XML 14 R4.htm IDEA: XBRL DOCUMENT v3.25.2
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Total revenues $ 131,493,350 $ 89,895,888 $ 248,862,185 $ 178,831,608
Operating expenses        
Brokerage and transaction 34,800,716 18,963,229 58,046,172 36,896,073
Technology and development 19,140,449 15,000,146 36,065,341 29,890,228
Marketing and branding 30,300,834 33,182,512 53,291,872 67,196,577
General and administrative 50,976,724 31,615,955 84,597,444 63,524,796
Total operating expenses 135,218,723 98,761,842 232,000,829 197,507,674
Other expense, net 17,659,796 1,416,988 18,749,213 1,443,480
Loss before income taxes (21,385,169) (10,282,942) (1,887,857) (20,119,546)
Provision for income taxes 6,999,777 1,397,200 13,558,002 4,112,661
Net loss (28,384,946) (11,680,142) (15,445,859) (24,232,207)
Less net loss attributable to noncontrolling interest (Note 4) (110,919) (104,600) (257,639) (226,420)
Net loss attributable to the Company (28,274,027) (11,575,542) (15,188,220) (24,005,787)
Preferred shares redemption value accretion (11,096,312) (21,702,737) (1,098,804,125)
Fair value of ordinary shares issued to preferred shareholders (513,080,828) (513,080,828)
Fair value of ordinary share warrants issued to preferred shareholders (15,600,000) (15,600,000)
Excess carrying value of preferred shares repurchased 38,093,537 38,093,537
Net loss attributable to ordinary shareholders $ (518,861,318) $ (22,671,854) $ (527,478,248) $ (1,122,809,912)
Net loss per share attributable to ordinary shareholders (Note 11)        
Basic (in Dollars per share) $ (1.2) $ (0.16) $ (1.84) $ (8.12)
Diluted (in Dollars per share) $ (1.2) $ (0.16) $ (1.84) $ (8.12)
Weighted-average shares outstanding        
Basic (in Shares) 431,390,035 138,878,054 286,155,488 138,346,243
Diluted (in Shares) 431,390,035 138,878,054 286,155,488 138,346,243
Net loss $ (28,384,946) $ (11,680,142) $ (15,445,859) $ (24,232,207)
Other comprehensive income (loss), net of tax:        
Change in cumulative foreign currency translation adjustment 9,212,371 (1,273,322) 10,954,020 (4,046,056)
Other comprehensive income (loss) 9,212,371 (1,273,322) 10,954,020 (4,046,056)
Comprehensive loss (19,172,575) (12,953,464) (4,491,839) (28,278,263)
Less comprehensive loss attributable to noncontrolling interest (110,919) (104,600) (257,639) (226,420)
Less foreign currency translation adjustment attributable to noncontrolling interest 12,414 (2,438) (15,713) (12,873)
Preferred shares redemption value accretion (11,096,312) (21,702,737) (1,098,804,125)
Fair value of ordinary shares issued to preferred shareholders (513,080,828) (513,080,828)
Fair value of ordinary share warrants issued to preferred shareholders (15,600,000) (15,600,000)
Excess carrying value of preferred shares repurchased 38,093,537 38,093,537
Comprehensive loss attributable to ordinary shareholders (509,661,361) (23,942,738) (516,508,515) (1,126,843,095)
Equity and option order flow rebates        
Revenues        
Total revenues 68,688,838 43,316,935 132,800,020 87,229,052
Interest related income        
Revenues        
Total revenues 36,286,533 31,898,791 67,426,597 64,396,420
Handling charge income        
Revenues        
Total revenues 20,105,503 10,365,426 37,652,513 20,069,935
Other revenues        
Revenues        
Total revenues $ 6,412,476 $ 4,314,736 $ 10,983,055 $ 7,136,201