**Bullish Points:**
1. Revenue for fiscal year 2024 increased slightly to $390.2 million, up from $389.6 million in 2023, showing stable revenue growth.
2. Significant revenue contribution from DASH Financial Technologies, which accounted for 78.5% of consolidated revenue in 2024, up from 23.3% in 2023.
3. **'s customer base grew to approximately 4.7 million funded accounts, with an average customer asset of $2,913 per account, and maintained a high quarterly retention rate of 98%.
4. Expansion of product offerings, including futures trading and a high-yield cash-sweep product, diversifies revenue streams.
5. Continued global expansion with broker-dealer licenses in multiple jurisdictions, enhancing its international presence.
6. Robust platform performance with over 99.9% availability during extreme market volatility, demonstrating operational reliability.
7. Strong risk management systems and data protection measures, ensuring customer trust and regulatory compliance.
8. Acquisition of an 80.1% equity interest in PT ** Sekuritas Indonesia and a Share Purchase Agreement to acquire H.H. Picchioni S.A., indicating strategic growth initiatives.
9. Business combination with SK Growth Opportunities Corporation, adjusting the enterprise value to $5 billion, which could enhance capital structure and market positioning.
10. No outstanding principal balance on a $75 million revolving credit agreement, indicating financial flexibility.
**Bearish Points:**
1. ** reported a net loss of $23.2 million for 2024, compared to a net income of $5.8 million in 2023, reflecting a decline in profitability.
2. Net loss attributable to ordinary shareholders increased significantly to $517.8 million in 2024, up from $334.0 million in 2023, primarily due to the accretion of preferred shares redemption value.
3. Operating expenses rose by $38 million to $404.6 million in 2024, driven by higher general and administrative, brokerage, and technology costs.
4. Cash and cash equivalents decreased to $270.7 million as of December 31, 2024, from $372.3 million in 2023, indicating reduced liquidity.
5. Heavy reliance on three counterparties for 24%, 19%, and 11% of revenues, and one counterparty representing 85% of receivables, poses concentration risk.
6. Effective tax rate of (114.71)% and a valuation allowance of $34.6 million against deferred tax assets highlight tax inefficiencies.
7. Share-based compensation expense of $32.6 million and net operating loss carryforwards of $150.1 million indicate ongoing financial challenges.
8. Discontinued operations contributed a net income of $2.7 million, which may not be sustainable in the future.
**Summary:**
** Corporation demonstrated growth in revenue, customer base, and global expansion, supported by strategic acquisitions and product diversification. However, the company faced significant challenges, including a net loss, rising operating expenses, reduced liquidity, and concentration risks. While its robust platform performance and risk management systems are positive, the financial losses and reliance on key counterparties warrant caution. Investors should weigh the company's growth potential against its financial and operational risks.
For more information, you can read the original text of ** Corp(BULL)'s financial report.
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