AtlasClear Holdings, Inc.

Good day and welcome to Atlas Clear Holdings' fourth quarter and full year 2025 earnings conference call. All participants will be in listen-only mode. If anyone should require operator assistance, please press star zero from your telephone keypad. Please note today's call is being recorded. Today's call will be led by John Shively, Executive Chairman, and Craig Ridenour, President of Atlas Clear Holdings. Also joining us is Jeff Ramson, CEO of PCG Advisory, who will provide the safe harbor statement and manage the Q&A portion of today's call.

Thank you, Operator. Before we begin, I'd like to remind everyone that today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. For more details, please refer to our annual report on Form 10-K for the fiscal year ended June 30, 2025, and other filings with the SEC. Atlas Clear undertakes no obligation to update forward-looking statements, except as required by law. With that, I'll now turn the call over to John Shively, Executive Chairman.

Thank you, Jeff, and good morning, everyone. Fiscal 2025 was a pivotal year for Atlas Clear. It was our first full fiscal year as a public company, and while we absorbed significant one-time costs, we also laid the foundation for a business we believe will scale profitably for many years to come. Our vision remains clear to build a vertically integrated platform for trading, clearing, settlement of financial assets, and ultimately banking services focused on serving small and mid-sized financial institutions. These firms have been long underserved by larger clearing providers, and Atlas Clear is stepping in to fill that gap. We are especially proud of the performance of Wilson Davis, our broker-dealer subsidiary, which remained profitable throughout the year. That gives us confidence that our model works, even as we continue to integrate acquisitions and invest in technology. Let me touch on a few highlights from fiscal 2025. Wilson Davis delivered steady profitability. We saw strong commission and clearing revenues, as well as meaningful growth in our stock loan business. Our revenue base has become more diversified, with securities lending and interest income contributing alongside commissions and clearing, strengthening the company's resilience and overall financial profile. We've made technology progress. We launched our OLA digital account opening solution, which automates much of the onboarding and compliance processes. Additionally, lockbox code rollouts are planned for 2026, which we believe will accelerate stock lending and lending profitability. Strategic positioning with Wilson Davis's licensing, our pending commercial bank corp acquisition, and our technology stack, we are positioning Atlas Clear as a true one-stop platform for FinTech-driven financial services. Debt reduction. We've made significant progress in reducing obligations incurred during the DSPAC, improving our balance sheet and lowering our interest costs. Capital strength. We closed the fiscal year with $11.2 million in net capital at Wilson Davis, which is well above regulatory requirements, and that underscores the stability of our platform. These achievements highlight that while 2025 was the transition year, it was also a year of execution, financially, strategically, and operationally. Let me now walk through the numbers for Q4 results. At the consolidated level, we reported our first quarter of positive cash flow, but still reported a net loss. This was primarily driven by non-cash items, including fair value adjustments on notes and asset write downs, as well as elevated regulatory and professional costs related to the DSPAC and ongoing integration. But importantly, at the operating level, Wilson Davis was profitable once again in Q4. That consistency shows the strength of our commission and clearing driven model. For the full year 2025, our revenues came primarily from commissions, clearing fees, vetting fees, with growing contributions from stock loan and interest income. Operating profitability at Wilson Davis was offset at the consolidated level by one-time expenses, interest expense on the outstanding notes, and non-cash impairments. To put it simply, we bit the bullet this year on transaction-related expenses, but the core business showed increasing profitability, growing and more financially resilient business thanks to debt reduction and capital strength. I want to touch on the financial improvements. As of June 30th, 2024, our total debt from the DSPAC and penalties caused by delays in our assessment filings following the DSPAC was $52,643,291. As of today, unaudited, those liabilities have been reduced by 83% to $8,945,355. we extinguished over $43 million in liabilities, which I think is remarkable. We secured an additional $5 million in notes, the cash from which is helping to support our growth, making our total liabilities approximately $14.9 million. As of today, our unaudited improvement in stockholder equity versus year-end 2024 is up over $43 million. The net capital for Wilson Davis as of August 30, 2025, was $11.4 million. And then with respect to stock loan revenue, our net stock loan revenue continues to grow. In July, it was $258,000. In August, it was $281,000. And month-to-date September is over $400,000. I'll now turn the call over to Craig.