Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
TC S.A. built Brazil’s largest online community for retail investors — a Bloomberg terminal for the masses — then watched its revenue halve as it bet everything on becoming a licensed broker. The bet may yet pay off; right now the company is burning cash and shrinking fast.
| Full name | TC S.A. (formerly TC Traders Club S.A.) |
| Ticker / exchange | TRAD3 · B3 (São Paulo) |
| Headquarters | Avenida Presidente Juscelino Kubitschek, São Paulo, SP, Brazil |
| Sector | Technology — Software / Application |
| Employees | 167 |
| Market value (market cap) | R$ 49.5 m (~US$ 9.6 m) |
| Yearly sales (revenue, TTM) | R$ 20.4 m (~US$ 3.95 m) |
| Net profit (2025 annual) | R$ −86.7 m (~US$ −16.8 m) |
| Net margin (2025) | −388% (our calculation) |
| Return on equity (ROE) | −60.0% |
| Price-to-earnings (P/E) | n/a (loss-making) |
| Dividend yield | None |
| Net cash (2025) | R$ 9.0 m (~US$ 1.75 m) (our calculation) |
| Website | tradersclub.com.br |
What it is
TC was born in 2015 as an investor community and came to market in 2021 to provide information services to that community. Think Reddit meets a financial data terminal: members share trade ideas, access real-time market data, read research, and take courses — all on one app.
TC offers a platform for financial education, data analysis and market intelligence, with a mission to democratise the financial market by giving investors a space for discussion and investment ideas supported by real-time data and analytical tools. The company has several subsidiaries, including Economatica Software de Apoio a Investidores Ltda and Pandhora Investimentos Ltda.
Who owns it
Insiders — founders and management — hold 66.6% of the shares; institutions hold a further 21.8%, leaving a free float of roughly 11.6% (our calculation from EODHD data). Pedro Albuquerque is one of the company’s founders; after leading TC through its most difficult restructuring, he moved from CEO to the board, a transition described as the natural evolution of a founder.
The founders’ tight grip keeps the company sheltered from outside pressure but also means minority shareholders have limited power to force a change of course if the new brokerage strategy stalls. Specific percentage splits per individual founder are not disclosed in available sources.
Who runs it
In late 2025, CEO Eduardo Barone and CFO Danillo Emerick resigned; Pedro Feres took over as CEO and Israel Massa as CFO, as the company simultaneously announced a push to simplify its corporate structure. Pedro Albuquerque, the previous CEO, assumed the role of CIO of the company’s asset-management arm and took the chair of the board.
The leadership shuffle is the second in two years and reflects how rapidly TC’s strategy has shifted — from pure media platform, to aspiring broker, and now to a leaner, focused operation.
The money, in plain words
Revenue has fallen by 59% in two years — from R$ 54 m (~US$ 10.5 m) in 2023 to R$ 22.3 m (~US$ 4.3 m) in 2025 — as TC deliberately shed its lower-margin information products while waiting for brokerage income to fill the gap (our calculation). For every real of sales in 2025, it lost nearly four reais — a net margin of −388% — which sounds alarming but mostly reflects fixed costs being spread over a shrinking transitional revenue base (our calculation).
The losses are eating equity fast: return on equity stands at −60%, meaning owners’ capital is shrinking at that rate each year. The one comfort is that TC still holds R$ 9 m (~US$ 1.75 m) in net cash — negligible debt of R$ 106,000 (US$21 k)against R$ 9.1 m (US$2 mn) of cash — so it is not in immediate danger of running out of money, though the runway is not long at this loss rate (our calculation).
What it is doing now
In 2022 TC decided to become a licensed securities broker, recognising that selling information was losing value; obtaining the Central Bank licence involves a long regulatory process that, as of late 2024, was nearing its end. With the brokerage licence approved, TC began unlocking new revenue streams it had previously left on the table, and management described the cost base as “very lean” with revenue beginning to mature.
Alongside the leadership change, the company started a process to simplify its structure, focusing on its core business. In practice this means exiting or winding down peripheral businesses acquired during the expansion years and concentrating on the investor-community-plus-brokerage model.
What to watch
- Brokerage revenue ramp: the entire turnaround thesis rests on trading commissions growing fast enough to replace the lost information revenue. Quarterly results are the key scorecard.
- Cash burn versus runway: with R$ 9 m (US$2 mn) in net cash and losses running deep, the company needs revenue to accelerate quickly or face a cash call that would dilute existing shareholders.
- Leadership stability: two CEO changes in two years at a 167-person company is unsettling; whether Pedro Feres and Israel Massa can hold the course matters as much as the strategy itself.
- Market cap discount to book: the shares trade at roughly US$ 9.6 m against shareholder equity of R$ 112.7 m (~US$ 21.9 m) — a deep discount to book value (price-to-book well below 0.5×, our calculation) — which signals the market is sceptical the equity will survive intact.
Sources
This is news, not investment advice.
Read More from The Rio Times