PDCNasdaqServices-Computer Programming ServicesUS GAAP · USD

Perpetuals.com Ltd

Perpetuals.com Ltd is a U.S.-based fintech and blockchain services company that develops AI-powered trading products, prediction markets, and exchange infrastructure. Its platform stack includes consumer trading applications and regulated market infrastructure used for multi-asset trading and tokenized commodity programs across the United States, Europe, and Asia.

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Revenue256m USD
−41.8 %y/y
Operating profit (EBIT)-2,751m USD
−1,019.0 %y/y
EBIT margin-1,073.4%
−1,017.6 ppy/y
Net income-2,742m USD
−968.3 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-3,000-2,000-1,00001,000m USD2021: 216 m USD2021: EBIT -89 m USD20212022: 464 m USD2022: EBIT -572 m USD20222023: 47 m USD2023: EBIT -388 m USD20232024: 179 m USD2024: EBIT -381 m USD20242025: 440 m USD2025: EBIT -246 m USD20252026: 256 m USD2026: EBIT -2,751 m USD2026256-2,751
RevenueOperating profit (EBIT)
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Business

Share of revenue
Consumer trading products35 %

Retail-facing trading applications designed to provide access to market participation and risk-managed trading experiences.

Exchange and market infrastructure30 %

Regulated trading venue and exchange technology used to operate multi-asset markets and settlement workflows.

Prediction markets15 %

Market products that allow users to trade on outcomes and market-linked events through the platform.

Tokenization and listing services10 %

Infrastructure and services for listing commodity token programs and related digital-asset market access.

AI analytics and decision tools10 %

BayesShield-based analytics and market intelligence used to support trading and risk decisions.

Products

Reported · share of revenue
85.2%14.8%FY2025100 %
  • Software and Software Development Costs85.2 %
  • Consulting and Solution Services14.8 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Perpetuals serves retail users who participate in trading and prediction markets through its consumer platforms, as well as counterparties and issuers seeking regulated infrastructure for tokenized market programs. The company also works with organizations that need exchange listing, market access, and AI-based decision support for multi-asset or asset-tokenization use cases.

Retail traders

Individuals using UpsideOnly and related products to trade with market insight and risk-managed mechanics.

Token program issuers

Companies such as Datavault AI that want their commodity token programs listed and traded on the platform.

Exchange and venue partners

Users of the MTF and exchange infrastructure that need regulated trading venue access and settlement.

Institutional and commercial users

Organizations that may license or use the platform for trading, market infrastructure, or analytics applications.

Healthcare and decision-intelligence partners

Partners exploring BayesShield applications beyond finance for diagnostic and decision-support workflows.

Strategy

Perpetuals is building a regulated trading and tokenization platform around AI-driven market products, with UpsideOnly and Kronos X serving as core user and infrastructure layers. The company is also extending its technology into asset tokenization and adjacent decision-intensive domains, using regulatory compliance and product differentiation to support broader market adoption.

Grow retail adoption of UpsideOnlyShort term

Consumer traction builds user scale, product visibility, and potential network effects for the platform.

Monetize regulated exchange infrastructureMedium term

A licensed venue and settlement stack can support more products and create recurring platform relevance.

Expand tokenization partnershipsMedium term

Commodity token programs broaden the use case set and deepen engagement with issuers and market participants.

Apply BayesShield to new verticalsLong term

Reusing the AI core across domains can increase addressable markets without rebuilding the platform from scratch.

Geography

Perpetuals operates across the United States, Europe, and Asia, with regulated infrastructure tied to the European market through its EU-licensed MTF. Its business is inherently cross-border because trading venues, token listings, and AI-driven market products depend on jurisdiction-specific regulatory permissions and market access.

Risks

Perpetuals faces regulatory, execution, and customer-concentration risk because its products depend on licenses, market structure approvals, and partner adoption. Its AI- and blockchain-based offerings also sit in a young category where legal interpretation, product acceptance, and platform trust can change quickly.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory uncertainty across jurisdictions1Customer concentration2Adoption risk for new trading products3Technology and model risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory uncertainty across jurisdictionsImpact: HighLikelihood: High

    The company’s trading, MTF, and tokenization products depend on evolving financial and crypto rules.

    ExposureProduct licensingMarket accessLaunch timing
  2. Customer concentrationImpact: HighLikelihood: High

    The company disclosed multiple customers contributing more than 10% of sales in recent years, indicating limited diversification.

    Exposure: Revenue concentration and contract renewal risk

  3. Adoption risk for new trading productsImpact: MediumLikelihood: Medium

    Consumer trading and prediction-market products need sustained user growth and trust to remain relevant.

    ExposureUpsideOnlyPrediction marketsExchange usage
  4. Technology and model riskImpact: MediumLikelihood: Medium

    BayesShield and related AI tools rely on training data, model validity, and real-time market performance.

    ExposureTrading signalsRisk decisionsProduct credibility
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Accounting

Judgemental items
Revenue recognition for service and platform contracts

Orders from blockchain and digital-transformation customers may be recognized over time or at milestones depending on delivery terms.

Impact: Can change timing of reported revenue and margins

Internally used software amortization

Capitalized software is amortized based on estimated useful life, which requires management judgment.

Impact: Affects operating expense and asset values

Stock options and share-based awards

The company disclosed stock options and share issuance activity, which affects equity and compensation expense.

Impact: Dilution and non-cash expense

Depreciation of tangible and intangible assets

Useful lives for buildings, fixtures, and software are short and can materially affect expense recognition.

Impact: Impacts net income and book value

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Last updated: 28/09/2026

Perpetuals.com Ltd (Nasdaq) – Services-Computer Programming Services | Financial Analysis – Clarifo