Aether Holdings, Inc.
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 17, 2026
ATHR$2.36-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-19.
0001641172-25-024844
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-17.
0001493152-26-007146
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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Tables are not compared: 12 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
Starting with this continuous collection of data, our algorithms categorize and refine information into proprietary indicators which our Users can choose to use to develop or enhance their trading strategies. Additionally, our analysts apply their expertise to this data across various financial instruments, generating detailed reports for our Users’ consumption.
Current report
The integration of our technology, especially in stock index analysis, leverages advanced machine learning to refine and enhance signal detection continually. This synergy culminates in delivering User-centric tools and solutions, providing our Users with access to analytics and insights, and a foundation for all our AI-driven tools and services. This approach not only offers timely and accurate data directly to our Users but also fosters trust and transparency, minimizing User reliance on third-party sources in their development of trading strategies.
Current report
Dispute with Former Director
Current report
Coinstack Acquisition
Current report
On December 22, 2025, pursuant to the Asset Purchase Offer Agreement dated December 10, 2025, by and between AEM, Hive Global, Inc., Ryan Allis, and Mike Gavela (the “Purchase Agreement”), we completed the acquisition of substantially all assets associated with the Hive Global, Inc.’s Coinstack newsletter business (“Coinstack”), including a subscriber list and related data, domain names and websites, all intellectual property possessed by Coinstack, sponsor and advertiser pipeline assets, social media and online community accounts, and books and records for a cash purchase price of $350,000. In connection with the transaction and as a condition to close the acquisition, we additionally issued an aggregate of $150,000 worth of our common stock to the founders of Coinstack, Ryan Allis and Mike Gavela, for certain transition services to be rendered. We believe that the acquisition of Coinstack will contribute positively to AEM’s growth strategy by increasing audience scale, enhancing engagement metrics, and providing additional opportunities for commercial partnerships across our media network. See the sections below entitled “Item 2. Unregistered Sales of Equity Securities and Use of Proceeds – Sales of Unregistered Securities” and “Item 5 – Other Information – Coinstack Acquisition” for more information regarding the acquisition and share issuance.
Current report
Acquisition of PublicView.ai
Current report
On January 15, 2026, we closed the acquisition of PublicView.ai (“Public View”), an AI-driven market intelligence platform designed to simplify and accelerate equity research. Public View serves a diverse user base of retail and professional investors, financial analysts and researchers, fintech platforms, and data-driven investment teams. Its core capabilities include AI-powered parsing and summarization of SEC filings, insight extraction from earnings releases, natural-language research workflows that reduce manual document review, and tools to ease access to public market data. While relatively small, by integrating Public View into the toolset of Aether Grid, we intend to deliver a more complete research experience that connects technical signals and sentiment indicators with fundamental equity research. Aether Grid acquired the source code, repositories, databases, intellectual property, and other assets for a cash purchase price of $9,000.
Current report
Resignation of Chief Strategy Officer
Current report
On February 13, 2026, Mr. David Chi Ching Ho resigned from his position as Chief Strategy Officer of the Company with immediate effect.
Current report
Bitcoin Treasury Strategy
Current report
SentimenTrader
Current report
Alpha Edge Media (AEM)
Current report
As of December 31, 2025, Alpha Edge Media had a negligible number of paid subscribers and did not have any subscribers during the three months ended December 31, 2024. Subscriber activity commenced beginning August 14, 2025.
Current report
The number of free subscribers for Alpha Edge Media as of December 31, 2025, was 417,277. Alpha Edge Media did not have operations as of December 31, 2024.
Current report
Paid subscribers for SentimenTrader decreased by 198, or 8.31%, from 2,383 for the three months ended December 31, 2024 to 2,185 for the three months ended December 31, 2025.
Current report
Paid subscribers for AEM were negligible as of December 31, 2025. AEM did not have operations as of December 31, 2024.
Current report
The average conversion rate from free subscribers to paid subscribers on our SentimenTrader platform was approximately 32.07% and 25.61% for the three months ended December 31, 2025 and 2024, respectively. The higher conversion rates for the three months ended December 31, 2025, was attributable to a promotional campaign.
Current report
The average conversion rate from free subscribers to paid subscribers of AEM was negligible for the three months ended December 31, 2025. AEM did not have operations as of December 31, 2024.
Current report
ARPU for SentimenTrader increased by $5, or 3.36%, to $154 for the three months ended December 31, 2025, as compared to $149 for the three months ended December 31, 2024.
Current report
Revenue
Current report
Total revenue decreased marginally by $15,839, or 4.47%, from $354,643 for the three months ended December 31, 2024 to $338,804 for the three months ended December 31, 2025.
Current report
Revenue
Current report
Our revenue decreased by $15,839, or 4.47%, from $354,643 for the three months ended December 31, 2024, to $338,804 for the three months ended December 31, 2025 due to a decrease in the number of paid subscribers.
Current report
Research and development expenses
Current report
Our research and development expenses primarily consist of costs incurred in the development of artificial intelligence and machine learning tools for our platform. These expenses increased by $57,947, or 100%, from $0 for the three months ended December 31, 2024 to $57,947 for the three months ended December 31, 2025. Research and development expenses represented approximately 17.1% and 0% of our revenue for the respective periods.
Current report
The increase in research and development expenses was driven by continued investment in enhancing our AI-driven capabilities and platform functionality. We expect research and development expenses to increase in future periods as we remain committed to expanding our AI-related features to deliver enhanced functionality and value to our users.
Current report
Cash Flows
Current report
Our available cash resources currently consist of the net proceeds from our April 2025 IPO and cash generated from our business. The Company completed its initial public offering on April 11, 2025 and the closing of the underwriters’ over-allotment option on April 16, 2025, which collectively generated aggregate gross proceeds of approximately $8,901,000 (before underwriting discounts and offering expenses), the Company continues to incur operating losses and expects to require additional capital to fund operations and execute its business plan. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these condensed financial statements are issued.
Current report
Management intends to fund operating costs over the next twelve months primarily through the use of remaining IPO proceeds and, if necessary, through additional financing from public or private offerings of equity or debt securities. However, there can be no assurance that such financing will be available on acceptable terms, or at all. Accordingly, management has concluded that substantial doubt about the Company’s ability to continue as a going concern has not been alleviated. The accompanying condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Current report
During the three months ended December 31, 2025 we paid $ 1,168,598 towards purchase of property and $ 385,050 towards acquisition of intangible assets.
Removed paragraphs (90)
Previous report
The registration statement for the Company’s initial public offering (“IPO”) was declared effective on April 9, 2025. We consummated our IPO on April 11, 2025, with the issuance of 1,800,000 shares of our common stock at a public offering price of $4.30 per share, generating gross proceeds of $7,740,000. In connection with the IPO, we granted the underwriters an over-allotment option to purchase up to 270,000 additional shares at the same public offering price. On April 16, 2025, the IPO Over-Allotment Option was fully exercised, resulting in additional gross proceeds of $1,161,000. With the full exercise of the IPO Over-Allotment Option, the total gross proceeds from the IPO amounted to $8,901,000, before deducting underwriting discounts, commissions, and offering expenses.
Previous report
On May 22, 2025, the Company incorporated a new subsidiary, Aether Grid Inc. (“Aether Grid”), to house and support the growth of our suite of financial tools designed to empower our Users.
Previous report
On June 6, 2025, the Company incorporated a new subsidiary, Aether Labs, Inc. (“Aether Labs”), to act as the arm of the Company that focuses on innovation and research and development of our fintech ecosystem, with a focus on proprietary analytics and AI-driven models.
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Acquisition of AltcoinInvesting.co
Previous report
On July 17, 2025, we announced the acquisition of AltcoinInvesting.co (“Altcoin”), an online digital asset research newsletter. This acquisition marks our first entry into the growing and dynamic digital asset space, and together with our new bitcoin treasury strategy described below, demonstrates our belief and commitment to the digital asset market. Altcoin’s readership consists of investors and traders focused on altcoin (meaning cryptocurrencies, tokens and other digital assets), decentralized finance and emerging blockchain ecosystems. While Altcoin is relatively small, we believe the acquisition of Altcoin and its coverage of digital assets will provides us with a launching point into new and topical asset classes that we believe our Users will find of interest, and that we ourselves find of interest (see “New Bitcoin Treasury Strategy” below. We also believe Altcoin will complement the equity securities-focused financial newsletters published on our SentimenTrader platform. Altcoin also allows AEM to address what we believe to be a growing demand from financial newsletter consumers for actionable information and strategies regarding digital assets. AEM purchased the operating assets (including subscriber list) of Altcoin for relatively nominal cash consideration.
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Dispute with Director David Mandel
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New Bitcoin Treasury Strategy
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WE ARE NOT REGISTERED AS AN INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT OF 1940 AND STOCKHOLDERS DO NOT HAVE THE PROTECTIONS ASSOCIATED WITH OWNERSHIP OF SHARES IN A REGISTERED INVESTMENT COMPANY NOR THE PROTECTIONS AFFORDED BY THE COMMODITIES EXCHANGE ACT.
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Summary
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This section summarizes our current acquisition strategy for bitcoin, including our trading execution, custody, storage, and accounting considerations. We reserve the right to update and alter our acquisition strategy from time to time. We view bitcoin as a reliable store of value and a compelling investment. We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability. Bitcoin is often compared to gold, which has been viewed as a dependable store of value throughout history. Gold’s value has appreciated substantially over time. For example, 25 years ago, the price of gold was approximately $500 per ounce. In 2024, the price of gold traded higher than $2,750 per ounce. As of December 31, 2024, the total market capitalization of gold was approximately $18.0 trillion compared to approximately $1.9 trillion for bitcoin. Bitcoin is a highly volatile asset that has traded below $50,000 per bitcoin and above $120,000 per bitcoin on Coinbase in the 12 months preceding the date of this Quarterly Report. More recently, between June 30, 2025, and July 31, 2025, bitcoin has traded above $120,000 per bitcoin and below $110,000 per bitcoin on Coinbase. While highly volatile, bitcoin’s price has also appreciated significantly since bitcoin’s inception in January 2009 (at zero per bitcoin). We believe that a substantial portion of bitcoin’s appreciation is attributable to the view that bitcoin is or will become a reliable store of value. Like gold, bitcoin is also viewed as a scarce asset; the ultimate supply of bitcoin is limited to 21 million coins and approximately 94% of its supply already exists. We believe that bitcoin’s finite, digital and decentralized nature as well as its architectural resilience make it preferable to gold, which, as noted above, has a market capitalization approximately nine times higher than the market capitalization of bitcoin as of December 31, 2024. We believe that the growing global acceptance and “institutionalization” of bitcoin supports our view that bitcoin is a reliable store of value. We believe that bitcoin’s unique attributes discussed above not only differentiate it from fiat money, but also from other cryptocurrency assets, and for that reason, we currently have no plans to purchase cryptocurrency assets other than bitcoin; however, we will continue to evaluate our treasury strategy and the merits of other crypto currencies and digital assets which the SEC has determined are not securities. See the section below entitled “Risk Factors —Risks Related to our Bitcoin Treasury Strategy and Holdings.”
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Institutionalization of Bitcoin
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We are encouraged by the growing global acceptance and “institutionalization” of bitcoin – reflected by the January 2024 Securities and Exchange Commission, or SEC, approval of 11 bitcoin exchange-traded funds. Since January 2024, these funds have reported billions of dollars of net inflows, with investments from a large number of institutions, including global banks, pensions, endowments and registered investment advisors. According to Bitcoin Magazine, as of April 25, 2025, it was estimated that more than 8% of all bitcoins are now held by institutions.
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Our Decision to Adopt Bitcoin as Our Primary Reserve Strategy
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Our board of directors and senior management have been examining potential uses of cash, including acquisitions and strategic partnerships. After studying various alternatives, we decided that investing in bitcoin is currently the best use of our excess cash. Bitcoin will be our principal treasury holding on an ongoing basis, subject to market conditions, our anticipated cash needs, and our ability to raise sufficient capital to finance our initial acquisition of bitcoin. As we embark on our new bitcoin acquisition strategy, our board intends to proactively evaluate our use of cash, ensuring we maintain adequate working capital.
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We intend to use a phased approach, purchasing bitcoin over time rather than large block purchases, for both our initial acquisition of bitcoin, which we currently intend to fund with the proceeds of the Follow-on Offering, and for our continued acquisition of bitcoin, so that we can mitigate the risk of purchasing in unfavorable market conditions and so that we can execute on certain strategic decisions from time to time. Other than acquiring bitcoin with the anticipated proceeds from the Follow-on Offering, which we may be unable to complete on the terms currently contemplated, on less-favorable terms, or at all, and our liquid assets that exceed working capital requirements, our bitcoin treasury strategy also involves issuing debt or equity securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase bitcoin from time to time, and subject to market conditions, and entering into certain hedging transactions, including the purchase by us of bitcoin put options and call options, to mitigate our exposure to fluctuations in the price of bitcoin. We view bitcoin as a core holding and while we expect to accumulate more bitcoin in the future, we have made no commitment to do so as of the date of this Quarterly Report, other than as described in the Follow-on Offering, if we are successful in consummating such offering. This overall strategy also contemplates that we may (i) periodically sell bitcoin for general corporate purposes, including to generate cash for treasury management (which may include debt repayment, if appropriate at such time), for acquisitions, or for strategies that generate tax benefits in accordance with applicable law, (ii) enter into additional capital raising transactions that are collateralized by our bitcoin holdings, and (iii) pursue strategies to create income streams or otherwise generate funds using our bitcoin holdings. At this time, we do not have a specific policy governing the percentage of our treasury holdings that will be bitcoin.
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Accounting
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In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08,Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires in-scope crypto assets, including bitcoin holdings, to be measured at fair value in the statement of financial position, with gains and losses from changes in the fair value of such crypto assets recognized in net income each reporting period. ASU 2023-08 also requires certain interim and annual disclosures for crypto assets within the scope of the standard.
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Overview of the Bitcoin Industry and Market
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Bitcoin is a digital asset that is issued by and transmitted through an open-source protocol, known as the bitcoin protocol, collectively maintained by a peer-to-peer network of decentralized user nodes. This network hosts a public transaction ledger, known as the bitcoin blockchain, on which bitcoin holdings and all validated transactions that have ever taken place on the bitcoin network are recorded. Balances of bitcoin are stored in individual “wallet” functions, which associate network public addresses with one or more “private keys” that control the transfer of bitcoin. The bitcoin blockchain can be updated without any single entity owning or operating the network.
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Creation of New Bitcoin and Limits on Supply
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New bitcoin is created and allocated by the bitcoin protocol through a “mining” process that rewards users that validate transactions in the bitcoin blockchain. Validated transactions are added in “blocks” approximately every 10 minutes. The mining process serves to validate transactions and secure the bitcoin network. Mining is a competitive and costly operation that requires a large amount of computational power to solve complex mathematical algorithms. This expenditure of computing power is known as “proof of work.” To incentivize miners to incur the costs of mining bitcoin, the bitcoin protocol rewards miners that successfully validate a block of transactions with newly generated bitcoin.
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The bitcoin protocol limits the total number of bitcoin that can be generated over time to 21 million. As part of bitcoin’s coin issuance, miners are rewarded a certain amount of bitcoins whenever a block is produced. When bitcoin first started, 50 bitcoins per block were given as a reward to miners. After every 210,000 blocks are mined (approximately every four years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2140). The block reward as of April 2024 is 3.125 coins per block and will decrease to 1.5625 coins per block post halving.
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Modifications to the Bitcoin Protocol
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Bitcoin is an open-source network that has no central authority, so no one person can unilaterally make changes to the software that runs the network. However, there is a core group of developers that maintain the code for the bitcoin protocol as well as various bitcoin end-user software, and they can propose changes to the source code and release periodic updates and other changes. Unlike most software that has a central entity that can push updates to users, bitcoin is a peer-to-peer network in which individual network participants, called miners or nodes, decide whether to upgrade the software and accept the new changes. As a practical matter, a modification becomes part of the bitcoin protocol only if the proposed changes are accepted by participants collectively having the most processing power, known as hash rate, on the network. If a certain percentage of the nodes reject the changes, then a “fork” takes place and participants can choose the version of the software they want to run.
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Forked or Airdropped Asset Policy
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We intend to recognize forked and airdropped assets consistent with our custodians. We may not immediately or ever have the ability to withdraw a forked or airdropped bitcoin by virtue of bitcoins that we hold with our custodians. Future forks may occur at any time. A fork can lead to a disruption of networks and our information technology systems, cybersecurity attacks, replay attacks, or security weaknesses, any of which can further lead to temporary or even permanent loss of our and our assets.
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Forms of Attack Against the Bitcoin Network and Wallets
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Blockchain technology has many built-in security features that make it difficult for hackers and other malicious actors to corrupt the protocol or blockchain. However, as with any computer network, the bitcoin network may be subject to certain attacks. Some forms of attack include unauthorized access to wallets that hold bitcoin and direct attacks on the network, like “51% attacks” or “denial-of-service attacks” on the bitcoin protocol.
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Bitcoin is designed to be controllable only by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet in which the bitcoin is held. Private keys used to access bitcoin balances are not widely distributed and are typically held on hardware (which can be physically controlled by the holder or by a third party such as a custodian) or via software programs on third-party servers. One form of obtaining unauthorized access to a wallet occurs following a phishing attack where the attacker deceives the victim and manipulates them into sharing their private keys for their digital wallet or other sensitive information. Other similar attacks may also result in the loss of private keys and the inability to access, and effective loss of, the corresponding bitcoin. See “Risk Factors—Risks Related to Our Bitcoin Treasury Strategy and Holdings—We face risks relating to the custody of our bitcoin, including the loss or destruction of private keys required to access our bitcoin and cyberattacks or other data loss relating to our bitcoin” below.
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A “51% attack” may occur when a group of miners attain more than 50% of the bitcoin network’s mining power, thereby enabling them to control the bitcoin network and protocol and manipulate the blockchain. A “denial-of-service attack” occurs when legitimate users are unable to access information systems, devices, or other network resources due to the actions of a malicious actor flooding the network with traffic until the network is unable to respond or crashes. The bitcoin network has been, and can be in the future, subject to denial-of-service attacks, which can result in temporary delays in block creation and in the transfer of bitcoin. See “Risk Factors—Risks Related to Our Bitcoin Treasury Strategy and Holdings—Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty” below.
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Bitcoin Industry Participants
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The primary bitcoin industry participants are miners, investors and traders, digital asset exchanges and service providers, including custodians, advisors, brokers, payment processors, wallet providers and financial institutions.
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Miners. Miners range from bitcoin enthusiasts to professional mining operations that design and build dedicated mining machines and data centers, including mining pools, which are groups of miners that act cohesively and combine their processing power to mine bitcoin blocks. See*“—Creation of New Bitcoin and Limits on Supply*” above.
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Investors and Traders. Bitcoin investors and traders include individuals and institutional investors who, directly or indirectly, purchase, hold, and sell bitcoin or bitcoin-based derivatives. On January 10, 2024, the SEC issued an order approving several applications for the listing and trading of shares of spot bitcoin exchange-traded products, or ETPs on U.S. national securities exchanges. While the SEC had previously approved exchange-traded funds where the underlying assets were bitcoin futures contracts, this order represents the first time the SEC has approved the listing and trading of ETPs that acquire, hold and sell bitcoin directly. ETPs can be bought and sold on a stock exchange like traditional stocks and provide investors with another means of gaining economic exposure to bitcoin through traditional brokerage accounts.
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*Digital Asset Exchanges.*Digital asset exchanges provide trading venues for purchases and sales of bitcoin in exchange for fiat or other digital assets. Bitcoin can be exchanged for fiat currencies, such as the U.S. dollar, at rates of exchange determined by market forces on bitcoin trading platforms, which are not regulated in the same manner as traditional securities exchanges. In addition to these platforms, over-the-counter markets and derivatives markets for bitcoin also exist. The value of bitcoin within the market is determined, in part, by the supply of and demand for bitcoin in the global bitcoin market, market expectations for the adoption of bitcoin as a store of value, the number of merchants that accept bitcoin as a form of payment, and the volume of peer-to-peer transactions, among other factors. For a discussion of risks associated with digital asset exchanges, see “Risk Factors—Risks Related to Our Bitcoin Treasury Strategy and Holdings—Due to the currently unregulated nature and lack of transparency surrounding the operations of many bitcoin trading venues, bitcoin trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in bitcoin trading venues and adversely affect the value of our bitcoin” below.
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Service providers. Service providers offer a multitude of services to other participants in the bitcoin industry, including custodial and trade execution services, commercial and retail payment processing, loans secured by bitcoin collateral, and financial advisory services. If adoption of the bitcoin network continues to materially increase, we anticipate that service providers may expand the currently available range of services and that additional parties will enter the service sector for the bitcoin network.
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Other Digital Assets
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As of the date of this Quarterly Report, bitcoin was the largest digital asset by market capitalization. However, there are numerous alternative digital assets and many entities, including consortia and financial institutions, are researching and investing resources into private or permissioned blockchain platforms or digital assets that do not use proof-of-work mining like the bitcoin network. For example, in late 2022, the ethereum network transitioned to a “proof-of-stake” mechanism for validating transactions that requires significantly less computing power than proof-of-work mining. Other alternative digital assets that compete with bitcoin in certain ways include “stablecoins,” which are designed to maintain a peg to a reference price because of their issuers’ promise to hold high-quality liquid assets (such as U.S. dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. Stablecoins have grown rapidly as an alternative to bitcoin and other digital assets as a medium of exchange and store of value, particularly on digital asset trading platforms. As of July 1, 2025, two of the seven largest digital assets by market capitalization are U.S. dollar-backed stablecoins.
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Additionally, central banks in some countries have started to introduce digital forms of legal tender. For example, China’s central bank digital currency, or CBDC, project was made available to consumers in January 2022, and governments including the United States and the European Union have been discussing the potential creation of new CBDCs. For a discussion of risks relating to the emergence of other digital assets, see “Risk Factors —Risks Related to Our Bitcoin Treasury Strategy and Holdings—The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of bitcoin and adversely affect our financial condition and results of operations” below.
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Execution of Bitcoin Transactions
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Previous wording
The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed financial statements and the related notes appearing elsewhere in this Report. In addition to unaudited condensed financial statements, the following discussions and other parts of this Report contain forward-looking statements that reflect our plans, objectives, expectations, intentions, and beliefs, which involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled “Cautionary Note on Forward-Looking Statements” and “Risk Factors” included elsewhere in this Report .
Current wording
The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Report. In addition to unaudited condensed consolidated financial statements, the following discussions and other parts of this Report contain forward-looking statements that reflect our plans, objectives, expectations, intentions, and beliefs, which involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled “Cautionary Note on Forward-Looking Statements” and “Risk Factors” included elsewhere in this Report.
Previous wording
We are an emerging financial technology platform company that offers proprietary research analytics, data and tools for both institutional and retail equity traders (who we refer to herein as “Users”) through our flagship, cloud-based software platform,***SentimenTrader.com.***By integrating advanced technologies, including artificial intelligence (“AI”) tools, with the critical thinking and analytical abilities of our team of evidenced-based trading veterans, we aim to provide our Users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.
Current wording
We are an emerging financial technology platform company that offers proprietary research analytics, data and tools for both institutional and retail equity traders (who we refer to herein as “Users”) through our flagship platform, SentimenTrader.com. By integrating advanced technologies, including artificial intelligence (“AI”) tools, with the critical thinking and analytical abilities of our team of evidenced-based trading veterans, we aim to provide our Users with a powerful combination of technology and expertise, enabling them to make informed decisions and optimize their trading strategies in the markets.
Previous wording
Our platform is powered by an advanced data collection system that operates utilizing API calls and web scraping, fetching raw data 24/7 from a wide array of authoritative sources, including industry leaders like Bloomberg, Chicago Board Options Exchange, Consensus, Commodity Futures Trading Commission, End of Day Historical Data and Intercontinental Exchange. This automated process allows us to remain abreast of the latest market trends, trading volumes, and essential financial indicators.
Current wording
Our platform is powered by an advanced data collection system that operates utilizing application programming interface (known as API) calls and web scraping, and fetching raw data (i.e., unprocessed, and non-personalized data) 24/7 from a wide array of authoritative sources, including industry leaders like Bloomberg, Chicago Board Options Exchange, Consensus, Commodity Futures Trading Commission, End of Day Historical Data and Intercontinental Exchange. This automated process allows us to remain abreast of the latest market trends, trading volumes, and essential financial indicators.
Previous wording
Our platform currently provides coverage of U.S. equity and option securities, evaluating the equities and options markets and conducting assessments through our analysts and technology daily. SentimenTrader utilizes technical indicators of market sentiment (meaning our proprietary gauge of the overall attitude of investors towards a particular market or security) as the cornerstone for our analyses and integrates technological advancements and the potential of deep learning techniques to create trade ideas, strategies, models, and other market analysis. We intend to target a wider audience than our current User base by broadening the scope and variety of our products, expanding the types of securities our platform covers, and broadening our coverage to include more markets and exchanges.
Current wording
Our platform currently provides coverage of U.S. equity and option securities, evaluating the equities and options markets and conducting assessments through our analysts and technology daily. SentimenTrader utilizes technical indicators of market sentiment (meaning our proprietary gauge of the overall attitude of investors towards a particular market or security) as the cornerstone for our analyses and integrates technological advancements and the potential of deep learning techniques to analyze the market and facilitate our Users’ creation of trade ideas, strategies, and models. We intend to target a wider audience than our current User base by broadening the scope and variety of our products, expanding the types of securities our platform covers, and broadening our coverage to include more markets and exchanges.
Previous wording
On April 30, 2025, the Company incorporated a new subsidiary, Alpha Edge Media, Inc. (“AEM”), to support our expanding newsletter business. The newsletters published by AEM will target both institutional and retail investors, focusing on topics such as macroeconomic trends, market insights, and market psychology, while broadening our overall coverage of securities, markets and exchanges. We believe the expansion of our newsletter business will complement the newsletters currently published through our SentimenTrader platform and enable us to continue to build brand authority, expand recurring engagement with our Users, generate new User engagement with SentimenTrader, and open up new revenue streams through potential advertisements, sponsorships, and premium content.
Current wording
Beginning in April 2025, we began a new initiative to expand our newsletter business through the incorporation of our wholly-owned subsidiary, Alpha Edge Media, Inc. (“AEM”). The newsletters published by AEM target both institutional and retail investors, focusing on topics such as macroeconomic trends, market insights, and market psychology, while broadening our overall coverage of securities, markets and exchanges. We believe the expansion of our newsletter business will complement the newsletters currently published through our SentimenTrader platform and enable us to continue to build brand authority, expand recurring engagement with our Users, generate new User engagement with SentimenTrader, and open up new revenue streams through potential advertisements, sponsorships, and premium content.
Previous wording
We continue to focus on achieving our mission of establishing ourselves as a preeminent fintech information company dedicated to the development of smart platforms tailored to empower the investing community with actionable strategic insights. To this end, in addition to our establishing AEM to further develop our newsletter business and expand the securities, markets, and exchanges we currently cover, we are also actively exploring research and development initiatives to focus on advancing proprietary analytics and AI-driven models through Aether Labs, as well as the possibility of growth through acquisition of complementary tools and technologies that would enhance our platform’s capabilities and value to Users through Aether Grid.
Current wording
We continue to focus on achieving our mission of establishing ourselves as a preeminent fintech information company dedicated to the development of smart platforms tailored to empower the investing community with actionable strategic insights. To this end, in addition to our establishing AEM to further develop our newsletter business and expand the securities, markets, and exchanges we currently cover, we are also actively exploring research and development initiatives to focus on advancing proprietary analytics and AI-driven models, as well as the possibility of growth through acquisition of complementary tools and technologies that would enhance our platform’s capabilities and value to Users.
Previous wording
Our management is currently engaged in an evolving disagreement with Mr. David Mandel, a member of our board of directors. On July 18, 2025, our board of directors received an email notification from Mr. Mandel wherein he alleged that he was promised the position of Chief Executive Officer of the Company with associated compensation of an annual salary of $220,000 and seven percent (7%) of the outstanding common stock of the Company, subject to a vesting schedule over a three-year period. Our management firmly denies these allegations, rejects the premise that any agreement related to the subject matter of the allegations was ever entered into, and does not believe that any related legal claim, if brought, would hold merit or be valid.
Current wording
As previously reported in our Annual Report, our management is currently engaged in a dispute with Mr. David Mandel, a former member of our board of directors. On July 18, 2025, our board of directors received an email notification from Mr. Mandel wherein he alleged that he was promised the position of Chief Executive Officer of the Company with associated compensation of an annual salary of $220,000 and seven percent (7%) of the outstanding common stock of the Company, subject to a vesting schedule over a three-year period. Our management firmly denies these allegations, rejects the premise that any agreement related to the subject matter of the allegations was ever entered into, and does not believe that any related legal claim, if brought, would hold merit or be valid. See the section entitled “Risk Factors - Our management is currently in a dispute with one of our former directors If he were to bring legal action against us, and we were to receive an adverse ruling, it could materially and adversely affect our reputation, dilute our shareholders’ equity interests in the Company, and adversely affect our stock price.” contained in our Annual Report for a discussion of the risks associated with the dispute.
Previous wording
On July 18, 2025, our Board of Directors approved the adoption of a new treasury strategy for the Company, which primarily consists of holding the majority our liquid assets in bitcoin. We currently intend to fund our initial acquisition of bitcoin with the proceeds of a public offering of our securities, for which we have filed a registration statement on Form S-1 (File No. 333-288788) (the “Follow-on Offering”); however, there can be no assurances that we will complete such an offering on the terms currently contemplated, on less-favorable terms, or at all. If we do not complete the Follow-on Offering, we intend to pursue other capital raising opportunities to finance our initial acquisition of bitcoin.
Current wording
On July 18, 2025, our board of directors approved the adoption of a new treasury strategy for the Company, which primarily consists of holding the majority our liquid assets in bitcoin. We do not currently hold any bitcoin and we intend to fund our initial acquisition of bitcoin with the proceeds of a public or private offering of our securities; however, there can be no assurances that we will complete such an offering on favorable terms, on unfavorable terms, or at all. If we do not complete an offering of our securities, we intend to pursue other capital raising opportunities to finance our initial acquisition of bitcoin. See the sections of or Annual Report entitled “Business – Bitcoin Treasury Strategy” and “Risk Factors – Risks Related to our Bitcoin Treasury Strategy and Holdings” for a more detailed discussion of our bitcoin treasury strategy.
Previous wording
The following table presents the revenue, cost of sales, gross margin and the net cash provided by or used in operating activities for the nine months ended June 30, 2025 and 2024.
Current wording
The following table presents the revenue, cost of sales, gross margin and the net cash provided by or used in operating activities for the three months ended December 31, 2025 and 2024.
Previous wording
Our existing Userbase presents a significant opportunity for further sales expansion through increased usage of our platform and adoption of additional product offerings. We are highly focused on gaining a better understanding of the needs and growth plans of our existing Users. Developing a deeper relationship with our Users will help us identify opportunities to educate our customer base on ways to utilize the platform more effectively for their individual use cases, as well as provide a feedback loop to inform our product roadmap. We are focusing our sales and support teams on preventing User churn by working to ensure our products and services provide a high level of value. Our goal is to continue to increase our revenue from existing Users through the introduction of new products and features tailored to our User base in addition to expanded User outreach focused on larger Users and specific use cases.
Current wording
Our existing Userbase presents a significant opportunity for further sales expansion through increased usage of our platform and adoption of additional product offerings. We are highly focused on gaining a better understanding of the needs and growth plans of our existing Users. This deeper relationship with our Users will help us identify opportunities to educate our customer base on ways to utilize the platform more effectively for their individual use cases, as well as provide a feedback loop to inform our product roadmap. We are focusing our sales and support teams to prevent user churn by ensuring that our products and services can provide a high level of value. Our goal is to continue to increase our revenue from existing users through the introduction of new products and features tailored to our customer base in addition to expanded user outreach focused on larger Users and specific use cases.
Previous wording
We believe there is a substantial opportunity to further expand our User base to attract more businesses that can scale on our platform. We are investing in strategies that we believe will attract enterprise Users, including new marketing and partnership initiatives that further improve our self-service revenue funnel and help Users expand their usage.
Current wording
We believe there is a substantial opportunity to further expand our Userbase to attract more businesses that can scale on our platform. We are investing in strategies that we believe will attract enterprise users, including new marketing and partnership initiatives that further optimize our self-service revenue funnel and help users expand their usage.
Previous wording
We have a history of, and plan to continue investing significantly in, delivering innovative products, features and functionality targeted at our core User base. The market opportunity for our core services of providing proprietary research analytics, data, and tools for equity traders through a flagship platform continues to expand and we intend to make targeted investments to expand this revenue. Beyond the SentimenTrader platform, we continue to see large growth opportunities in U.S. markets and, accordingly, we have expanded our portfolio of products and offerings over the last few years. In addition, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate User acquisition, increase usage of our platform and/or expand our product offerings in our core markets. Our results of operations may fluctuate as we make these investments to drive usage and take advantage of our expansive market opportunity.
Current wording
We have a history of and will continue to invest significantly, in, delivering innovative products, features and functionality targeted at our core Userbase. The market opportunity for our core services of providing proprietary research analytics, data, and tools for equity traders through a flagship platform continues to expand and we are making targeted investments to expand this revenue. Beyond the SentimenTrader platform, we continue to see large growth opportunities in U.S. markets and, accordingly, we have expanded our portfolio of products and offerings over the last few years. In addition, we may pursue both strategic partnerships and acquisitions that we believe will be complementary to our business, accelerate User acquisition, increase usage of our platform and/or expand our product offerings in our core markets. Our results of operations may fluctuate as we make these investments to drive usage and take advantage of our market opportunity.
Previous wording
Our future success depends in large part on the continuing adoption of AI, proliferation of retail investors and the increasing importance of research, all of which are driving the adoption of our equity research platform. We believe our market opportunity is large and that these factors will continue to drive our growth.
Current wording
Our future success depends in large part on the continuing adoption of AI, proliferation of retail investors and the increasing importance of research, all of which we believe can drive the adoption of our equity research platform. We believe our market opportunity is large and that these factors will continue to drive our growth.
Previous wording
Research and development expenditures for the period primarily consisted of personnel costs, third-party software licensing, market data subscriptions, and cloud infrastructure expenses. Management expects research and development work on XYZ Terminal to continue in subsequent periods, with commercialization targeted following the completion of the initial feature set.
Current wording
Research and development expenditures for the period primarily consisted of fees charged by third-party service providers. Management expects research and development work on XYZ Terminal to continue in subsequent periods, with commercialization targeted following the completion of the initial feature set.
Previous wording
“Free Subscribers” are defined as Users who subscribe to our free investment publications using a valid email address and remain directly opted in, excluding Paid Subscribers who also receive free subscription materials. These free subscriptions often feature daily publications with commentary on the stock market, investment ideas, and other specialized topics. Our free publications include advertisements and editorial support for our current marketing campaigns. Through these publications, Free Subscribers become acquainted with our editors and analysts, explore our products and services, and discover how we could help them become better investors.
Current wording
“Free subscribers” are defined as Users who subscribe to our free investment publications using a valid email address and remain directly opted in, excluding paid subscribers who also receive free subscription. These free subscriptions often feature daily publications with commentary on the stock market, investment ideas, and other specialized topics. Our free publications include advertisements and editorial support for our current marketing campaigns. Through these publications, free subscribers become acquainted with our editors and analysts, explore our products and services, and discover how we could help them become better investors.
Previous wording
The number of Free Subscribers increased by 479, or 221.8 %, from 216 for the three months ended June 30, 2024, to 695 for the three months ended June 30, 2025. The increase in number of Free Subscribers could be attributed to the increased brand awareness driven by the recent marketing advertising and marketing campaigns.
Current wording
The number of new free subscribers for SentimenTrader increased by 100, or 37.31 %, from 268 for the three months ended December 31, 2024, to 368 for the three months ended December 31, 2025. The increase in number of free subscribers to our SentimenTrader platform could be attributed to the increased brand awareness driven by the recent advertising and marketing campaigns.
Previous wording
We acknowledge that Free Subscribers play a critical role in our business ecosystem, serving as the foundation of the customer acquisition funnel. They represent a low-barrier entry point for potential Users, allowing them to explore and engage with the platform without financial commitment. This group often acts as a pipeline for converting Users into paid subscribers, which directly drives revenue growth. To address the decline in Free Subscribers in fiscal 2025, we plan to implement more diversified and targeted marketing campaigns, enhance our User interface to simplify the free User sign-up process, and foster a sense of community through exclusive events, forums, and social media groups, which encourage retention and advocacy.
Current wording
We acknowledge that free subscribers play a critical role in our business ecosystem, serving as the foundation of the customer acquisition funnel. They represent a low-barrier entry point for potential Users, allowing them to explore and engage with the platform without financial commitment. This group often acts as a pipeline for converting Users into paid subscribers, which directly drives revenue growth
Previous wording
“Paid Subscribers” are defined as the number of monthly average Users with paid subscriptions during the period or year. We view the number of Paid Subscribers at the end of a given period as a key indicator of the attractiveness of our products and services, as well as the efficacy of our marketing in converting Free Subscribers to Paid Subscribers and generating direct-to-paid Paid Subscribers. We grow our Paid Subscriber base through performance marketing directly to prospective and existing Users across a variety of media, channels, and platforms. Management anticipates the conversion rate will increase as the business continues to evolve.
Current wording
“Paid subscribers” are defined as the number of monthly average users with paid subscriptions during the period or year. We view the number of paid subscribers at the end of a given period as a key indicator of the attractiveness of our products and services, as well as the efficacy of our marketing in converting free subscribers to paid subscribers and generating direct-to-paid paid subscribers. We grow our paid subscriber base through performance marketing directly to prospective and existing users across a variety of media, channels, and platforms. Management anticipates the conversion rate will increase when the business becomes more mature in the future.
Previous wording
We are actively incorporating new features and improvements into SentimenTrader to enhance User experience and increase conversion rates. This includes introducing advanced analytical tools, expanding data sources, and refining our platform’s design to improve accessibility and ease of use. Additionally, we are exploring targeted marketing strategies to attract new Paid Subscribers while retaining existing ones. Through these efforts, we are confident in our ability to enhance User engagement and improve both subscriber growth and conversion rates in the coming periods.
Current wording
We are actively incorporating new features and improvements into SentimenTrader to enhance user experience and increase conversion rates. This includes introducing advanced analytical tools, expanding data sources, and refining our platform’s design to improve accessibility and ease of use. Additionally, we are exploring targeted marketing strategies to attract new paid subscribers while retaining existing ones. We intend to focus on growing our free subscriber count with AEM to drive traffic to our subscription-based platforms. Through these efforts, we are confident in our ability to enhance user engagement and improve both subscriber growth and conversion rates in the coming periods.
Previous wording
The ARPU is calculated based on the total revenue divided by the number of monthly average Paid Subscribers over that period or year. We believe ARPU is a key indicator of how successful we are in attracting Users to higher-value content. We believe that our high ARPU is indicative of the trust we build with our Users and of the value they see in our products and services.
Current wording
The ARPU is calculated based on the revenue divided by the number of monthly average paid subscribers over that three-month period. We believe ARPU is a key indicator of how successful we are in attracting users to higher-value content. We believe that our high ARPU is indicative of the trust we build with our users and of the value they see in our products and services.
Previous wording
Our revenue is generated from providing online subscription services. Revenue is generally recognized ratably over the contract term, starting from the commencement date of each contract, which is the date our cloud-based software is made available to customers and collection is reasonably assured.
Current wording
Revenue is generated from providing online subscription services. Revenue is generally recognized ratably over the contract term, starting from the commencement date of each contract, which is the date our cloud-based software is made available to customers and collection is reasonably assured.
Previous wording
We currently generate revenue from subscriptions to SentimenTrader. Cloud-based services allow our Users to access tailor-made stock research reports without taking possession of the software. Revenue is generally recognized ratably over the subscription term beginning on the commencement date of each subscription, which is the date our cloud-based software is first made available to a User. Subscription agreements generally have terms of one month and one year. For the three and nine months ended June 30, 2025, our total revenue were approximately $342,411 and $1,038,960 respectively. For the three and nine months ended June 30, 2024, our total revenue were approximately $356,688 and $1,087,321, respectively.
Current wording
For the three Months ended December 31, 2025 and 2024
Previous wording
Our available cash resources currently consist of the net proceeds from our April 2025 IPO and cash generated from our business. We estimate that we will be able to conduct our planned operations using currently available capital resources for at least the next 12 months. However, in order to meet our growth expectations, we will need to raise funds beyond our current working capital balance in order to finance future development of services and meet any debt obligations until such time as future profitable revenues are achieved. We completed our IPO on April 11, 2025 and closed the IPO Over-Allotment Option on April 16, 2025, which generated aggregate gross proceeds of $8,901,000. We believe that the successful completion of the IPO has significantly improved our liquidity and financial position. We will seek to fund our operations for the next 12 months with the proceeds raised in our IPO, and if needed, through additional public and private offerings of securities.
Current wording
We are actively incorporating new features and improvements into SentimenTrader to enhance User experience and increase conversion rates. This includes introducing advanced analytical tools, expanding data sources, and refining our platform’s design to improve accessibility and ease of use. Additionally, we are exploring targeted marketing strategies to attract new paid subscribers while retaining existing ones. Through these efforts, we believe we will be able to enhance user engagement and improve both subscriber growth and conversion rates in the coming periods.
Previous wording
Cost of sales mainly includes the hosting costs for the Sentiment Trader platform, Bloomberg access for the analysts to research tools, and the analyst salaries. Cost of sales decreased by $7,075, or 6.4%, from $110,261 in the three months ended June 30, 2024, to $103,186 in the three months ended June 30, 2025.
Current wording
Cost of sales mainly includes the hosting costs for the Sentiment Trader platform, Bloomberg access for the analysts to research tools, and the analyst salaries. Cost of sales decreased by $41,138, or 38.25%, from $107,558 for the three months ended December 31, 2024, to $66,420 for the three months ended December 31, 2025 due to decrease in analyst salaries.
Previous wording
Gross profit decreased by $7,202, or 1.1%, from $246,427 in the three months ended June 30, 2024, to $239,225 in the three months ended June 30, 2025. The decrease in gross profit was mainly due to the decrease in subscription revenue as discussed above.
Current wording
Gross profit increased by $25,299, or 10.24%, from $247,085 for the three months ended December 31, 2024, to $272,384 for the three months ended December 31, 2025. The increase in gross profit was mainly due to the decrease in cost of sales, as discussed above.
Previous wording
Gross profit margin was 69.9% in the three months ended June 30, 2025, as compared with 69.1% in the three months ended June 30, 2024. The increase in gross profit margin was primarily attributable to the decrease in cost of sales.
Current wording
Gross profit margin increased from 80.40% for the three months ended December 31, 2024 to 69.67% for the three months ended December 31, 2025. The increase in gross profit margin was primarily attributable to the combined impact of the decrease in subscription revenue and decrease in cost of sales.
Previous wording
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. It increased by $120,878 or 542.0%, from $22,303 for the three months ended June 30, 2024, to $143,181 for the three months ended June 30, 2025, representing 41.8% and 6.3% of our total revenue for the three months ended June 30, 2025 and 2024, respectively. The increase in selling and marketing expenses is mainly due to expenses incurred for the recent advertising and marketing campaigns during the three months ended June 30, 2025.
Current wording
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. These costs increased by $174,527 or 791.69%, from $22,045 for the three months ended December 31, 2024, to $196,572 for the three months ended December 31, 2025, representing 58.02% and 6.22% of our revenue for the three months ended December 31, 2025 and 2024 respectively. The increase was mainly driven by higher advertising and marketing expenses incurred in the current period compared to three months ended December 31, 2024.
Previous wording
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, office expenses, software development expenses, travel and entertainment expenses and amortization expenses. Our general and administrative expenses represented 335.8% and 146.6% of our total revenue for the three months ended June 30, 2025, and 2024, respectively. General and administrative expenses increased by $626,731, or 119.8%, from $522,982 for the three months ended June 30, 2024, to $1,149,713 for the three months ended June 30, 2025. The increase was mainly due to an increase in executive and director compensation.
Current wording
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, insurance expense, office expenses, travel and entertainment expenses. Our general and administrative expenses represented 397.71% and 143.81% of our revenue for the three months ended December 31, 2025 and 2024, respectively. General and administrative expenses increased by $837,415, or 164.19%, from $510,029 for the three months ended December 31, 2024, to $1,347,444 for the three months ended December 31, 2025. The increase was mainly due to the increase in legal fees, consulting fees and insurance expense and membership and subscription charges.
Previous wording
We had a loss before income taxes of $1,005,824 and $298,858 for the three months ended June 30, 2025 and 2024, respectively. The increase in loss was primarily attributable to the decrease in gross profit and the increase in general and administrative expenses. The discussion regarding the decrease in gross profit and the increase in general and administrative expenses are covered in the sections above.
Current wording
We had a loss before income taxes of $1,297,237 and $284,989 for the three months ended December 31, 2025 and 2024, respectively. The loss was primarily attributable to the increase in selling expense and general and administrative expenses
Previous wording
We had no provision for income taxes for the three months ended June 30, 2025 and 2024 as we had no assessable profits for both periods.
Current wording
We had no provision for income taxes for the three months ended December 31, 2025 as we had no assessable profits for the period.
Previous wording
We had a net loss and comprehensive loss of $1,718,204 for the nine months ended June 30, 2025 and net loss and comprehensive loss of $575,072 for the nine months ended June 30, 2024, respectively. The loss was primarily attributable to the increase in general and administrative expenses and the decrease in gross profit. The discussion regarding the increase in general and administrative expenses and the decrease in gross profit are covered in the sections above.
Current wording
We had a net comprehensive loss of $1,297,237 and $284,989 for the three months ended December 31, 2025 and 2024, respectively. The loss was primarily attributable to the increase in selling expenses and general and administrative expenses. The discussion regarding the increase in selling expenses and general and administrative expenses are discussed in the sections above.
Previous wording
Net cash used in operating activities was $1,998,095 and $303,332 for the nine months ended June 30, 2025 and 2024, respectively. The increase in net cash used in operating activities was mainly attributable to the following factors:
Current wording
Net cash used in operating activities was $1,008,063 for the three months ended December 31, 2025, as compared to net cash used in operating activities of $258,016 for the three months ended December 31, 2024. The increase in net cash used in operating activities was mainly attributable to the following factors:
Previous wording
Net cash used in investing activities was $9,575 for the nine months ended June 30, 2025 and $0 for 2024, attributable mainly to increase in advance payment by $9,000 and asset purchase of $575 for the nine months ended June 30, 2025, compared to no such amount for the nine months ended June 30, 2024.
Current wording
The increase in net cash used in investing activities for the three months December 31, 2025 was primarily due to purchase of property and equipment of $1,168,598, payment for intangible assets for $385,050 and advance for development cost for XYZ Terminal & Sentimentracker of $57,779 for the three-month ended December 31, 2025, compared to no such amount for the three months ended December 31, 2024.
Previous wording
Net cash provided by financing activities was $7,681,331 for the nine months ended June 30, 2025. Net cash provided by financing activities was $1,022,460 for the nine months ended June 30, 2024. The net cash provided by financing activities for the nine months ended June 30, 2025, was attributable to decrease in deferred offering costs of $44,019 and net proceeds from share issuance in the IPO of $7,725,350.
Current wording
Net cash provided by financing activities was $0 for the three months ended December 31, 2025 as compared to $93,904 for the three months ended December 31, 2024.
Previous wording
Our primary capital management strategy is to preserve sufficient capital to continue providing benefits to our stakeholders and adequate investment returns to our shareholders by selling our products at prices commensurate with our operating risks. We determine the total amount of capital required to be consistent with risk levels. This capital structure is adjusted on a timely basis depending on changes in the economic environment and risks of the underlying assets. We are not subject to any externally imposed capital requirements.
Current wording
We determine the total amount of capital required to be consistent with risk levels. This capital structure is adjusted on a timely basis depending on changes in the economic environment and risks of the underlying assets. We are not subject to any externally imposed capital requirements.
Previous wording
As of June 30, 2025, our current assets were $6,511,650 which includes cash of $6,231,484 and prepaid expenses of $280,166. Our current liabilities were $582,693 which includes trade payables and accrued liabilities of $181,664, amounts due to related parties of $5,166, and contract liabilities of $395,863. The resulting positive working capital was $5,928,957. No dividends were declared and paid to the shareholders for the nine months period ended June 30, 2025.
Current wording
As of December 31, 2025, our current assets were $2,150,336 which includes cash of $1,798,679 and prepaid expenses of $351,657. Our current liabilities were $637,092 which includes trade payables and accrued liabilities of $271,630, amounts due to related parties of $5,170, and contract liabilities of $360,292. The resulting positive working capital was $1,513,244. No dividends were declared and paid to the shareholders for the three-month period ended December 31, 2025.
Previous wording
As of September 30, 2024, our current assets totaled $716,126, which included cash of $557,823, prepaid expenses of $19,286, and deferred offering costs of $139,017. Our current liabilities amounted to $603,361, which consisted of trade payables and accrued liabilities of $31,332, amounts due to related parties of $191,952, and contract liabilities of $380,077. This resulted in positive working capital of $112,765. No dividends were declared or paid to shareholders for the year ended September 30, 2024.
Current wording
As of September 30, 2025, our current assets totaled $4,783,242, which included cash of $4,418,169 and prepaid expenses of $ 365,073. Our current liabilities amounted to $519,078, which consisted of trade payables and accrued liabilities of $123,257, amounts due to related parties of $37,193, and contract liabilities of $358,628. This resulted in positive working capital of $4,264,164. No dividends were declared or paid to shareholders for the year ended September 30, 2025.
Previous wording
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources for the three and nine months ended June 30, 2025 and 2024.
Current wording
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources for the three months ended December 31, 2025 and 2024.
Previous wording
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and liabilities, each as of the date of the financial statements, and revenues and expenses during the periods presented. On an ongoing basis, management evaluates their estimates and assumptions, and the effects of any such revisions are reflected in the financial statements in the period in which they are determined to be necessary. Management bases their estimates on historical experience and on various other factors that they believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual outcomes could differ materially from those estimates in a manner that could have a material effect on our consolidated financial statements.
Current wording
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and liabilities, each as of the date of the financial statements, and revenues and expenses during the periods presented. On an ongoing basis, management evaluates their estimates and assumptions, and the effects of any such revisions are reflected in the financial statements in the period in which they are determined to be necessary. Management bases their estimates on historical experience and on various other factors that they believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual outcomes could differ materially from those estimates in a manner that could have a material effect on our consolidated financial statements.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
For the three months ended December 31, 2025 and 2024
Current report — wording carried from elsewhere
Net cash used in investing activities was $1,611,427 for the three months ended December 31, 2025 and $0 for the three months ended December 31, 2024.
Current report — wording carried from elsewhere
Our primary capital management strategy is to preserve sufficient capital to continue providing benefits to our stakeholders and adequate investment returns to our shareholders by selling our products at prices commensurate with our operating risks.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
The following table summarizes the results of unaudited condensed consolidated statements of operations and comprehensive loss for the three and nine months ended June 30, 2025 and 2024 in U.S. dollars, and provides information regarding the dollar and percentage increase or (decrease) during such periods. The operating results in any historical period are not necessarily indicative of the results that may be expected for any future period.
Previous report — wording carried elsewhere
Our gross profit margin was 69.2% in the nine months ended June 30, 2025, as compared with 69.4% in the nine months ended June 30, 2024. The decrease in gross profit margin was primarily attributable to the combined impact of the decrease in subscription revenue.
Previous report — wording carried elsewhere
Three Months ended June 30, 2025 Compared to Three Months ended June 30, 2024
Previous report — wording carried elsewhere
We are actively incorporating new features and improvements into SentimenTrader to enhance User experience and increase conversion rates. This includes introducing advanced analytical tools, expanding data sources, and refining our platform’s design to improve accessibility and ease of use. Additionally, we are exploring targeted marketing strategies to attract new paid subscribers while retaining existing ones. Through these efforts, we are confident in our ability to enhance User engagement and improve both subscriber growth and conversion rates in the coming periods.
Previous report — wording carried elsewhere
Gross profit and Costs of Sales
Previous report — wording carried elsewhere
Our cost and gross profit are as follows: