AtlasClear Holdings, Inc.

AtlasClear reported revenue of $5.1 million for the quarter ended December 31, 2025, up 84% year over year. Net income was $6.8 million, including noncash fair value adjustments. Total assets were $77.6 million versus $60.9 million as of June 30, 2025, and stockholders’ equity improved to $21.7 million from a $6.8 million deficit at fiscal year-end. The company ended with $46.2 million in cash and restricted cash, including $23.1 million in cash and cash equivalents; Wilson-Davis net capital was $14.7 million. For the future, management said it expects the new correspondent-clearing relationships to start showing up in the next few quarters, and it described the company’s operating cost base as roughly $14 million, after which it expects maximum operating leverage. No formal quarterly or full-year financial guidance was provided.

John Schaible framed the quarter as a clear inflection point after two years of balance-sheet cleanup and foundation-building. He said the company is now seeing that work translate into execution, with stronger equity, liquidity, and a clearing-focused platform that he believes fits a more constructive market environment. He also emphasized the strategic fit of the proposed bank acquisition and said the combined platform could create a one-stop solution for clients.

Sandip Patel highlighted the hard numbers: $5.1 million of revenue, 84% growth year over year, and $6.8 million of net income. He said commissions contributed just over $3 million, with clearing fees, stock locate-related activity, and other services also meaningful, and noted that expenses rose with activity because of variable compensation, clearing/data costs, and stock-based compensation tied to new executive agreements. On the balance sheet, he pointed to $77.6 million in assets, $21.7 million in equity, $46.2 million in cash and restricted cash, and $14.7 million of Wilson-Davis net capital, all of which he said support continued execution and regulatory needs.

Investors pressed management on dilution, and Sandip Patel said the current share count is about 150 million, with approximately 43 million additional shares from warrants at a $0.75 exercise price, a little over 14 million from the convertible note, and about 26 million original de-SPAC warrants still outstanding. On liquidity, John Schaible said $10.5 million is the regulatory capital threshold the company must stay above, and that while $23.1 million of cash was referenced, the company does not want to go below the roughly $15 million it is presently holding for capital. Management also said Dawson James and other new correspondent-clearing clients are expected to ramp over the next few quarters, and that the Commercial Bancorp approval process may move faster than the prior 12-to-18-month expectation because regulators appear to be moving more quickly.