v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Operating activities      
Net income (loss) $ (42,066) $ 194,447 $ 76,966
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization of property, software, and equipment, net 7,397 6,236 6,037
Non-cash lease expense 3,280 3,066 2,899
Cash interest paid on convertible note 0 (904) (12,194)
Cash interest paid on related-party long-term debt 0 (6,193) 0
Non-cash interest expense on related-party long-term debt 0 2,272 2,000
Deferred income taxes (59,555) (60,194) 0
Stock-based compensation expense 259,824 9,364 11,846
Impairment of internally developed software 709 0 0
Change in fair value of convertible note 0 (16,927) 1,270
Change in fair value of warrant liabilities (1,517) 678 1,241
Change in fair value of simple agreement for future equity 66 1,298 1,979
Changes in operating assets and liabilities:      
Due from clients (108,895) (49,052) 47,696
Accounts receivable (4,000) (8,946) (9,313)
Other current and noncurrent assets (31,517) (9,890) (976)
Accounts payable 832 3,287 734
Accrued liabilities 1,313 2,116 1,722
Due to clients 20,757 7,127 (7,548)
Payable to clearing broker 109,265 48,761 (47,353)
Deferred revenue 0 0 (1,062)
Lease liabilities (3,705) (3,396) (3,101)
Other noncurrent liabilities 0 0 75
Net cash provided by operating activities 152,189 123,150 72,918
Investing activities      
Purchases of property, software, and equipment (1,138) (533) (502)
Capitalized internally developed software 0 (5,310) (4,661)
Net cash used in investing activities (1,138) (5,843) (5,163)
Financing activities      
Repayment of convertible note 0 (29,122) (40,578)
Principal repayment of related-party long-term debt 0 (20,000) 0
Proceeds from draw on credit facility 200,000 0 0
Repayment of draw on credit facility (200,000) 0 0
Taxes paid related to net share settlement of equity awards in connection with IPO (136,855) 0 0
Proceeds from issuance of common stock 282,222 0 0
IPO offering costs (9,162) 0 0
Proceeds from exercise of stock options, including early exercises 12,439 4,919 1,079
Repurchase of common stock (459) (37,037) 0
Proceeds from issuance of treasury stock 0 22,694 0
Net cash provided by (used in) financing activities 148,186 (58,546) (39,499)
Net increase in cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents 299,237 58,761 28,256
Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents at the beginning of the period 154,553 95,792 67,536
Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents at the end of the period 453,790 154,553 95,792
Supplemental disclosures of cash flow information      
Cash paid for interest 9,127 12,240 17,445
Non-cash investing activities      
Stock-based compensation included in capitalized internally developed software 0 1,637 1,409
Non-cash recognition of new lease 747 0 0
Non-cash financing activities      
Issuance of common stock from conversion of preferred stock and SAFEs 233,399 0 0
Change in early exercise of options liability 0 169 396
Retirement of common stock 0 (1,750) 0
The following presents cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents      
Cash and cash equivalents 440,805 142,860 86,721
Cash segregated and on deposit for regulatory purposes 10,375 9,083 6,461
Restricted cash and cash equivalents in other noncurrent assets 2,610 2,610 2,610
Total cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents $ 453,790 $ 154,553 $ 95,792