Revenue stability remains elusive as non-interest income comprised 99.6% of total revenue in 2025Q4, while net interest income turned negative at -$1.7M.
| Net Interest Income | -1.96M | -128.97K | -2.41M | -2.33M | 0 | 0 | 0 | -118 | 0 |
| NII Growth % | -1417.76% | 94.66% | -3.36% | - | - | - | 100% | - | - |
| Net Interest Margin % | -3.58% | -0.35% | -3.24% | -2.69% | 0% | 0% | 0% | -0% | 0% |
| Interest Income | 173.41K | 692.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.13M | 821.93K | 2.41M | 2.33M | 0 | 0 | 0 | 118 | 0 |
| Loan Loss Provision | 3.53M | 5.29M | 7.46M | 6.44M | 0 | 0 | 0 | 7.16M | 8.24M |
| Non-Interest Income | 659.83K | -31.98M | 17.5M | -2.48M | 23.57M | 10.05M | 17.8M | 6.57M | 9.89M |
| Non-Interest Income % | 79.19% | 102.21% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 833.25K | -31.29M | 17.5M | -2.48M | 23.57M | 10.05M | 17.8M | 6.57M | 9.89M |
| Revenue Growth % | 102.66% | -278.75% | 805.07% | -110.53% | 134.56% | -43.54% | 170.92% | -33.58% | - |
| Non-Interest Expense | 6.25M | 15.74M | 15.2M | 19.65M | 14.03M | 8.97M | 4.53M | 2.15M | 10.49M |
| Efficiency Ratio | 750.47% | -50.32% | 86.83% | -791.72% | 59.52% | 89.25% | 25.47% | 32.71% | 106.05% |
| Operating Income | -8.09M | -53.14M | -3.41M | -30.91M | 9.54M | 1.08M | 13.26M | -2.74M | -594.85K |
| Operating Margin % | -970.45% | 169.84% | -19.49% | 1245.24% | 40.48% | 10.75% | 74.53% | -41.79% | -6.02% |
| Operating Income Growth % | 84.78% | -1457.4% | 88.96% | -424.02% | 783.76% | -91.86% | 583.2% | -361.44% | - |
| Pretax Income | -4.97M | -27.55M | -5.83M | -33.97M | -772.33K | -2.57M | 8.28M | -2.74M | -631.5K |
| Pretax Margin % | -596.13% | 88.07% | -33.29% | 1368.42% | -3.28% | -25.62% | 46.53% | -41.79% | -6.39% |
| Income Tax | 1K | 1.25K | 1.06K | 3.42K | 54.37K | 1.32K | 64.47K | 26.33K | 102.9K |
| Effective Tax Rate % | -0.02% | -0% | -0.02% | -0.01% | -7.04% | -0.05% | 0.78% | -0.96% | -16.29% |
| Net Income | -4.96M | -27.45M | -5.26M | -33.97M | 22.78K | -2.58M | 8.22M | -2.77M | -734.41K |
| Net Margin % | -594.87% | 87.73% | -30.05% | 1368.56% | 0.1% | -25.63% | 46.17% | -42.19% | -7.43% |
| Net Income Growth % | 81.94% | -421.95% | 84.52% | -149228.44% | 100.88% | -131.35% | 396.49% | -277.34% | - |
| Net Income (Continuing) | -4.97M | -27.55M | -5.83M | -33.97M | -826.7K | -2.58M | 8.22M | -2.77M | -734.41K |
| EPS (Diluted) | -175.50 | -785.49 | -647.94 | -11084.71 | -999999.00 | 0.00 | 0.00 | -2389.10 | -633.18 |
| EPS Growth % | 77.66% | -21.23% | 94.15% | 99.89% | - | - | 100% | -277.32% | - |
| EPS (Basic) | -175.50 | -785.49 | -647.94 | -11294.11 | -999999.00 | 0.00 | 0.00 | -2389.10 | -633.18 |
| Diluted Shares Outstanding | 48.65K | 35.56K | 8.13K | 3.07K | 2.01K | 677 | 1.16K | 1.16K | 1.16K |
Regulatory and geopolitical volatility
As reported in recent financial statements, Lion Group Holding's net interest income has turned negative, reaching -$1.7M in 2025Q4, which suggests that the cost of maintaining client liquidity and funding structures is currently outpacing the interest generated from the firm's cash and collateral positions.
The persistent negative NII indicates that the firm's funding costs are not being effectively offset by interest-earning assets. This trend suggests that the company's capital structure is currently inefficient, potentially due to the high costs associated with maintaining the regulatory liquidity required for its derivative brokerage operations.
Based on the company's 2025Q4 filings, the efficiency ratio stood at 39.7%, a significant improvement from the 129.2% observed in 2024Q2, yet this metric remains highly sensitive to the firm's erratic revenue recognition patterns and heavy reliance on non-interest income streams.
The wide fluctuations in the efficiency ratio imply that the firm lacks a stable operating leverage profile, likely due to the high fixed costs of its technological infrastructure and compliance requirements. Investors should monitor whether this recent improvement is sustainable or merely a byproduct of temporary spikes in trading-related fee income.
According to the latest quarterly data, non-interest income accounted for 99.6% of total revenue in 2025Q4, highlighting a near-total dependency on transactional fee-based activities rather than recurring wealth management or stable interest-based revenue streams that typically anchor more traditional financial institutions.
This extreme concentration in fee income suggests that the firm's earnings are highly vulnerable to market volatility and shifts in trading volume. The lack of diversification into recurring revenue streams may indicate that the company's business model is fundamentally speculative rather than service-oriented.
Financial disclosures indicate that provision expenses for loan losses reached $1.0M in 2025Q4, following a period of significant inconsistency where provisions swung from $6.4M in 2023Q4 to zero in other periods, suggesting an unpredictable approach to managing potential credit losses within the brokerage book.
The erratic nature of these provisions warrants further investigation into the firm's underlying credit risk management practices. It appears that the company may be adjusting its reserves in response to specific, high-risk trading events rather than maintaining a systematic, forward-looking credit loss allowance.
As noted in recent regulatory filings, the company's strategic pivot toward metaverse and NFT-related ventures introduces significant uncertainty, as these speculative assets lack the historical performance data required to justify their current carrying values or their potential to contribute to long-term, high-quality earnings.
The disconnect between the firm's core brokerage operations and its digital asset initiatives suggests that the company may be attempting to mask operational underperformance with speculative projects. This strategy appears to increase the firm's risk profile without providing a clear, evidence-based path to sustainable profitability.
Quick answers to the most common questions about buying LGHL stock.
Lion Group Holding Ltd. (LGHL) reported a net loss of $5.0M for the fiscal year ending 2025.
Lion Group Holding Ltd. (LGHL) reported an operating income of $-8.1M, resulting in an operating profit margin of -970.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Lion Group Holding Ltd. (LGHL) generated $3.4M in gross profit for the year, representing a gross profit margin of 410.1%. This demonstrates the company's core pricing power and production efficiency.