Slides
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3Q 2025 Earnings Presentation November13, 2025
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Earnings Call Agenda I. Strategic Overview II. Financial Review: Q3 2025 Results III. Q&A Cromwell Coulson President, Chief Executive Officer Antonia Georgieva Chief Financial Officer Dan Zinn General Counsel & Chief of Staff 2
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This conference call and presentation materials may contain forward-looking statements about the Company's future plans, expectations, and objectives concerning, but not limited to, the Company's expected financial results for 2025. Words such as may, will, expect, intend, anticipate, plan, believe, could, estimate, and variations of these words and similar expressions are intended to identify as forward-looking statements. These forward-looking statements are not historical facts and are subject to risks and uncertainties that could cause the actual results to differ materially from those predicted in these forward-looking statements. These risks and uncertainties could include, but are not limited to, the risk factors described in the Risk Factors section of the Company's Annual Report for the year ended December 31, 2024. The Company does not intend and undertakes no obligation to update its forward-looking statements to reflect future events or circumstances. In addition to disclosing results prepared in accordance with GAAP , the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of our third quarter 2025 earnings press release. The Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of the Company's current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance. CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS 3
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+ 23% + 15% + 12% 4 Financial Trends and Highlights OTC Link Market Data Licensing Corporate Services Gross Revenue $31.6M, ▲ 15% Net Income $8.6M, ▲ 15% Operating Margin ▲220 basis points Revenue Trends
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5 Our Strategic Priorities for 2025 One Team, One Platform Driving Results to Build the Value of One Share Increase the Number of Securities on our Markets: Overnight Increase Users and Usage to Grow Revenue across Product Lines Transform the Client Connection and Improve the Quality of Information: OTCID Market Engaged Companies: OTCQX, OTCQB, OTCID 25% of Securities 31% of $ Volume Q3 2025 Mitigate Operational Risk and Strengthen Regulatory Compliance
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Financial Review Q3 2025 Results 6
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20% 40% 40% OTC Link Market data licensing Corporate services 23% 15% 12% 15% 6.4 M 12.5 M 12.7 M 31.6 M OTC Link Market data licensing Corporate services Gross revenues Q3 2025 Q3 2024 Q3 2025 Revenue Corporate Services + 12% + 3% OTCQX + 10% OTCQB + 48% OTCID (plus, DNS & Other) Market Data + 15% Pro Users Revenue + 30 % Non-pro Users Revenue - 7% BD License Revenue + 22% EDGAR Online - 5% vs PYQ 7 ECN & NQB Revenue + 47% ~59k Avg Daily Trades + 66% vs PYQ Individual amounts may not sum up to the total amounts due to rounding
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Compensation and benef its 62% IT Inf rastructure and inf ormation serv ices 16% Prof essional and consulting f ees 11% Marketing and adv ertising 2% Occupancy costs 3% Depreciation and amortization 4% General, administrativ e and other 2% Q3 2025 Expenses 6% 9% 26% 8% 11.2 M 2.9 M 1.9 M 0.4 M 0.6 M 0.6 M 0.3 M 17.9 M Compensation and benefits IT Infrastructure and information services Professional and consulting fees Marketing and advertising Occupancy costs Depreciation and amortization General, administrative and other Total operating expenses Q3 2025 Q3 2024 Q3 2025 Expenses 8 OpEx (ex DEPR) as % of Gross Revenue 55% vs 58% for the PYQ Operating Margin 34.6% vs 32.4% for the PYQ Compensation as % of OpEx 62% vs 63% for the PYQ Headcount 129 Down 4 vs 133 PYQ Individual amounts may not sum up to the total amounts due to rounding
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Q3 2025 Highlights Operating Income Operating Margin + 220 basis points Net Income Fully Diluted GAAP EPS $0.71 Cash Provided by Operations 13.3M Cash Returned to Shareholders 2.2M unchanged from PYQ Gross Revenues 31.6M + 15% Operating Expenses 17.9M, + 8% Effective Tax Rate 21.3% vs 16.5% PYQ Adjusted EBITDA 12.8M $1.06 per Diluted Share 10.6M + 23% 8.6M + 15% vs 5.9M PYQ 9 Revenues less transaction-based expenses 28.5M + 13%
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7.2 9.2 9.8 9.4 9.4 YTD 2021 YTD 2022 YTD 2023 YTD 2024 YTD 2025 Dividends Share Buybacks Total Cash Returned to Shareholders 23.9 15.9 10.8 10.1 23.6 YTD 2021 YTD 2022 YTD 2023 YTD 2024 YTD 2025 Cash Flow from Operations Capital Expenditure Free Cash Flow 10 Invest in our people and platform to deliver long term sustainable growth in earnings and free cash flow per share Grow shareholder returns and utilize buybacks to provide employee liquidity for our equity compensation program Cash Flows & Capital Allocation Strategy Free Cash Flow Shareholder Returns * YTD 2022 Capital Expenditure excludes $11.6 million in cash paid for the acquisition of Blue Sky Data Corp
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Questions & Answers 11
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Appendix 12
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Balance Sheet Summary 13 September 30, December 31, (in thousands) 2025 2024 % change Assets Cash and cash equivalents 47,806$ 34,522$ 38% Short-term investments 4,860 4,513 8% Accounts receivable, net of allow ance for credit losses of $255 and $326 8,651 8,097 7% Other Current Assets 4,558 2,481 84% Total Current assets 65,875 49,613 33% Property and equipment, net 5,739 7,096 (19%) Other Assets 29,555 34,033 (13%) Total Assets 101,169$ 90,742$ 11% Liabilities and stockholders' equity Current liabilities 38,200$ 43,738$ (13%) Other Liabilities 10,207 11,287 (10%) Total Liabilities 48,407 55,025 (12%) Total Stockholders' E quity 52,762 35,717 48% Total Liabilities and Stockholders' E quity 101,169$ 90,742$ 11%
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Three Months E nded September 30, Nine Months E nded September 30, (in thousands, except share and per share information) 2025 2024 % change 2025 2024 % change OTC Link 6,420$ 5,240$ 23% 19,431$ 16,045$ 21% Market data licensing 12,520 10,862 15% 37,618 32,733 15% Corporate services 12,695 11,292 12% 35,517 33,836 5% Gross revenues 31,635 27,394 15% 92,566 82,614 12% Redistribution fees and rebates (976) (760) 28% (2,968) (2,391) 24% Net revenues 30,659 26,634 15% 89,598 80,223 12% Transaction-based expenses (2,155) (1,435) 50% (6,822) (4,492) 52% R evenues less transaction-based expenses 28,504 25,199 13% 82,776 75,731 9% Operating expenses Compensation and benefits 11,162 10,506 6% 35,640 33,963 5% IT Infrastructure and information services 2,896 2,657 9% 8,470 7,901 7% Professional and consulting fees 1,916 1,525 26% 5,714 4,511 27% Marketing and advertising 368 320 15% 1,149 945 22% Occupancy costs 629 589 7% 1,935 1,750 11% Depreciation and amortization 635 677 (6%) 1,951 2,013 (3%) General, administrative and other 291 301 (3%) 1,205 1,185 2% Total operating expenses 17,897 16,575 8% 56,064 52,268 7% Income from operations 10,607 8,624 23% 26,712 23,463 14% Other income Other income 269 270 - 635 630 1% Income before provision for income taxes 10,876 8,894 22% 27,347 24,093 14% Provision for income taxes 2,318 1,466 58% 5,449 3,947 38% Net Income 8,558$ 7,428$ 15% 21,898$ 20,146$ 9% Earnings per share Basic $0.71 $0.62 15% $1.82 $1.68 8% Diluted $0.71 $0.61 16% $1.81 $1.67 8% Basic w eighted average shares outstanding 11,778,799 11,726,025 - 11,768,572 11,718,317 - Diluted w eighted average shares outstanding 11,870,002 11,833,215 - 11,839,183 11,840,305 - Income Statement Summary 14
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Reconciliation of GAAP to Non-GAAP Results 15 Three Months E nded September 30, Nine Months E nded September 30, (in thousands, except per share information) 2025 2024 % change 2025 2024 % change Net Income 8,558$ 7,428$ 15% 21,898$ 20,146$ 9% Excluding: Interest expense (income) (269) (270) - (633) (632) - Provision for income taxes 2,318 1,466 58% 5,449 3,947 38% Depreciation and amortization 635 677 (6%) 1,951 2,013 (3%) Stock-based compensation expense 1,587 1,474 8% 5,095 4,796 6% Adjusted E BITDA 12,829$ 10,775$ 19% 33,760$ 30,270$ 12% Adjusted diluted earnings per share $1.06 $0.89 19% $2.79 $2.50 12% Note: We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results, but are provided to improve overall understanding of the Company's current financial performance.
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Cash Flow Summary 16 (in thousands) 2025 2024 2023 2022 2021 Cash Flow from Operations 23,737 11,337 12,190 16,855 25,076 Capital Expenditure (158) (1,243) (1,341) (987) (1,196) F ree Cash F low 23,579$ 10,094$ 10,849$ 15,868$ 23,880$ Dividends Paid (6,490) (6,464) (6,437) (6,403) (5,651) Share Buybacks (2,934) (2,944) (3,379) (2,776) (1,522) Other (871) (1,366) (3,219) (12,336) (455) U ses of free cash flow (10,295)$ (10,774)$ (13,035)$ (21,515)$ (7,628)$ Net change in cash, cash equivalents, and restricted cash 13,284 (680) (2,186) (5,647) 16,252 Nine Months E nded September 30, * YTD 2022 Other includes $11.6 million in cash paid for the acquisition of Blue Sky Data Corp