Technology and development expense increased $0.6 million, or 52% year-over-year, primarily due to the increase of stock-based compensation and labor costs, including added head accounts in risk management and prime platform development. Sales and marketing expense increased $1.5 million, or 137% year-over-year, primarily due to an increase in labor costs, stock-based compensation, and marketing events related to conference sponsorship and other very hot developments. General and administrative expenses increased $1.4 million, or 54% year-over-year, primarily due to the increase of labor costs, stock compensation, professional fees, and office lease.

Nov 11, 2025 / receipt, needs a key / Paul Laring, CFO | earnings call 2025-11-11 | transcript f35898f8-538e-4bbb-b7f3-c585ed36b7b0 | chars 9848-10506 | segment 10