was $208.2 million, a 14% increase year-over-year, driven primarily by subscription-based revenues [27][28]. - For the full year, total revenue reached $794.8 million, also up 14% from the previous year, with subscription revenue accounting for 82% of total revenue [28][29]. - The company achieved a total annualized recurring revenue (ARR) of $921 million, reflecting a 12% year-over-year growth [29]. Sales and Bookings - The fourth quarter marked the second largest bookings quarter in the company's history, following a record third quarter [5][6]. - Notable wins included a $40 billion digital banking customer and multiple Tier 1 deals, indicating strong demand and execution capabilities [6][10]. - Expansion with existing customers played a critical role, with half of the Tier 1 and enterprise deals coming from existing relationships [7][10]. Product Strategy - The digital banking platform has been a key driver of success, with significant contributions from relationship pricing and risk and fraud solutions [8][10]. - The company processed over $4 trillion in transactions in 2025, representing a 21% year-over-year growth [12]. - Innovation Studio has become integral to the strategy, enhancing product delivery and customer engagement [13][14]. Market Trends - Financial institutions are increasingly prioritizing investments in fraud mitigation solutions, with the company's risk and fraud products showing strong performance [9][15]. - The M&A activity in the banking sector has positively impacted the business, with 93% of M&A deals involving a Q2 customer choosing Q2 as the go-forward solution [10][11]. - The company is well-positioned to capitalize on the growing demand for integrated fraud management solutions [16][17]. Future Outlook - The company anticipates a strong pipeline heading into 2026, with expectations for larger deals to be weighted towards the second half of the year [25][40]. - Guidance for Q1 2026 revenue is projected between $212.5 million and $216.5 million, with full-year revenue expected to grow approximately 10% [36][37]. - Long-term targets include achieving non-GAAP gross margins of at least 65% and adjusted EBITDA margins of at least 35% by 2030 [39].

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved total revenue of $208.2 million, a 14% year-over-year increase and a 3% sequential increase, primarily driven by subscription-based revenues [24] - Full year revenue reached $794.8 million, also up 14% from the previous year, marking the highest annual growth rate since 2021 [25] - Subscription revenue for the full year grew by 17%, accounting for 82% of total revenue, while total annualized recurring revenue (ARR) increased to $921 million, up 12% year-over-year [25][26] - Adjusted EBITDA for Q4 was a record $51.2 million, up 36% from the prior year, with full year adjusted EBITDA at $186.5 million, a 49% increase [31] Business Line Data and Key Metrics Changes - The Digital Banking Platform was a significant contributor to bookings success, with strong performance across banks and credit unions [10] - The risk and fraud solutions emerged as one of the fastest-growing product lines, highlighted by the largest fraud deal in company history with a $200 billion bank [11] - The company processed over $4 trillion in transaction volume in 2025, representing a 21% year-over-year growth [13] Market Data and Key Metrics Changes - The company reported a trailing 12-month total net revenue retention rate of 113%, up from 109% in 2024, indicating strong customer retention [27] - The revenue churn rate for 2025 was 5.2%, an increase from 4.4% in 2024, attributed to higher M&A activity [27][28] Company Strategy and Development Direction - The company aims to leverage its single-platform approach to enhance deposit growth and retention, positioning itself as a key player in the digital banking space [12] - The focus on AI is seen as a critical enabler for long-term strategy, with plans to integrate AI capabilities into existing products and develop new ones [20][22] - The company is targeting annual subscription revenue growth of approximately 12.5%-13% for 2027, with long-term profitability targets set for gross margins of at least 65% and adjusted EBITDA margins of at least 35% by 2030 [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment, citing improving credit quality and stable margins as supportive factors for growth entering 2026 [23] - The company anticipates that Tier One and enterprise activity will be weighted toward the back half of 2026, with a healthy pipeline of both net new and expansion opportunities [23][39] Other Important Information - The company ended 2025 with a cash balance of $433 million, down from $569 million, due to the retirement of convertible notes and stock repurchases [31] - The company generated free cash flow of $173 million for the year, representing a 93% conversion rate of adjusted EBITDA [32] Q&A Session Summary Question: Demand for solutions during core modernization - Management indicated that any decision by a financial institution to change technology, particularly core systems, opens up opportunities for the company, although quantifying this is challenging [41][42] Question: Visibility into subscription growth - Management expressed confidence in the subscription growth outlook, attributing it to strong bookings in the first half of 2026, which could drive upside for 2027 [44][45] Question: Cross-sell opportunities for fraud products - Management noted that only 10% of Tier One customers utilize all three product lines, indicating significant room for expansion, particularly in fraud solutions [51][52] Question: Balancing cash for share repurchases versus M&A - Management emphasized the flexibility provided by strong free cash flow, allowing for thoughtful capital allocation between share repurchases and potential M&A opportunities [53][54] Question: Digital banking market dynamics - Management described the demand for digital banking solutions as strong, with significant opportunities for growth as many banks still rely on legacy systems [60][61] Question: Time-to-revenue for risk and fraud products - Management indicated that standalone fraud solutions typically have faster implementation timelines compared to traditional digital banking solutions [62][63] Question: Demand trends for commercial solutions - Management highlighted that demand for commercial banking solutions has increased due to the importance of deposits, with expectations for continued strong demand [70][71] Question: Long-term margin targets - Management explained that the long-term margin targets are based on a combination of subscription revenue mix, cost efficiencies, and operational leverage [75][76]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported total revenue of $208.2 million, a 14% increase year-over-year and a 3% increase sequentially, driven by subscription-based revenues [23][24] - Full year revenue reached $794.8 million, also up 14% from the prior year, marking the highest annual growth rate since 2021 [24] - Subscription revenue for the full year grew by 17%, representing 82% of total revenue, while total annualized recurring revenue (ARR) grew to $921 million, up 12% year-over-year [24][25] - Adjusted EBITDA for Q4 was a record $51.2 million, up 36% from the prior year, with full year adjusted EBITDA at $186.5 million, up 49% [30][31] - Gross margins improved to 58.6% for Q4 and 58% for the full year, reflecting a shift towards higher-margin subscription revenue [28][29] Business Line Data and Key Metrics Changes - The Digital Banking Platform was a significant contributor to bookings success, with strong performance across various customer segments [10] - The risk and fraud solutions emerged as one of the fastest-growing product lines, with a notable deal involving a $200 billion bank [11] - The company executed 26 enterprise and Tier One deals in 2025, with half of these being expansions with existing customers [9][10] Market Data and Key Metrics Changes - The company noted a constructive demand environment supported by improving credit quality, stable margins, and re-accelerating M&A activity as it entered 2026 [22] - The company maintained a strong pipeline with healthy activity across both net new and expansion opportunities, particularly in larger deals [22] Company Strategy and Development Direction - The company emphasized a profitable growth strategy, focusing on balancing investments to sustain durable subscription revenue growth while driving operational efficiency [35] - The strategy includes leveraging AI as a key enabler for long-term growth, with plans to enhance existing products and develop new ones [20][21] - The company aims to achieve non-GAAP gross margins of at least 65% and adjusted EBITDA margins of at least 35% by 2030, reflecting long-term expectations for operating leverage [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and invest thoughtfully, highlighting a strong pipeline and a clear strategy for profitable growth [36] - The management team noted that the demand for digital banking solutions remains robust, particularly as financial institutions prioritize deposit growth and fraud mitigation [12][16] Other Important Information - The company completed its cloud migration in January 2026, which is expected to enhance operational efficiencies [28] - The company reported a free cash flow conversion rate of 93% for the year, attributed to increased focus on profitability and effective working capital management [31] Q&A Session Summary Question: Demand for solutions during core modernization - Management indicated that any decision by a financial institution to change technology, particularly core systems, opens up opportunities for the company, although quantifying this is challenging [39][40] Question: Visibility into subscription growth - Management expressed confidence in the subscription growth outlook, attributing it to strong bookings in Q4 and the overall performance in 2025 [41][42] Question: Cross-sell opportunities for fraud products - Management noted significant room for expansion within the existing customer base, with only 10% of Tier 1 customers utilizing all three product lines [48][49] Question: Balancing cash for share repurchases versus M&A - Management highlighted the flexibility provided by strong free cash flow generation, allowing for thoughtful capital allocation decisions [50][51] Question: Digital banking market dynamics - Management described the ongoing demand for digital banking solutions, particularly as many banks still rely on legacy systems that require upgrades [56][57] Question: Time-to-revenue for risk and fraud products - Management indicated that standalone fraud solutions typically have faster implementation timelines compared to traditional digital banking solutions [59][61] Question: Demand trends for commercial solutions - Management noted that demand for commercial banking solutions has increased significantly due to the importance of deposits and the competitive landscape [68][69] Question: Long-term margin targets - Management explained that the long-term margin targets are based on a combination of factors, including efficiency opportunities and a shift towards higher subscription revenue [72][73]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $208.2 million, a 14% year-over-year increase and a 3% sequential increase, driven by subscription-based revenues [23] - Full year total revenue reached $794.8 million, up 14% from the prior year, marking the highest annual growth rate since 2021 [24] - Subscription revenue for the full year grew by 17%, representing 82% of total revenue [24] - Adjusted EBITDA for Q4 was $51.2 million, a 36% increase from the prior year, while full year adjusted EBITDA was $186.5 million, up 49% [30] - Gross margins improved to 58.6% in Q4, up from 57.4% in the prior year, and 58% for the full year, up from 56% [27][28] Business Line Data and Key Metrics Changes - The Digital Banking Platform was a significant contributor to bookings success, with strong performance across various customer segments [9] - Risk and fraud solutions emerged as one of the fastest-growing product lines, with a notable deal involving a $200 billion bank [10] - The commercial banking solutions processed over $4 trillion in transaction volume in 2025, representing 21% year-over-year growth [12] Market Data and Key Metrics Changes - The company reported a trailing 12-month total net revenue retention rate of 113%, up from 109% in 2024, indicating strong customer retention [26] - The company maintained a high level of M&A activity, with 93% of M&A transactions involving Q2 customers choosing Q2 as their go-forward solution [10] Company Strategy and Development Direction - The company aims to leverage its single-platform approach to enhance deposit growth and retention, focusing on delivering best-in-class experiences [11] - The strategy includes a heightened emphasis on AI, with plans to integrate AI capabilities into existing products and develop new ones [19][20] - The company is targeting annual subscription revenue growth of approximately 12.5%-13% for 2027, with long-term profitability targets set for 2030 [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment, citing improving credit quality and stable margins as supportive factors for growth in 2026 [21] - The company anticipates continued strong performance in larger deals, particularly in the second half of 2026 [21] - Management highlighted the importance of operational efficiency and effective capital allocation as key components of their growth strategy [35] Other Important Information - The company ended 2025 with a cash balance of $433 million, down from $569 million, primarily due to the retirement of convertible notes [30] - Free cash flow for the year was $173 million, representing a 93% conversion rate of adjusted EBITDA [31] Q&A Session Summary Question: What is the demand for solutions when a financial institution decides to migrate its core to the cloud? - Management indicated that any change in technology by a bank or credit union opens up opportunities for the company, although quantifying the timing is challenging [40] Question: How should investors think about underlying visibility into subscription growth? - Management noted that the strength of Q4 bookings and the mix of larger deals provide confidence in the subscription growth outlook for 2027 [42] Question: What is the potential for expanding fraud products within the existing customer base? - Management highlighted that only 10% of Tier One customers utilize all three product lines, indicating significant cross-sell opportunities [49] Question: How does the company weigh cash usage for share repurchases versus M&A? - Management emphasized the flexibility provided by strong free cash flow generation, allowing for thoughtful capital allocation decisions [50] Question: What is the current state of the banking M&A landscape? - Management noted that M&A activity is picking up, with a strong historical performance in retaining customers post-acquisition [84]

As filed with the U.S. Securities and Exchange Commission on February 11, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ______________________________________________________________________ BHAV ACQUISITION CORP (Exact name of registrant as specified in its charter) ______________________________________________________ ...

February 11, 2026 Q2 02 Safe Harbor Statement 4th Quarter & Full-Year 2025 Results This presentation and the accompanying oral presentation contain forward-looking statements and information that are based on our management's beliefs and assumptions and our manacement. The satements and information cortained in this presentation that are not purel historical are corward-looking statements within the meaning of the Private Section 21A di the Seourities Act of 1933, as amerched, and Section 21E of the Securit ...

Hong Kong — Tokenization is gaining traction, but its success depends less on market hype and more on real-world utility, say executives from Ondo Finance and Securitize. “There’s no shortage of firms, of issuers, of companies that are interested in tokenizing,” said Graham Ferguson, head of ecosystem at Securitize, during a panel discussion at Consensus Hong Kong. “But it’s on us to figure out how to distribute these assets on-chain via exchanges in a way that is compliant, regulatory-friendly globally.” ...

Core Viewpoint - SoFi Technologies' stock has faced significant selling pressure despite strong quarterly performance, dropping approximately 22% over the past month and trading nearly 35% below its 52-week high [1][2]. Group 1: Stock Performance and Market Sentiment - The recent decline in SoFi stock is largely attributed to market sentiment, with valuation concerns arising after a steep rally in early 2025, leading some investors to lock in gains [2]. - Concerns regarding potential dilution from recent capital raises and macroeconomic uncertainty have also negatively impacted the stock [2]. Group 2: Long-term Investment Perspective - For long-term investors, the recent correction in SoFi stock may present a valuable opportunity, as the company's core businesses continue to perform well and it is positioned for solid growth into 2026 [3]. Group 3: Capital Raises and Shareholder Value - Investors are worried that SoFi's recent capital raises could dilute shareholder value; however, these concerns may be overstated [5]. - SoFi reported that its tangible book value (TBV) increased to $8.9 billion by Q4 2025 from $3.3 billion at the end of Q1 2023, with TBV per share rising to $7.01 from $3.49 during the same period [5]. Group 4: Financial Strategy and Impact - The capital raised was utilized to reduce funding costs, with a significant portion allocated to pay down expensive debt, which lowered interest costs immediately [6]. - The remaining funds were invested in income-generating assets, resulting in a cheaper funding structure by the end of 2025, as SoFi exited high-cost funding related to personal and student loans [6]. - This financial shift is expected to enhance net interest income, potentially offsetting dilution from new share issuance and increasing earnings per share [7].

Webull Launches Consolidated Market Data Feed for Overnight Trading [Accessibility Statement] Skip NavigationFor the first time, global investors can access greater price transparency and liquidity visibility across multiple overnight trading venuesST. PETERSBURG, Fla., Feb. 11, 2026 /PRNewswire/ – [Webull Corporation](NASDAQ: BULL), owner of the Webull online investment platform, today announced the global launch of its consolidated market data feed for overnight trading, designed to give investors greater ...

Table of Contents As filed with the Securities and Exchange Commission on February 11, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 4 to FORM S-1 REGISTRATION STATEMENT UNDER Clear Street Group Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 6211 86-2376416 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 150 Greenwich Street, 45th ...