Slides
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OTC Markets 2Q 2026 Earnings Presentation August 6 , 2026
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Earnings Call Agenda Cromwell Coulson President, Chief Executive Officer Antonia Georgieva Chief Financial Officer Dan Zinn General Counsel & Chief of Staff 2 I. Strategic Overview II. Financial Review: Q2 2026 Results III. Q&A
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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 2026. 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, 2025. 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 second quarter 2026 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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+ 27% + 7% + 14% 4 Financial Trends and Highlights OTC Link Market Data Licensing Corporate Services Gross Revenue $34.8M, ▲ 14% Net Income $8.6M, ▲ 17% Operating Margin ▲120 bps Revenue Trends
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5 Our Strategic Priorities for 2026 Increase Users and Usage to Grow Revenue across Product Lines Increase the Number of Securities and Activity on our ATSs Mitigate Operational Risk and Strengthen Regulatory Compliance Increase the Number of Connected Companies and Dollar Volume Traded in OTCQX, OTCQB, OTCID Drive Financial and Operational Results to Build Share Value
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Financial Review Q2 2026 Results 6
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24% 38% 38% OTC Link Market data licensing Corporate services 27% 7% 14% 14% 8.2 M 13.2 M 13.4 M 34.8 M OTC Link Market data licensing Corporate services Gross revenues Q2 2026 Q2 2025 Q2 2026 Revenue Corporate Services + 14% + 9% OTCQX + 10% OTCQB + 32% OTCID & Other Pro User Revenue + 6% Delayed Data Lic Revenue + 47 % Blue Sky Data + 8% Non-pro User Revenue + 47% 7 ECN & NQB & MOON + 47% ~95k, + 50% Avg Daily ECN & NQB Trades ~ 69k Avg MOON Trades Individual amounts may not sum up to the total amounts due to rounding
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Compensation and benefits 58% IT Infrastructure and information services 16% Professional and consulting fees 14% Marketing and advertising 2% Occupancy costs 4% Depreciation and amortization 3% General, administrative and other 3% Q2 2026 Expenses 1% 11% 54% 9% 11.7 M 3.2 M 2.8 M 0.5 M 0.7 M 0.6 M 0.6 M 20.1 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 Q2 2026 Q2 2025 Q2 2026 Expenses 8 OpEx (ex DEPR) as % of Gross Revenue 56% vs 58% for the PYQ Professional & Consulting + 54% Regulatory & Clearing +136% Compensation as % of OpEx 58% vs 63% for the PYQ Headcount 128 unchanged vs PYQ Individual amounts may not sum up to the total amounts due to rounding
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Q2 2026 Highlights Operating Income Operating Margin 31.1%, + 120 bps Net Income Fully Diluted GAAP EPS $0.71 Cash Flow Provided by Operations 11.5M Cash Returned to Shareholders 6.6M vs 2.2M PYQ Gross Revenues 34.8M + 14% Operating Expenses 20.1M, + 9% Effective Tax Rate 20.4% vs 19.3% PY Adjusted EBITDA 12.7M $1.04 per Diluted Share 10.5M + 19% 8.6M + 17% vs 11.2M PYQ 9 Revenues less transaction-based expenses 30.6M + 12%
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7.0 7.7 7.3 7.3 13.4 YTD 2022 YTD 2023 YTD 2024 YTD 2025 YTD 2026 Dividends Share Buybacks Total Cash Returned to Shareholders 6.7 3.0 4.3 10.2 10.7 YTD 2022 YTD 2023 YTD 2024 YTD 2025 YTD 2026 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 strategic buybacks Cash Flows & Capital Allocation Strategy YTD Free Cash Flow YTD Shareholder Returns * YTD 2022 and YTD 2026 Capital Expenditure excludes $11.6 million in cash paid for the acquisition of Blue Sky Data Corp and $400k investment in Receipts Depositary Corporation, respectively
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Questions & Answers 11
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Appendix 12
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Balance Sheet Summary 13 June 30, December 31, (in thousands) 2026 2025 % change Assets Cash and cash equivalents 45,420$ 49,231$ (8%) Short-term investments 4,973 5,047 (1%) Accounts receivable, net of allowance for credit losses of $282 and $267 9,775 9,053 8% Other Current Assets 3,719 2,610 42% Total Current assets 63,887 65,941 (3%) Property and equipment, net 4,979 5,557 (10%) Other Assets 27,046 28,611 (5%) Total Assets 95,912$ 100,109$ (4%) Liabilities and stockholders' equity Current liabilities 40,612$ 49,846$ (19%) Other Liabilities 9,478 9,798 (3%) Total Liabilities 50,090 59,644 (16%) Total Stockholders' Equity 45,822 40,465 13% Total Liabilities and Stockholders' Equity 95,912$ 100,109$ (4%)
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Income Statement Summary 14 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % change 2026 2025 % change OTC Link 8,211$ 6,447$ 27% 16,809$ 13,010$ 29% Market data licensing 13,153 12,316 7% 26,160 25,098 4% Corporate services 13,391 11,742 14% 26,623 22,822 17% Gross revenues 34,755 30,505 14% 69,592 60,930 14% Redistribution fees and rebates (1,012) (998) 1% (2,007) (1,991) 1% Net revenues 33,743 29,507 14% 67,585 58,939 15% Transaction-based expenses (3,178) (2,292) 39% (6,625) (4,667) 42% Revenues less transaction-based expenses 30,565 27,215 12% 60,960 54,272 12% Operating expenses Compensation and benefits 11,729 11,573 1% 25,765 24,479 5% IT Infrastructure and information services 3,166 2,858 11% 6,306 5,573 13% Professional and consulting fees 2,845 1,842 54% 5,359 3,798 41% Marketing and advertising 472 438 8% 818 780 5% Occupancy costs 720 668 8% 1,451 1,307 11% Depreciation and amortization 564 656 (14%) 1,171 1,316 (11%) General, administrative and other 581 349 66% 979 914 7% Total operating expenses 20,077 18,384 9% 41,849 38,167 10% Income from operations 10,488 8,831 19% 19,111 16,105 19% Other income Interest income 258 216 19% 480 366 31% Income before provision for income taxes 10,746 9,047 19% 19,591 16,471 19% Provision for income taxes 2,196 1,747 26% 3,963 3,131 27% Net Income 8,550$ 7,300$ 17% 15,628$ 13,340$ 17% Earnings per share Basic $0.71 $0.61 16% $1.30 $1.11 17% Diluted $0.71 $0.60 18% $1.29 $1.10 17% Basic weighted average shares outstanding 11,799,504 11,769,861 - 11,802,488 11,763,374 - Diluted weighted average shares outstanding 11,842,592 11,830,514 - 11,855,238 11,831,508 -
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Reconciliation of GAAP to Non-GAAP Results 15 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % change 2026 2025 % change Net Income 8,550$ 7,300$ 17% 15,628$ 13,340$ 17% Excluding: Interest expense (income) (258) (215) 20% (480) (364) 32% Provision for income taxes 2,196 1,747 26% 3,963 3,131 27% Depreciation and amortization 564 656 (14%) 1,171 1,316 (11%) Stock-based compensation expense 1,668 1,627 3% 3,664 3,508 4% Adjusted EBITDA 12,720$ 11,115$ 14% 23,946$ 20,931$ 14% Adjusted diluted earnings per share $1.04 $0.92 13% $1.98 $1.73 14% Note: We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results but are provided to improve overall understanding of the Company's current financial performance.
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Cash Flow Summary 16 (in thousands) 2026 2025 2024 2023 2022 Cash Flow from Operations 11,230 10,403 5,466 4,281 7,638 Capital Expenditure (530) (158) (1,183) (1,285) (942) Free Cash Flow 10,700$ 10,245$ 4,283$ 2,996$ 6,696$ Dividends Paid (7,214) (4,326) (4,309) (4,290) (4,268) Share Buybacks (6,183) (2,934) (2,944) (3,379) (2,776) Other (864) (711) (1,239) (821) (12,396) Uses of free cash flow (14,261)$ (7,971)$ (8,492)$ (8,490)$ (19,440)$ Net change in cash, cash equivalents, and restricted cash (3,561) 2,274 (4,209) (5,494) (12,744) Six Months Ended June 30, * YTD 2022 and YTD 2026 Capital Expenditure excludes $11.6 million in cash paid for the acquisition of Blue Sky Data Corp and $400k investment in Receipts Depositary Corporation, respectively