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 [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][11] - 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, with clearing fees and stock locate-related activity also contributing significantly [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] - Firms are expanding their focus beyond traditional equities into a wider range of products and services, emphasizing flexibility and capital efficiency [4] 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, increasing operational consistency, and scaling responsibly [12] - The proposed acquisition of Commercial Bancorp of Wyoming is part of the strategy to create a full licensing platform, combining correspondent clearing services with banking services [13][28] 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 focus is on execution, delivering for clients, and expanding thoughtfully to build a platform for long-term growth [12][15] Other Important Information - The company has significantly simplified its capital structure, with a current outstanding share count of approximately 150 million shares [17] - Regulatory capital has been strengthened, with a threshold of $10.5 million that must be maintained [18] 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 has increased its regulatory capital significantly [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 is optimistic about onboarding new clients quickly, with expected positive revenue impacts in the coming quarters [21][23] Question: Can you provide an update on the proposed Commercial Bancorp acquisition? - The company is preparing to file for regulatory approval, with expectations for a quicker approval process than initially anticipated [24][25][28]

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]

Financial Data and Key Metrics Changes - Revenue grew 84% year-over-year, reaching $5.1 million for the quarter [4][8] - Net income reported at $6.8 million, marking a significant improvement [9] - Stockholders' equity turned positive to $21.7 million, an increase of nearly $60 million since year-end 2024 [4][9] - Total assets increased to $77.6 million from $60.9 million as of June 30, 2025 [9][10] - Cash and restricted cash totaled $46.2 million, including $23.1 million in cash and cash equivalents [10] 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 [8] - The operational performance of Wilson-Davis as the core clearing engine showed continued strength across commissions and clearing-related activities [6][8] Market Data and Key Metrics Changes - The current market environment is becoming increasingly constructive, with greater engagement from broker-dealers and financial institutions seeking efficient operations and modernized infrastructure [4][5] - Firms are expanding their focus beyond traditional equities into a wider range of products and services, emphasizing flexibility and capital efficiency [4] 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 [11][12] - The strategy focuses on execution, delivering for clients, and thoughtful expansion to support long-term growth [12][13] 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 [13] - The focus is on enhancing the core clearing business with smarter technology and improving connectivity across workflows [13][14] - The regulatory environment is perceived to be improving, potentially accelerating the approval process for the Commercial Bancorp acquisition [24][29] Other Important Information - The company has simplified its capital structure, with approximately 150 million shares outstanding and potential dilution from warrants and convertible notes [15] - Regulatory capital requirements are being met, with a focus on maintaining sufficient liquidity for operations and growth [16] 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 [15] Question: How should investors think about true corporate liquidity versus regulatory capital? - The company maintains a regulatory capital threshold of $10.5 million and aims to keep net capital above $15 million [16] Question: At what revenue level does the clearing business begin to generate consistent operating leverage? - The threshold for operating leverage is around $14 million in operating costs, beyond which the company expects significant scaling [17][18] Question: Can you provide clarity on the expected ramp timeline for new introducing brokerage firms? - The company is optimistic about onboarding new correspondent clearing clients quickly, with measurable impacts on revenue expected in the coming quarters [20][22] Question: What is the status of the proposed Commercial Bancorp acquisition? - The company is preparing to file for regulatory approval, with expectations for a quicker approval process than initially anticipated [23][24][29]

Core Insights - OVHcloud has signed a cloud hosting agreement with LCH SA to enhance operational resilience, security, scalability, and faster deployment of services [1][2] - The migration of LCH SA's services to a SecNumCloud qualified environment marks a significant step in its digital transformation [2] - OVHcloud's SecNumCloud solution allows LCH SA to utilize advanced cloud technology while ensuring high security and regulatory compliance [3] Company Overview - OVHcloud is recognized as a global cloud player and the leader in the European cloud market [1] - LCH SA is a key provider of market infrastructure in Europe and plays a significant role in the global financial community [3] Strategic Implications - The collaboration supports LCH SA's fast-growing, diversified global activities across various asset classes [2] - The use of OVHcloud's services is expected to enhance operational efficiency and scalability for LCH SA [3]

Group 1 - The registered capital of the Shanghai Clearing House has increased from 3.3 billion RMB to 12 billion RMB [1] - The company underwent changes in several senior management positions [1] - The Shanghai Clearing House was established in November 2009 and is involved in providing both domestic and foreign currency clearing services for the financial market [1] Group 2 - The company is jointly held by the China Foreign Exchange Trade System, the Central Government Bond Registration and Settlement Co., Ltd., and the China Gold Coin Group [1]

Financial Data and Key Metrics Changes - Fiscal year 2025 was a pivotal year for the company, marking its first full fiscal year as a public entity, with significant one-time costs absorbed while laying a foundation for future profitability [4][5] - The company reported its first quarter of positive cash flow in Q4 2025 but still recorded a net loss primarily due to noncash items and elevated regulatory costs [8][9] - Total debt was reduced by 83% from $52,643,291 to approximately $8,000,945, with over $43,000,000 in liabilities extinguished [11][12] Business Line Data and Key Metrics Changes - Wilson Davis, the broker-dealer subsidiary, remained profitable throughout the year, contributing to steady commission and clearing revenues, alongside growth in the stock loan business [5][8] - The revenue base became more diversified, with securities lending and interest income contributing alongside commissions and clearing fees [6][9] Market Data and Key Metrics Changes - The company is targeting small and midsized financial institutions, which have been underserved by larger clearing providers, indicating a vast market opportunity [5][25] - The stock loan revenue showed growth, with net stock loan revenue increasing from $258,000 in July to over $400,000 in September [12] Company Strategy and Development Direction - The company aims to build a vertically integrated platform for trading, clearing, settlement of financial assets, and banking services [4] - Key priorities for fiscal 2026 include debt restructuring, technology deployment, operational growth, and strategic acquisitions [13][15] - The acquisition of Commercial Bancorp is expected to create internal synergies, enhance credit offerings, and improve net interest margins [29][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to attract additional capital due to a stronger balance sheet and significant growth in net income [22] - The company anticipates increased profitability at Wilson Davis driven by stock loan, margin lending, and commission growth [14][15] - Management highlighted the importance of insider participation in recent financing as a strong endorsement of the company's strategy and future [34][36] Other Important Information - The company launched the OLA digital account opening solution to automate onboarding and compliance processes [6] - The appointment of Steve Carlson as an independent director is expected to strengthen the leadership team and compliance with NYSE requirements [18] Q&A Session Summary Question: How does the stronger balance sheet change the way you're thinking about growth and acquisitions? - Management indicated that the stronger balance sheet has significantly improved opportunities to attract additional capital and has led to a nearly 300% increase in net income at the operating facility [22] Question: What does your pipeline look like for correspondent clearing clients? - Management noted a lively pipeline with potential clients in various stages, emphasizing the vast market opportunity for small financial institutions [25][26] Question: What are the biggest benefits of combining Commercial Bancorp's banking operations with your clearing platform? - Management highlighted the creation of internal synergies, improved credit offerings, and the potential for a Fed master account as key benefits of the acquisition [29][33] Question: How should investors interpret the level of insider participation in recent financing? - Management described insider participation as a strong endorsement of the company's strategy, indicating alignment between leadership and shareholders [34][36] Question: How does Hanrae fit into the broader growth plans? - Management expressed optimism about imminent funding from Hanrae and highlighted the changing market perception of the company's value [39][40]