FDCT's 10-K Marks The Biggest Year In The Company's History
- Checkers
- 1 day ago
- 4 min read
Last time we covered FDCTech, Inc. (OTCID: $FDCT) the company had just filed an NT 10-K projecting that the Alchemy International Ltd. acquisition would add over $17 million in net assets, more than $13 million in revenue, and over $6 million in net income to the consolidated books in a two-month stub period, and the question on the table was whether an audited filing would actually back those projections up. FDCT just filed its full-year report, and the Alchemy International contribution is now locked into the consolidated numbers exactly where management said it would land.
What the filing puts on the record is impressive, especially for a $2 million acquisition. The Seychelles-licensed securities dealer was already running at $7.56 million in revenue and $3.91 million in net profit through the first nine months of 2025 before the deal closed, with client assets nearly doubling from $5.39 million to $10.84 million in that same stretch. A 50%+ net margin on an institutional execution business does not come around often at any level of the market, and FDCT picked the whole thing up while the entity was actively accelerating.
On top of what Alchemy International contributed in its first two months, the rest of the business was already pulling its weight. FY2025 revenue hit $34.96 million, up 29.8% from $26.94 million a year earlier, net income came in at $5.78 million after the prior year posted effectively zero, and operating income swung from a $902,000 loss to a $6.05 million gain. The technology segment climbed from 6.1% of total revenue to 14.6% as licensing and custom development work scaled on top of the Condor platform, which means the highest-margin line in the business is also the one compounding the fastest.
With Alchemy International in the fold, FDCT now has a regulated path to every major trading region on earth. Its EU and UK licenses cover the developed retail markets where trust and passporting matter most, its Australian wealth arm manages over $530 million in funds under advice, and Alchemy International unlocks the offshore institutional world across Asia, the Middle East, Africa, and Latin America where higher leverage, crypto CFDs, and high-frequency execution are where the margins actually live. More than 500,000 users now sit on this platform worldwide, and Xoala Asia's fresh Payment Intermediary Services license in Mauritius means the company is about to start capturing the funding and settlement flows that currently leak out to third-party payment processors.
Every one of those brokerages runs on technology FDCT built and owns. The Condor Trading Platform powers every brokerage subsidiary and gets licensed to outside firms through FDCT's Start-Your-Own-Brokerage and Start-Your-Own-Prime-Brokerage turnkey offerings, and technology segment revenue grew 210.5% year-over-year in FY2025. An estimated 70% to 80% of brokers worldwide still rent MetaTrader at six-figure annual costs that MetaQuotes raised by over 20% last year, while FDCT controls its own roadmap, pockets licensing revenue from every broker that plugs into its infrastructure, and uses that same technology to power its own high-margin brokerages at zero marginal cost.
What stands out most about the latest report is not what the company has already built, but how much bigger the runway in front of FDCT is. The 10-K cites BIS data showing global FX turnover at $9.6 trillion per day as of April 2025, up 28% from 2022, with the CFD broker market projected to reach $22.4 billion by 2032 and cross-border payments climbing from $212.6 billion to $320.7 billion over the same general window. Management's explicit M&A playbook is to buy private operators in these verticals, integrate them into the existing infrastructure, and compound them into the platform, targeting electronic money institutions, additional securities dealer licenses, market-making capabilities, digital wallets, and prop-trading communities. Given what the Alchemy International deal just proved out in a two-month stub period, management has earned the benefit of the doubt that the next deal in the pipeline can produce something similar.
IG Group (LON: $IGG), CMC Markets (LON: $CMCX), and Robinhood (NASDAQ: $HOOD) are the three names most closely associated with owning both the trading venue and the technology running it, and they sit on senior exchanges at anywhere from 3x to 16x revenue. FDCT is running that same integrated model across more jurisdictions than any of the three, it has a wealth franchise and a payments license that none of them carry, and after this filing the comparison no longer rests on projections or promises.
Disclaimer: Mt. Zion Market Ventures has received compensation for the creation and dissemination of this article. For more information, please visit opendisclose.com. The information provided here is not intended to be a comprehensive analysis of the subjects mentioned. All information, opinions, and forecasts contained herein should not be construed as investment advice, a recommendation, or an offer to buy or sell any securities or related financial instruments. Investors should conduct their own research or consult with a qualified financial advisor before making any investment decisions. The author and publisher of this content are not responsible for any losses, damages, or other consequences that may result from the use of the information provided. Investing in stocks, including those mentioned here, involves risks, including the risk of loss.
