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Operating Expenses

12 Months Ended

Dec. 31, 2025

NOTE 24 — OPERATING EXPENSES

The following tables present a breakdown of our expense categories as presented within our consolidated statements of operations and other comprehensive (loss) income.

Brokerage and Transaction:

	2025		2024		2023
Clearing and operation cost	$	83,591,253	$	52,722,425	$	43,833,078
Market and data fees		22,676,024		16,056,015		12,720,971
Handling charge expense		22,481,787		10,528,178		9,864,869
Total	$	128,749,064	$	79,306,618	$	66,418,918

Technology and Development:

	2025		2024		2023
Employee compensation benefits	$	55,558,669	$	43,399,693	$	35,111,616
Cloud service fees		14,315,992		13,280,129		11,806,489
System costs		9,309,358		7,160,641		5,238,363
Total	$	79,184,019	$	63,840,463	$	52,156,468

Our research and development costs mainly consist of employee salaries and share-based compensation and are classified within our technology and development expense categories. Our research and development costs are expensed when incurred and for the years ended December 31, 2025, 2024 and 2023 were $35,522,819, $32,699,364, and $31,955,946, respectively.

Marketing and Branding:

	2025		2024		2023
Advertising and promotions	$	111,073,326	$	108,190,912	$	92,182,380
Free stock promotions		14,770,750		23,980,001		55,225,961
Employee compensation and benefits		10,103,339		6,550,318		4,849,661
Total	$	135,947,415	$	138,721,231	$	152,258,002

General and Administrative:

	2025		2024		2023
Employee compensation and benefits	$	104,600,076	$	77,187,479	$	61,466,048
Compliance fees		13,065,160		11,212,942		8,740,324
Office related		27,833,724		18,337,113		10,078,418
Professional services		15,942,896		10,586,397		9,966,117
Depreciation and amortization		3,234,484		3,010,301		4,675,664
Other		3,966,349		2,380,396		863,232
	$	168,642,689	$	122,714,628	$	95,789,803