OTC Markets Group Inc. · OTC:OTCM
OTC Markets — Q3 2025 Earnings Presentation
16 slides from OTC Markets's earnings presentation, Nov 13, 2025
Slide 1: 3Q 2025 Earnings Presentation
3Q 2025 Earnings Presentation November 13, 2025
Slide 2: Earnings Call Agenda
Cromwell Coulson Earnings Call President, Chief Executive Officer Agenda I. Strategic Overview Antonia Georgieva Chief Financial Officer II. Financial Review: Q3 2025 Results III. Q&A Dan Zinn General Counsel & Chief of Staff 2
Slide 3: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This conference call and presentation materials may contain forward-looking statements about the Company's future plans, expectations, and objectives concerning, but not limited to, the Company's expected financial results for 2025. Words suc
Slide 4: Financial Trends and Highlights
Financial Trends and Highlights Revenue Trends OTC Link + 23% Gross Revenue $31.6M, ▲ 15% Market Data + 15% Licensing Net Income $8.6M, ▲ 15% Corporate + 12% Operating Margin Services ▲220 basis points 4
Slide 5: Our Strategic Priorities for 2025
Our Strategic Priorities for 2025 One Team, Increase the Transform the Client Mitigate Increase Users One Platform Number of Connection and Improve Operational Risk and Usage to Driving Results Securities on our the Quality of and Strengthen Grow Revenue to Markets: Information: Regulatory across Pr
Slide 6: Financial Review
Financial Review Q3 2025 Results 6
Slide 7: Q3 2025 Revenue
Q3 2025 Revenue Q3 2025 Q3 2024 ECN & NQB Revenue Market Data 31.6 M Gross revenues + 47% + 15% 15% 12.7 M Corporate services 12% Market data licensing 12.5 M Pro Users Revenue 15% ~59k Avg Daily Trades + 30 % OTC Link 6.4 M + 66% vs PYQ Non-pro Users Revenue 23% - 7% 20% Corporate Services BD Licen
Slide 8: Q3 2025 Expenses
Q3 2025 Expenses Q3 2025 Q3 2024 17.9 M OpEx (ex DEPR) as Operating Margin % of Gross Revenue Total operating expenses 8% 55% 34.6% General, administrative and other 0.3 M Depreciation and amortization 0.6 M Occupancy costs 0.6 M Marketing and advertising 0.4 M Professional and consulting fees 1.9 M
Slide 9: Q3 2025 Highlights
Q3 2025 Highlights Gross Revenues Revenues less Operating Income Net Income transaction-based 31.6M expenses 10.6M 8.6M + 15% 28.5M + 23% + 15% Operating Expenses + 13% Operating Margin Fully Diluted 17.9M, + 8% + 220 basis points GAAP EPS $0.71 Effective Tax Rate Adjusted EBITDA Cash Provided by Ca
Slide 10: Cash Flows & Capital Allocation Strategy
Cash Flows & Capital Allocation Strategy Free Cash Flow Shareholder Returns 23.9 9.8 9.2 9.4 9.4 23.6 7.2 15.9 10.8 10.1 YTD 2021 YTD 2022 YTD 2023 YTD 2024 YTD 2025 YTD 2021 YTD 2022 YTD 2023 YTD 2024 YTD 2025 Cash Flow from Operations Capital Expenditure Free Cash Flow Dividends Share Buybacks Tot
Slide 11: Questions & Answers
OTC Markets _ Questions & Answers an Ay a W \| | 1] ] 7
Slide 12: Appendix
CT Markets Diicndix 12
Slide 13: Balance Sheet Summary
Balance Sheet Summary Septem ber 30, Decem ber 31, (in thousands) 2025 2024 % change Assets Cash and cash equivalents $ 47,806 $ 34,522 38% Short-term investments 4,860 4,513 8% Accounts receivable, net of allow ance for credit losses of $255 and $326 8,651 8,097 7% Other Current Assets 4,558 2,481
Slide 14: Income Statement Summary
Income Statement Summary Three Months Ended Septem ber 30, Nine Months Ended Septem ber 30, (in thousands, except share and per share information) 2025 2024 % change 2025 2024 % change OTC Link $ 6,420 $ 5,240 23% $ 19,431 $ 16,045 21% Market data licensing 12,520 10,862 15% 37,618 32,733 15% Corpor
Slide 15: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Three Months Ended Septem ber 30, Nine Months Ended Septem ber 30, (in thousands, except per share information) 2025 2024 % change 2025 2024 % change Net Incom e $ 8,558 $ 7,428 15% $ 21,898 $ 20,146 9% Excluding: Interest expense (income) (269) (270) - (63
Slide 16: Cash Flow Summary
Cash Flow Summary Nine Months Ended Septem ber 30, (in thousands) 2025 2024 2023 2022 2021 Cash Flow from Operations 23,737 11,337 12,190 16,855 25,076 Capital Expenditure (158) (1,243) (1,341) (987) (1,196) Free Cash Flow $ 23,579 $ 10,094 $ 10,849 $ 15,868 $ 23,880 Dividends Paid (6,490) (6,464) (