Financial reporting program
Pre-revenue today. Audited from FY2027.
- Financial year
- 1 January – 31 December
- Accounting standard
- US GAAP · PCAOB alignment
- Auditor engagement
- Independent CPA firm · 2026 RFP
- First audited year
- FY2027
Disclosure cadence
What we publish and when.
Disclosure calendar
- Quarterly investor update
- Published within 30 days of quarter-end · distributed to investors of record and invited observers
Operating progress, milestone status, regulatory-track update, hiring, runway, and forward guidance.
- Annual audited financial statements
- Published within 120 days of fiscal year-end, starting FY2027
Balance sheet, income statement, cash-flow statement, statement of changes in equity, and notes. US GAAP.
- Annual report
- Published within 150 days of fiscal year-end, starting FY2027
Management discussion and analysis, risk factors, governance disclosures, ESG matters, and forward outlook.
- ESG / TCFD report
- First TCFD-aligned climate disclosure for FY2027, published 2028
TCFD pillars: governance, strategy, risk management, metrics and targets.
- Transparency report
- Annual regulator-facing operational transparency report, starting FY2027
Reg SCI-aligned: system availability, incident history, material changes, and anchoring proofs.
- Vendor diligence packet
- On request under NDA
SIG Lite, CAIQ, SOC 2 report once available, pen-test summary, BCP/DR summary.
Accounting framework
US GAAP. Auditor-reviewed. Conservatively stated.
- 01
US GAAP as the baseline
Financial statements are prepared under US Generally Accepted Accounting Principles. An IFRS reconciliation is provided where required by non-US investors or counterparties. Material accounting policies are documented in the notes and reviewed annually. - 02
Revenue recognition
Revenue from clearing fees, data subscriptions, and market-access fees is recognised consistent with ASC 606. Forward guidance on revenue categories is provided from FY2027 once the first member cohort is live. - 03
Segregated member funds
Member initial margin, variation margin, and default-fund contributions are segregated and disclosed separately. These are not Wavestar assets and are not reported in the statement of financial position. - 04
Cryptocurrency and stablecoin holdings
Operational USDC and USDT balances are accounted for consistent with ASU 2023-08 crypto-asset guidance, measured at fair value with unrealised gains and losses recognised through net income. - 05
Lease accounting
Right-of-use assets and lease liabilities are recognised under ASC 842 for office, colocation, and specialised cryptographic-hardware leases where applicable. - 06
R&D capitalisation
Internal-use software development costs are capitalised under ASC 350-40 from application development stage onward. Capitalisation begins at technological feasibility of the module and halts at general availability.
Auditor
Independent. Public-company-quality. Rotating lead partner.
Wavestar engages an independent registered public accounting firm under the standards of the American Institute of Certified Public Accountants and, where applicable, the PCAOB. The audit firm is selected through a formal RFP in 2026, rotated on lead partner every five years consistent with Section 10A of the Securities Exchange Act standard of good practice, and engaged on multi-year terms subject to annual ratification by the Audit Committee. The company does not publicly name the firm until the engagement is confirmed and counsel has reviewed the announcement.
Auditor engagement standards
- Firm independence
- Confirmed annually under SEC and PCAOB independence rules
- Lead partner rotation
- Every five years · concurring partner rotation every five years
- Committee approval
- Audit Committee approves scope, fees, and non-audit services annually
- Non-audit services cap
- Limited to a small fraction of audit fees; pre-approval required case-by-case
- Audit opinion
- Unqualified opinion expected annually; any qualification immediately disclosed
- Management representation
- Signed annually by CEO and CFO; consistent with SOX 302/906 principles
Archive
Reports will appear here.
Starting FY2027, every annual report, audited statement, ESG disclosure, and transparency report will be archived on this page. Historical versions are preserved — amendments are separate documents, never in-place updates. The archive is linkable, versioned, and permanent.
Investor-of-record access
Access the investor portal.
Investors of record access the quarterly update, the cap table, and the financial dashboards through the investor portal. Prospective investors can request staged disclosure under NDA.