FDCTech, Inc.

What they do

FDCTech operates through margin brokerage (Alchemy Markets Ltd., Alchemy Prime Ltd., Alchemy International Ltd.), wealth management (AD Advisory Services Pty Ltd.), technology and software development (Condor Trading Technology), and payment intermediary services (Xoala Asia). It serves retail and institutional clients in forex, CFDs, equities, commodities, and digital assets across Europe, the UK, Australia, Seychelles, and Mauritius.

Revenue drivers

• Margin Brokerage — Generated $23.4M in FY2025 (67% of total revenue), up 24.6% year-over-year, driven by higher client trading volumes and the acquisition of Alchemy International Ltd.
• Wealth Management — Generated $6.4M in FY2025 (18% of total), stable year-over-year, from AD Advisory Services in Australia, which oversees $530M+ in funds under advice with 28 advisors.
• Technology & Software — Generated $5.1M in FY2025 (15% of total), up 210.5%, due to expanded adoption of the proprietary Condor Trading Technology suite.
• Payment Intermediary Services — Early-stage segment through Xoala Asia, developing payment gateway and cross-border capabilities; no revenue disclosed for FY2025.

Recent performance

For fiscal year 2025, total revenue was $35.0M, up 29.8% from $26.9M in 2024 (restated). Net income attributable to shareholders was $5.8M, compared to a net loss of $18,781 in 2024. Operating income was $6.1M with a 17.3% margin, and gross margin expanded to 54.8% from 44.7%. Q1 2026 revenue surged to $15.2M, up 154.6% from $5.98M in Q1 2025, driven by a full quarter of Alchemy International. However, operating cash flow was negative $40.9M in 2025, and cash and equivalents fell to $4.1M by March 31, 2026.

Strategy

FDCTech's strategy centers on strategic acquisitions to expand its regulated global footprint, adding Alchemy International in 2025. It focuses on cross-selling its proprietary Condor Trading Technology across its brokerage entities and third-party clients. The company is developing a payment intermediary segment to complement its brokerage and wealth management operations. Management states it is advancing toward an uplisting to a national exchange.

Risks

• Liquidity strain — Operating cash flow was -$40.9M in 2025 and cash dropped to $4.1M by March 31, 2026, despite reported profitability.
• Financial restatements — The company filed 8-Ks on June 8 and June 23, 2026, stating previously issued financials were not reliable, indicating potential errors in reported results.
• Regulatory and compliance exposure — The company operates in multiple regulated jurisdictions (MFSA, FCA, ASIC, FSA Seychelles), non-compliance could lead to fines or loss of licenses.
• Acquisition integration — Recent acquisitions, including Alchemy International, may not sustain earnings-accretive contributions as integration risks and client retention remain uncertain.

Outlook

Management expects continued revenue growth, particularly from the full-quarter contribution of Alchemy International and expanded Condor platform adoption. The company aims to improve profitability through operating leverage, as demonstrated by the 1.1% increase in operating expenses despite 30% revenue growth in 2025. However, the negative operating cash flow and pending financial restatements raise uncertainty about near-term financial stability and the ability to fund ongoing operations.