Overview
- GAAP net income rose 48% year over year to $57 million, while adjusted EBITDA increased 43% to $78 million.
- Total net contribution climbed 28% to $215 million, with stronger crypto trading and net interest income offsetting softer equities and commodities.
- Assets under administration reached $20.8 billion at quarter-end and funded accounts rose to 3.73 million, a net add of about 100,000 in the quarter.
- KBW estimated crypto contributed roughly $56 million to net contribution versus its $36.3 million forecast, identifying it as the primary driver of the outperformance.
- The board authorized up to $150 million in share repurchases, including a planned $50 million accelerated buyback, as October disclosures showed AUA easing to $20.5 billion and slower user growth.