OTC Markets Group Reports Fourth Quarter and Full Year 2025 Results Delivering Strong Revenue, Operating Income, and Earnings Growth

Fourth Quarter and Full Year 2025 Highlights:

• Gross revenues of $125.3 million for the year, up 13% versus 2024
• Operating income of $38.2 million for the year, up 19% versus 2024
• Operating profit margin of 31.5% for the year, versus 29.9% for 2024
• Net income of $31.1 million for 2025, up 14% versus 2024, and GAAP diluted EPS of $2.58 versus $2.26 for 2024
• Total cash returned to shareholders during 2025 of $32.6 million, comprised of dividends of $29.7 million and repurchases of common shares of $2.9 million, up 10% versus 2024
• Announcing first quarter 2026 dividend of $0.30 per share
• 574 OTCQX^® and 1,106 OTCQB^® companies at year end
• 1,052 OTCID^TM companies at year end. Launched OTCID with 1,035 companies on July 1, 2025
• 117 subscribers to OTC Link ECN as of year-end 2025, up 3 versus 2024
• 145 unique OTC Link subscribers, up from 141 in 2024
• Approximately 62,000 average daily trades during 2025, versus approximately 38,000 during 2024
• Fourth quarter gross revenues of $32.7 million, up 15% versus the prior year quarter
• Fourth quarter operating income of $11.5 million, up 32% versus the prior year quarter
• Fourth quarter operating profit margin of 36.3%, compared to 31.6% in the prior year quarter

NEW YORK, March 04, 2026 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced its financial results for the fourth quarter and full year 2025.

“2025 marked the successful execution of two key initiatives: the launch of the OTCID Basic Market on July 1, 2025 and the ramp up of our overnight trading offering in NMS securities,” said R. Cromwell Coulson, President and Chief Executive Officer. “As we look into 2026, we continue engaging and educating companies on how to use our OTCQX, OTCQB, and OTCID markets to improve the investor and broker experience, while expanding the scale and value of our data-driven platforms.”

“In 2025, our business generated strong top and bottom line growth with gross revenues exceeding $125 million and operating margin expanding 160 basis points, which translated into a 14% increase in diluted earnings per share,” said Antonia Georgieva, Chief Financial Officer. “OTC Markets delivered strong growth in revenue across all business lines. OTC Link saw significantly elevated trading volumes. Market Data Licensing benefited from price increases for key products and subscriber growth, and Corporate Services experienced meaningful growth from the launch of OTCID and improved sales overall. We remain focused on our various initiatives to support the success of our subscribers.”

Fourth Quarter 2025 compared to Fourth Quarter 2024

		Quarter Ended December 31,
(in thousands, except shares and per share data)			2025				2024			% change			$ change
OTC Link		$	6,830			$	6,364			7	%		466
Market data licensing			12,745				10,893			17	%		1,852
Corporate services			13,147				11,194			17	%		1,953
Gross Revenues			32,722				28,451			15	%		4,271
Net revenues			31,737				27,660			15	%		4,077
Revenues less transaction-based expenses			29,311				25,503			15	%		3,808
Operating expenses			17,788				16,753			6	%		1,035
Income from operations			11,523				8,750			32	%		2,773
Operating profit margin			36.3	%			31.6	%
Income before provision for income taxes			11,840				9,050			31	%		2,790
Net income		$	9,237			$	7,215			28	%		2,022
Diluted earnings per share		$	0.76			$	0.60			28	%
Adjusted diluted earnings per share		$	1.14			$	0.91			26	%
Weighted-average shares outstanding, diluted			11,878,478				11,855,291			–

Fourth Quarter 2025 Financial Highlights

• Gross revenues of $32.7 million, up 15% over the prior year quarter.   Revenues less transaction-based expenses also up 15%.
• OTC Link revenues up 7%. Transaction-based revenues from OTC Link ECN, OTC Link NQB, and MOON ATS increased 12%, due to a higher volume of shares traded on these platforms.   Additionally, usage-based revenue from OTC Link ATS increased 6% due to a higher number of messages and an increase in revenue from OTC Link’s QAP One Statement service driven by the increased trading activity on our platforms.
• Market Data Licensing revenues up 17%. Redistributor-based revenues increased 25%, with professional user revenues increasing 32%, partially offset by a decline in non-professional user revenues of 4% quarter over quarter. Revenues from direct sold licenses increased 14% primarily due to price increases for certain licenses and growth in subscribers. Revenues from data and compliance solutions increased 3%, primarily as a result of increases in revenues from data services and our Blue Sky data product.
• Corporate Services revenues up 17%. Revenues from our OTCQX market increased 8%, reflecting improved sales, price increases effective from the beginning of the year, and a steady average number of companies on the OTCQX market. OTCQB revenues increased 11% due to the same factors and a higher number of companies on the OTCQB market. Revenues from our OTCID market and from Pink Limited subscribers to the Disclosure & News Service^® (“DNS”) product increased 55%. The July 1, 2025 launch of OTCID resulted in a substantial number of Pink^® companies upgrading to OTCID, which combined with price increases from the beginning of the year, drove the increase in DNS revenues. The previously announced retirement of OTCIQ Basic partially offset these increases.
• Operating expenses increased 6%. The increase was primarily driven by a 6% increase in compensation and benefits and 9% increase in each of IT infrastructure and information services and professional and consulting fees.   
• Operating income increased 32% and net income increased 28% to $11.5 million and $9.2 million, respectively.
• Adjusted EBITDA, which excludes non-cash stock-based compensation expense, increased 26% to $13.8 million, or $1.14 per adjusted diluted share.

Fiscal Year 2025 Results compared to Fiscal Year 2024

		Year Ended December 31,
(in thousands, except shares and per share data)			2025				2024			% change			$ change
OTC Link		$	26,260			$	22,409			17	%		3,851
Market data licensing			50,364				43,626			15	%		6,738
Corporate services			48,664				45,029			8	%		3,635
Gross Revenues			125,288				111,064			13	%		14,224
Net revenues			121,335				107,882			12	%		13,453
Revenues less transaction-based expenses			112,086				101,233			11	%		10,853
Operating expenses			73,851				69,021			7	%		4,830
Income from operations			38,235				32,212			19	%		6,023
Operating profit margin			31.5	%			29.9	%
Income before provision for income taxes			39,188				33,142			18	%		6,046
Net income		$	31,136			$	27,360			14	%		3,776
Diluted earnings per share		$	2.58			$	2.26			14	%
Adjusted diluted earnings per share		$	3.94			$	3.41			15	%
Weighted-average shares outstanding, diluted			11,846,132				11,840,819			–

Fiscal Year 2025 Financial Highlights

• Gross revenues of $125.3 million, up 13%. Revenues less transaction-based expenses up 11%.
• OTC Link revenues up 17%. Transaction-based revenues from OTC Link ECN and OTC Link NQB, with MOON ATS contributing, increased 34%, due to a higher volume of shares traded on those platforms, while usage-based revenue from OTC Link ATS increased 4%, due to the same factors mentioned in the fourth quarter results.
• Market Data Licensing revenues up 15%. A 22% increase in redistributor-based revenues, a 16% increase in revenues from direct sold licenses and a 1% increase in revenues from data and compliance solutions, each contributed.
• Corporate Services revenues up 8%. OTCQX revenues increased 4%, due to higher sales and price increases effective January 1, 2025, offsetting a lower average number of companies on the OTCQX market. OTCQB revenues increased 6%, due to the same factors, further supported by a gradually increasing number of companies on the OTCQB market. Revenues from OTCID companies and Pink Limited subscribers to DNS increased 29% due to the same factors as described in the fourth quarter results.
• Operating expenses increased 7%. The increase was primarily driven by a 5% increase in compensation and benefits, 22% increase in professional and consulting fees, and 8% increase in IT infrastructure and information services.
• Operating income increased 19% and net income increased 14% to $38.2 million and $31.1 million, respectively.
• Adjusted EBITDA increased 15% to $47.6 million, or $3.94 per adjusted diluted share.

Dividend Declaration – Quarterly Cash Dividend

OTC Markets Group announced today that its Board of Directors authorized and approved a quarterly cash dividend of $0.30 per share of Class A Common Stock. The quarterly cash dividend is payable on March 26, 2026, to stockholders of record on March 19, 2026.   The ex-dividend date is March 19, 2026.

Stock Buyback Program

The Company is authorized to purchase shares from time to time on the open market, from employees and consultants, and through block trades, in compliance with applicable law.

On March 2, 2026, the Board of Directors refreshed the Company’s stock repurchase program, giving the Company authorization to repurchase up to 300,000 shares of the Company’s Class A Common Stock.   

Non-GAAP Financial Measures

In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of the Company’s current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.

Fourth Quarter and Full Year 2025 Conference Call

The Company will host a conference call and webcast on Thursday, March 5, 2026, at 8:30 a.m. Eastern Time, during which management will discuss the financial results in further detail.

Webcast:
The conference webcast and management presentation can be accessed at the following link (replay available until March 4, 2027):

https://edge.media-server.com/mmc/p/yh22xxco        

Live Call:
Participants intending to ask a question during the live call and Q&A session should also register in advance at:

https://register-conf.media-server.com/register/BI2b70f22a17e8418a8b099b2ccd4975e6   

Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a “Call Me” option.

OTC Markets Group’s Annual Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of our corporate website at www.otcmarkets.com/about/investor-relations.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX^® Best Market, OTCQB^® Venture Market, OTCID^TM Basic Market, and Pink Limited^TM Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS^® are each an SEC-regulated ATS, operated by OTC Link LLC, a FINRA and SEC-registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Investor Contact:

Antonia Georgieva
Chief Financial Officer
Phone: (212) 220-2215
Email: ir@otcmarkets.com

Media Contact:

OTC Markets Group Inc.
Phone: (212) 896-4428
Email: media@otcmarkets.com

OTC MARKETS GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share information)
	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
OTC Link	$	6,830			$	6,364			$	26,260			$	22,409
Market data licensing		12,745				10,893				50,364				43,626
Corporate services		13,147				11,194				48,664				45,029
Gross revenues		32,722				28,451				125,288				111,064
Redistribution fees and rebates		(985	)			(791	)			(3,953	)			(3,182	)
Net revenues		31,737				27,660				121,335				107,882
Transaction-based expenses		(2,426	)			(2,157	)			(9,249	)			(6,649	)
Revenues less transaction-based expenses		29,311				25,503				112,086				101,233
Operating expenses
Compensation and benefits		10,795				10,160				46,434				44,123
IT Infrastructure and information services		2,910				2,673				11,380				10,574
Professional and consulting fees		1,947				1,783				7,660				6,294
Marketing and advertising		488				422				1,637				1,368
Occupancy costs		622				619				2,557				2,369
Depreciation and amortization		610				668				2,561				2,681
General, administrative and other		416				428				1,622				1,612
Total operating expenses		17,788				16,753				73,851				69,021
Income from operations		11,523				8,750				38,235				32,212
Other income
Other income		317				300				953				930
Income before provision for income taxes		11,840				9,050				39,188				33,142
Provision for income taxes		2,603				1,835				8,052				5,782
Net Income	$	9,237			$	7,215			$	31,136			$	27,360
Earnings per share
Basic	$	0.77			$	0.61			$	2.59			$	2.29
Diluted	$	0.76			$	0.60			$	2.58			$	2.26
Basic weighted average shares outstanding		11,781,035				11,729,845				11,771,713				11,721,215
Diluted weighted average shares outstanding		11,878,478				11,855,291				11,846,132				11,840,819
Non-GAAP Reconciliation
	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net Income	$	9,237			$	7,215			$	31,136			$	27,360
Excluding:
Interest expense (income)		(318	)			(312	)			(951	)			(940	)
Provision for income taxes		2,603				1,835				8,052				5,782
Depreciation and amortization		610				668				2,561				2,681
Stock-based compensation expense		1,693				1,573				6,788				6,370
Adjusted EBITDA	$	13,825			$	10,979			$	47,586			$	41,253
Adjusted diluted earnings per share	$	1.14			$	0.91			$	3.94			$	3.41
Note: We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results, but are provided to improve overall understanding of the Company’s current financial performance.

OTC MARKETS GROUP INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares)
	December 31,
		2025				2024
Assets
Current assets
Cash and cash equivalents	$	49,231			$	34,522
Short-term investments		5,047				4,513
Accounts receivable, net of allowance for credit losses of $267 and $326		9,053				8,097
Prepaid income taxes		249				244
Prepaid expenses and other current assets		2,361				2,237
Total current assets		65,941				49,613
Property and equipment, net		5,557				7,096
Operating lease right-of-use assets		9,508				10,951
Deferred tax assets, net		6,809				10,120
Goodwill		3,984				3,984
Intangible assets, net		6,247				6,829
Long-term restricted cash		1,606				1,606
Other assets		457				543
Total Assets	$	100,109			$	90,742
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	1,184			$	1,175
Income taxes payable		138				54
Accrued expenses and other current liabilities		14,884				13,425
Deferred revenue		33,640				29,084
Total current liabilities		49,846				43,738
Income tax reserve		1,050				927
Operating lease liabilities		8,748				10,360
Total Liabilities		59,644				55,025
Commitments and contingencies
Stockholders’ equity
Common stock – par value $0.01 per share
Class A – 17,000,000 authorized, 12,912,423 issued, 12,020,991 outstanding at December 31, 2025;
12,815,075 issued, 11,979,165 outstanding at December 31, 2024		129				128
Additional paid-in capital		41,364				35,127
Retained earnings		24,644				23,200
Treasury stock – 891,432 shares at December 31, 2025 and 835,910 shares at December 31, 2024		(25,672	)			(22,738	)
Total Stockholders’ Equity		40,465				35,717
Total Liabilities and Stockholders’ Equity	$	100,109			$	90,742