Product and Geographic Expansion
Platform breadth expanded: supported crypto assets surpassed 150 (U.S. offering >100 coins) with plans to exceed 300; access to 25 exchanges and over 12,000 assets; goal to support 100,000 tradable assets across equities and crypto by end of 2026.
AI, Apps and Ecosystem Momentum
Company is AI-first, embedding AI across product development and operations; launching an app store with nearly 1,000 apps in the pipeline and AI tools (e.g., TorE analyst), positioning for faster product velocity and personalized user experiences.
Wealth, Smart Portfolios and Partnerships
Expanded smart portfolios to 127+ offerings and launched two new Amundi partnerships; established partnerships with Franklin Templeton, BlackRock and WisdomTree; pro investor community grew from ~3,200 to over 5,000.
Neobanking and Payments Growth
Toro Money showed momentum: total money transfers increased 29% YoY and debit card transaction volume surged 650% YoY in Q4, with ongoing rollouts of noncustodial wallet and broader payments capabilities.
Balance Sheet and Capital Return
Strong liquidity with $1.3 billion in cash and short-term investments, $42 million in free cash flow from operations in Q4, 1.5 million shares repurchased for $59.5 million in the quarter, and an incremental $100 million share repurchase authorization (total authorization $250 million).
Marketing ROI and Cohort Performance
Marketing remains disciplined with short payback periods: the 2024 cohort has delivered 1.8x ROI and the 2020 cohort 5.6x ROI, supporting management's decision to gradually increase S&M to ~25% of net contribution to accelerate growth.
Net Contribution Growth
Net contribution increased 10% for the year to $868 million and rose 6% sequentially in Q4 to $227 million, demonstrating continued momentum across the business.
Adjusted EBITDA and Margin Strength
Adjusted EBITDA grew to $370 million for the year (+4% YoY) and $87 million in Q4 (+11% QoQ), with a strong adjusted EBITDA margin of 38% in the quarter.
Asset and Customer Base Expansion
Assets under administration (AUA) rose 11% YoY to $18.5 billion and funded accounts grew 9% YoY to 3.81 million, supported by record net deposits and improving retention.
Capital Markets & Commodities Outperformance
Net trading contribution from capital markets (equities, commodities, currencies) increased 43% YoY to $116 million, driven by investor rotation into equities and strong commodity trading activity; stock trading volume has doubled over the past two years following 24/5 equity trading rollouts.