Third Quarter 2026 Highlights:

  • Gross revenues of $33.8 million for the quarter, up 7% versus the prior year period
  • Operating income of $10.8 million for the quarter, up 2% versus the prior year period
  • Operating profit margin of 32.9% for the quarter, versus 34.6% for the prior year period
  • Net income of $8.8 million and quarterly diluted GAAP EPS of $0.73, each up 3% versus the prior year period
  • Total cash returned to shareholders during the quarter of $3.7 million, consisting mainly of $3.6 million in dividends with the balance in repurchases of common shares, compared to $2.2 million in the prior year period
  • Announcing special dividend of $1.75 per share and fourth quarter 2026 dividend of $0.30 per share
  • 589 OTCQX®, 1,117 OTCQB®, and 1,037 OTCID® companies at quarter end
  • 143 unique OTC Link subscribers as of September 30, 2026, up 5 versus September 30, 2025
  • Approximately 87,000 average daily trades on OTC Link ECN and OTC Link NQB during the quarter, versus approximately 59,000 during the prior year period

NEW YORK, Nov. 11, 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 third quarter of 2026.

“The third quarter marked the first anniversary of establishing the OTCID Basic Market, and we are pleased to see it become an integral part of our market structure and product offering,” said R. Cromwell Coulson, President and Chief Executive Officer. “We also continued to evolve our trading platforms. As regulators establish clear rules of the road, we remain committed to helping our FINRA member broker-dealers, public company clients, and market data customers benefit from blockchain technology and lawful trading of tokenized stocks.”

“In the third quarter of 2026, we delivered continued revenue growth across all three business lines, resulting in a 7% increase in gross revenues,” said Antonia Georgieva, Chief Financial Officer. “OTC Link continued to benefit from higher trading volumes, while Corporate Services saw a higher average number of companies on our OTCQX and OTCQB markets. Market Data Licensing revenues increased, driven by price increases for certain licenses and subscriber growth. These results reflect continued momentum from the first half of the year.”

Third Quarter 2026 compared to Third Quarter 2025

Financial Highlights

    Three Months Ended September 30,          
(in thousands, except shares and per share data)     2026       2025     % change   $ change  
OTC Link   $ 7,489     $ 6,420     17 %   1,069  
Market data licensing     13,352       12,520     7 %   832  
Corporate services     13,004       12,695     2 %   309  
Gross Revenues     33,845       31,635     7 %   2,210  
Net revenues     32,861       30,659     7 %   2,202  
Revenues less transaction-based expenses     30,071       28,504     5 %   1,567  
Operating expenses     19,271       17,897     8 %   1,374  
Income from operations     10,800       10,607     2 %   193  
Operating profit margin     32.9%       34.6%            
Income before provision for income taxes     11,069       10,876     2 %   193  
Net income   $ 8,804     $ 8,558     3 %   246  
                   
Diluted earnings per share   $ 0.73     $ 0.71     3 %      
Adjusted diluted earnings per share   $ 1.07     $ 1.06     1 %      
Weighted-average shares outstanding, diluted     11,835,594       11,870,002     –        
                   
  • Gross revenues of $33.8 million, up 7% over the prior year quarter.   Revenues less transaction-based expenses up 5%.
  • OTC Link revenues up 17%, primarily due to transaction-based revenues from OTC Link ECN, OTC Link NQB, and MOON ATS increasing 32%, as a result of higher volume of shares traded on these platforms.  
  • Market Data Licensing revenues up 7%. Redistributor-based revenues increased 7%, with professional user revenues increasing 7% and non-professional user revenues increasing 19% quarter over quarter. Revenues from direct sold licenses increased 11% primarily due to price increases for certain licenses and growth in subscribers. Revenues from data and compliance solutions were essentially flat.
  • Corporate Services revenues up 2%. Revenues from our OTCQX market increased 6%, reflecting a higher average number of companies on the OTCQX market and price increases effective from the beginning of the year. OTCQB revenues increased 4% due to similar factors. Revenues from our OTCID market and from Pink Limited subscribers to the Disclosure & News Service® (“DNS”) decreased 3%, reflecting a similar decline in the average number of companies subscribing to OTCID and DNS.
  • Operating expenses increased 8%. The increase was driven by an 18% increase in professional and consulting fees, reflecting higher regulatory and clearing costs as a result of the increased trading volumes on OTC Link’s ATSs and a 16% increase in IT infrastructure and information services costs. Additionally, compensation and benefits expenses increased 4% due to higher cash-based incentive compensation targets for 2026 as well as an increase in other employee expenses.   
  • Operating income increased 2% and net income increased 3% to $10.8 million and $8.8 million, respectively.
  • Adjusted EBITDA, which excludes non-cash stock-based compensation expense, increased 1% to $12.9 million, or $1.07 per adjusted diluted share.

Dividend Declaration – Quarterly and Special Cash Dividend

OTC Markets Group announced today that its Board of Directors authorized and approved a special cash dividend of $1.75 per share of Class A Common Stock and a quarterly cash dividend of $0.30 per share of Class A Common Stock. The special dividend is payable on December 3, 2026, to stockholders of record on November 23, 2026. The ex-dividend date is November 23, 2026. The quarterly cash dividend is payable on December 17, 2026, to stockholders of record on December 3, 2026.   The ex-dividend date is December 3, 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. During the third quarter of 2026, the Company purchased 2,917 shares at an average price of $52.21 per share.

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.

Third Quarter 2026 Conference Call

The Company will host a conference call and webcast on Thursday, November 12, 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 November 11, 2027):

https://edge.media-server.com/mmc/p/muskm5zf        

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/BIaca795d0bd1e47659fcc088dba1f6b2a   

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.

The Quarterly 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® Basic Market, and Pink LimitedTM 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, OTC Overnight® 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 September 30,
    2026       2025  
OTC Link $ 7,489     $ 6,420  
Market data licensing   13,352       12,520  
Corporate services   13,004       12,695  
Gross revenues   33,845       31,635  
Redistribution fees and rebates   (984 )     (976 )
Net revenues   32,861       30,659  
Transaction-based expenses   (2,790 )     (2,155 )
Revenues less transaction-based expenses   30,071       28,504  
Operating expenses      
Compensation and benefits   11,617       11,162  
IT Infrastructure and information services   3,362       2,896  
Professional and consulting fees   2,253       1,916  
Marketing and advertising   373       368  
Occupancy costs   650       629  
Depreciation and amortization   555       635  
General, administrative and other   461       291  
Total operating expenses   19,271       17,897  
Income from operations   10,800       10,607  
Other income      
Interest income   269       269  
Income before provision for income taxes   11,069       10,876  
Provision for income taxes   2,265       2,318  
Net Income $ 8,804     $ 8,558  
       
Earnings per share      
Basic $ 0.73     $ 0.71  
Diluted $ 0.73     $ 0.71  
       
Basic weighted average shares outstanding   11,770,348       11,778,799  
Diluted weighted average shares outstanding   11,835,594       11,870,002  
       
Non-GAAP Reconciliation      
  Three Months Ended September 30,
    2026       2025  
Net Income $ 8,804     $ 8,558  
Excluding:      
Interest expense (income)   (269 )     (269 )
Provision for income taxes   2,265       2,318  
Depreciation and amortization   555       635  
Stock-based compensation expense   1,546       1,587  
Adjusted EBITDA $ 12,901     $ 12,829  
       
Adjusted diluted earnings per share $ 1.07     $ 1.06  
       
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.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
  September 30,   December 31,
    2026       2025  
Assets      
Current assets      
Cash and cash equivalents $ 53,036     $ 49,231  
Short-term investments   5,191       5,047  
Accounts receivable, net of allowance for credit losses of $282 and $267   9,708       9,053  
Prepaid income taxes   1,314       249  
Prepaid expenses and other current assets   2,264       2,361  
Total current assets   71,513       65,941  
Property and equipment, net   4,736       5,557  
Operating lease right-of-use assets   9,621       9,508  
Deferred tax assets, net   5,741       6,809  
Goodwill   3,984       3,984  
Intangible assets, net   5,825       6,247  
Long-term restricted cash   1,856       1,606  
Other assets   1,005       457  
Total Assets $ 104,281     $ 100,109  
       
Liabilities and stockholders’ equity      
Current liabilities      
Accounts payable $ 1,645     $ 1,184  
Income taxes payable   1,671       138  
Accrued expenses and other current liabilities   13,685       14,884  
Deferred revenue   24,348       33,640  
Total current liabilities   41,349       49,846  
Income tax reserve   1,171       1,050  
Deferred compensation   475       –  
Operating lease liabilities   8,960       8,748  
Total Liabilities   51,955       59,644  
Commitments and contingencies      
Stockholders’ equity      
Common stock – par value $0.01 per share      
Class A – 17,000,000 authorized, 12,997,666 issued, 11,988,725 outstanding at September 30, 2026; 12,912,423 issued, 12,020,991 outstanding at December 31, 2025   130       129  
Additional paid-in capital   45,938       41,364  
Retained earnings   38,265       24,644  
Treasury stock – 1,008,941 shares at September 30, 2026 and 891,432 shares at December 31, 2025   (32,007 )     (25,672 )
Total Stockholders’ Equity   52,326       40,465  
Total Liabilities and Stockholders’ Equity   104,281       100,109  
       


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