Financial Data and Key Metrics Changes - Total revenue reached $21.1 million, up 62% year-over-year, marking the third consecutive quarter of acceleration [11][12] - Adjusted EBITDA margin reached 40% in Q3, compared to 14% a year ago, excluding non-recurring items [15] - Net interest margin on margin loans improved 44 basis points to 1.63% [12][15] Business Line Data and Key Metrics Changes - Tech financing fee on supply chain loans reached $15.6 million, up 51% year-over-year, driven by strong hash rate loan growth [11] - Tech platform fee on margin loans roughly doubled year-over-year to $5.5 million [11] - Total loans facilitated on NLPaaS Prime reached $2.4 billion, up 60% year-over-year [12] Market Data and Key Metrics Changes - The number of institutional clients increased 28% year-over-year in Q3 [12] - Total value of loans (TVL) per customer on a 12-month rolling basis increased 55% year-over-year [12] Company Strategy and Development Direction - Company is focusing on globalization and the NLPaaS RWA hub as strategic priorities for growth [5][6] - The acquisition of Prestige Wealth, renamed Aurelion, is a pivotal milestone in the company's treasury strategy [9] - Aurelion aims to become a $10 billion Tether Gold DATT over time, enhancing the company's collateral resiliency [9][17] Management's Comments on Operating Environment and Future Outlook - Management expects fourth quarter revenue to range between $26 million and $28 million, representing 94%-109% growth year-over-year [15] - The company is leveraging its platform to drive sustainable revenue growth and expand margins while positioning for long-term global expansion [15][16] Other Important Information - The company facilitated a $206 million bridge loan to Nakamoto for their digital asset treasury [5] - Funding costs on supply chain loans declined to 5.18%, down 29 basis points from a year ago [12] Q&A Session Summary Question: Is the fourth quarter guidance assuming any benefit from Aurelion, or is it all organic? - Management clarified that they do not derive revenue from Aurelion; instead, Aurelion raises capital and lends gold to strengthen the company's balance sheet [21][22] Question: Can you expand on pricing power in the business? - Management noted that despite the Fed decreasing interest rates, they have maintained tech fees and improved margins due to branding power and scale [24] Question: What is the proper range for net interest margin, and what is the average loan per customer? - The average loan amount for supply chain loans is roughly $32 million, and for margin loans, it is approximately $47 million, both growing over 50% year-over-year [33]