Strong Third Quarter Revenue Growth
Third quarter total revenue was $84.2 million, with an adjusted pretax income of $16.4 million, representing 19.4% of total revenue.
Significant Growth in CCM Revenue
CCM generated $133 million in the first 9 months of 2025, up from $22.7 million in full year 2021, accounting for 77% of total revenue.
Leadership in SPAC Transactions
CCM ranked #1 in SPAC IPO underwritings and SPAC advisory, with 18 SPAC IPOs underwritten in 2025 year-to-date.
Increase in Net Trading Revenue
Net trading revenue increased by 26% in the third quarter from the previous quarter, with revenue rising across all trading desks.
Projected Revenue Growth
The company projects more than $50 million in revenue for Q4 2025 and over $220 million for the full year 2025.
Record New Issue Advisory Revenue
New issue and advisory revenue for the quarter was $228 million, primarily driven by SPAC M&A activity and SPAC IPO transactions.