Slide 1: Fourth Quarter and Full Year 2025 Results Supplemental Materials
March 2026 Fourth Quarter and Full Year 2025 Results Supplemental Materials
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Se
Slide 3: Q4'25 Highlights
Q4’25 Highlights MTUs (1) Card Sign-Ups (2) Trading Volume (3) Q4’25 Business Highlights 601k Q/Q: +2% | 587k 30.0k Q/Q: -53% | 63.7k $11.5B Q/Q: -30% | $16.4B Received DCM license from CFTC to operate Y/Y: +17% | 512k Y/Y: 7.3x | 4.1k Y/Y: -25% | $15.3B 1 regulated prediction markets exchange Asset
Slide 4: 2025 Highlights & 2026 Priorities
2025 Highlights (2) Card Transaction Volume (1) Card Sign-Ups Trading Volume (3) 2025 Highlights & 2026 Priorities +$1.2B Y/Y: +215% | $395M 116.5k Y/Y: 14.5x | 8k $52.7B Y/Y: +37% | $38.6B 1 Strengthening our core exchange business Expanding how our users trade with Assets Total on Platform (4) Rev
Slide 5: Key Performance Metrics
Key Performance Metrics USERS (000s) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY24 FY25 Monthly Transacting Users 512 502 523 587 601 512 601 Lifetime Transacting Users 1,400 1,441 1,499 1,605 1,671 1,400 1,671 TRADING VOLUME ($B) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY24 FY25 Retail 2.6 1.8 1.5 1.8 1.6 7.0 6.7 Insti
Slide 6: Revenue
Revenue TOTAL REVENUE Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY24 FY25 Transaction revenue Exchange 30,958 23,538 20,233 25,152 24,503 95,827 93,426 OTC 1,221 129 611 1,065 2,208 2,370 4,013 Other transaction revenue 34 461 2 120 (2) 879 581 Total transaction revenue 32,213 24,128 20,846 26,337 26,709 99,076
Slide 7: Expense Segmentation
Expense Segmentation OPERATING EXPENSES Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY24 FY25 Salaries and compensation 28,830 34,272 36,829 82,523 72,248 130,487 225,872 Stock-based compensation (SBC) 1,113 1,455 1,753 45,751 35,997 5,596 84,956 Salaries and compensation ex. SBC 27,717 32,817 35,076 36,772 36,25
Slide 8: Card Economic Details
Card Economic Details (In thousands) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY24 FY25 Credit Card Revenue 4,035 3,748 4,882 8,532 15,958 11,632 33,120 Interchange Revenue 1,947 2,197 3,405 7,274 11,796 7,303 24,672 Interest Revenue 2,074 2,074 2,190 2,720 4,524 8,325 11,508 Fees owed to issuing bank & other
Slide 9: Revenue Segmentation
Revenue Segmentation TOTAL REVENUE Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 FY24 FY25 GAAP Disclosure Reference Exchange related revenue Transaction revenue 32,213 24,128 20,846 26,337 26,709 99,076 98,020 Exchange revenue 30,958 23,538 20,233 25,152 24,503 95,827 93,426 Transaction Revenue OTC 1,221 129 611 1
Slide 10: Financial Outlook - Full Year 2026 Guidance
Financial Outlook - Full Year 2026 Guidance Key Metric Period Outlook Compensation ex SBC FY 2026 15%-20% reduction excluding restructuring costs Stock Based Compensation FY 2026 $100-115 million excluding restructuring costs Technology + G&A FY 2026 $155 to $190 million 10-15% of revenue dependent