The biggest changes in the 10-K filed 2026-03-31, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
-116.6% → -192.5% (-75.8 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+26.3% Big change FY to 2025-12-31 vs 2024-12-31“Exchange revenue for the year ended December 31, 2025 decreased by $2.4 million, or 3%, mainly driven by a $13.0 million decrease in retail revenue, attributable to a 4% reduction in retail trading volume, and a $2.2 million decrease in withdrawal fees.”
Read it in the 10-K ↗
“In addition, institutional revenue increased by $1.6 million attributable to a 46% increase in institutional trading volume, and a $0.3 million reduction in incentive credits provided to market makers due to increased net trading fees.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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