Total revenues grew 46% year-over-year to $131.5 million, fueled by robust growth in user engagement and trading activity
Customer assets increased 64% year-over-year, reaching an all-time high, driven by market recovery and strong net deposits
Three straight quarters of operating profitability reflecting disciplined expense management and strong top-line growth
ST. PETERSBURG, Fla., Aug. 28, 2025 /PRNewswire/ -- Webull Corporation (NASDAQ: BULL) ( "Webull" or the "Company") today announced financial results for the second quarter of 2025 ended June 30, 2025.
"We delivered strong business results in our first quarter as a public company, with three consecutive quarters of operating profitability and customer assets at an all-time high, underpinned by substantial growth in trading volumes and net deposits," said Anthony Denier, Group President and U.S. CEO of Webull. "The environment for retail self-directed trading was the best we've seen since the COVID-19 pandemic, and with the market now in a new era driven by a more discernable regulatory environment, Webull is more focused than ever on delivering new products to our sophisticated retail trading cohort, as demonstrated by our recent re-launching of crypto and our ongoing global expansion."
"We maintained last quarter's positive momentum with accelerating revenue growth well ahead of expense growth, driving another quarter of solid operating profits," said H.C. Wang, Chief Financial Officer of Webull. "We are a prime beneficiary of growing demand among self-directed traders for a sophisticated all-in-one trading platform like Webull. This gives us the confidence to continue investing in growth and make more products available to more investors across global markets."
Second Quarter Results and Highlights
Financial Results
Total revenues increased 46% year-over-year to $131.5 million.Trading-related revenue increased 63% year-over-year.Total operating expenses increased 37% year-over-year, primarily due to an increase of $18.5 million in share-based compensation expenses.Adjusted operating expenses increased 20% year-over-year to $108.2 million.Loss before income taxes totaled $21.4 million for the quarter, representing a year-over-year increase of $11.1 million. The increase was primarily due to expensing $11.0 million of equity offering costs.Adjusted operating profit totaled $23.3 million for the quarter, representing a year-over-year improvement of $23.6 million and an increase of 18% year-over-year.Adjusted operating profit per share was $0.05 for the quarter and $0.18 for the six months ended June 30, 2025, representing an increase of $0.05 and $0.17 from the same prior year comparative periods.Net loss attributable to the Company increased $16.7 million year-over-year to $28.3 million.Adjusted net income increased $16.9 million from a net loss of $1.5 million to net income of $15.4 million.Net loss per ordinary share was $1.20 for the quarter as compared to $0.16 for the prior year comparative quarter. Our net loss per ordinary share for the quarter was predominately due to accounting for the fair value of ordinary shares and warrants issued to certain preferred shareholders as a dividend, which lowers net income attributable to ordinary shareholders. The securities issued were in connection with the closing of the business combination with SK Growth Opportunities Corporation. Upon the closing of the business combination transaction, our preferred stock converted into ordinary shares, and we no longer have any preferred stock outstanding.
Operating Results
Customer assets totaled $15.9 billion, an all-time high, representing 64% year-over-year growth, driven by market recovery and strong net deposits, which grew 37% year-over-year.Funded accounts increased to 4.73 million, representing 9% year-over-year growth.Registered users increased 18% year-over-year to 24.9 million users.Options contracts volume grew to $127 million, an 8% year-over-year increase and an increase of $6 million from the previous quarter.Equity notional volume grew to $161 billion, a 58% year-over-year increase and an increase of $33 billion from the previous quarter.
Company Highlights
In the second quarter, we raised proceeds of over $200 million from the exercise and redemption of all outstanding BULLZ incentive warrants issued in connection with the closing of our business combination with SK Growth Opportunities Corporation.In May, we launched the Latin America Webull App, consolidating the customer experience from our platforms in Brazil and Mexico and allowing us to seamlessly expand further in the region.In June, we took the first steps in re-entering the crypto market by launching crypto trading in Brazil, delivering access to one of the top performing asset classes while reflecting broader market demand for digital asset trading solutions.In June, we also expanded our partnership with Kalshi, the first CFTC-regulated exchange with prediction markets, to add cryptocurrency hourly contract trading and Fed events trading to our prediction markets offering, providing our users increased access to one of the fastest growing asset classes in the U.S.In June, we appointed Walter Bishop as an independent director to our board of directors. Mr. Bishop serves on our Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. His appointment reflects our ongoing commitment to enhancing the independence and expertise of our board of directors.Subsequent to the close of the second quarter, we announced in July the return of cryptocurrency trading to the Webull App for U.S. customers and the consolidation of Webull Pay back into the Webull Group. Users in the U.S., Brazil, and Australia are now able to trade cryptocurrencies, together with equities, options, futures, and prediction markets, all seamlessly through the Webull App, and we are actively exploring digital asset licenses in several other markets.Subsequent to the close of the second quarter, we also announced in July our entry into a standby equity purchase agreement allowing us to access $1 billion of capital at our discretion through sales of our Class A ordinary shares. As of August 28, 2025, we have raised proceeds of $142.8 million under this agreement.
Conference Call Information
Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, August 28, 2025. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=Trkt3u8c or participants may dial 1-866-652-5200 (U.S.) or 1-412-317-6060 (international).
Following the call, a replay and transcript will be available on the Company's website at www.webullcorp.com/investor-relations, as well as the earnings press release and accompanying slide presentation.
About Webull Corporation
Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure. Through its global network of licensed brokerages, Webull offers investment services in 14 markets across North America, Asia Pacific, Europe, and Latin America. Webull serves more than 24 million registered users globally, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull's trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com. You may also access certain information on Webull and its securities on the website of the SEC at http://www.sec.gov, where Webull will, among others, be filing reports, such as Reports on Form 6-K and its Annual Report on Form 20-F.
Contacts
For Investors
For Media
5W Public Relations
Nicholas Koulermos
(212) 999-5585
Use of Non-GAAP Financial Measures
We use adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses, all of which are non-GAAP financial measures, to evaluate our operating results and for financial and operational decision-making purposes. Adjusted operating profit represents income from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions, and other expense (income), net. Adjusted operating profit per share represents adjusted operating profit divided by our weighted average shares outstanding on a basic and diluted basis. Adjusted net income represents net income attributable to the Company, excluding share-based compensation expenses, foreign currency transaction gains and losses, and one-time transactions. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses.
We believe that adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income before income taxes, net income, and total operating expenses. We believe that adjusted operating profit, adjusted net income, and adjusted operating expenses provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses should not be considered in isolation or construed as an alternative to income before income taxes, net income attributable to the Company, and total operating expenses or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of Non-GAAP and GAAP Financial Measures" set forth at the end of this press release.
Definitions
"Customer assets" refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers' investments, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.
"Funded accounts" refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer's account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.
"Options contracts volume" refers to the total number of options contracts bought or sold over a specified period of time. Options contracts volume directly drives our options trading revenue, as we earn payment for order flow or commissions for customers' options trades on a per contract basis. However, options contracts volume is highly sensitive to market conditions in the short-term, which makes predicting our options trading revenue with precision difficult.
"Registered users" refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.
Webull Corporation
Condensed Consolidated Statements of Financial Position
June 30,
2025
December 31,
2024
(Unaudited)
Assets
Cash and cash equivalents
$
476,682,552
$
270,728,008
Cash and cash equivalents segregated under federal and foreign requirements
1,190,513,861
939,232,153
Receivables from brokers, dealers, and clearing organizations
307,518,448
262,093,040
Receivables from customers, net
306,401,011
301,107,428
Prepaid expenses and other current assets
82,585,247
50,344,836
Customer-held fractional shares
127,456,614
108,252,531
Total current assets
2,491,157,733
1,931,757,996
Right-of-use assets
64,192,028
66,293,751
Property and equipment, net
32,894,047
33,629,770
Intangible assets, net
20,477,208
19,415,963
Goodwill
5,197,438
5,197,438
Deferred tax assets
9,727,864
12,374,499
Other non-current assets
1,000,000
-
Total non-current assets
133,488,585
136,911,421
Total assets
$
2,624,646,318
$
2,068,669,417
Liabilities, mezzanine equity, and shareholders' equity (deficit)
Payables due to customers
$
1,693,545,054
$
1,378,625,130
Payables due to brokers, dealers, and clearing organizations
3,877,449
1,490,537
Lease liabilities - current portion
3,375,029
4,969,959
Accounts payable and other accrued expenses
55,998,312
61,079,799
Total current liabilities
1,756,795,844
1,446,165,425
Lease liabilities - non-current portion
9,618,423
10,438,555
Unsecured promissory notes
100,000,000
-
Deferred tax liabilities
5,676,865
5,292,255
Total non-current liabilities
115,295,288
15,730,810
Total liabilities
1,872,091,132
1,461,896,235
Commitments and Contingencies
-
-
Mezzanine equity
Convertible redeemable preferred shares (aggregate liquidation preference of $0 and $644,132,365 as of June 30, 2025 and December 31, 2024, respectively; and aggregate redemption value of $0 and $2,861,748,733 as of June 30, 2025 and December 31, 2024, respectively)
-
2,861,748,733
Total mezzanine equity
-
2,861,748,733
Shareholders' equity (deficit)
Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares authorized, 401,599,619 and 401,072,472 shares issued and outstanding as of June 30, 2025, respectively; and 143,531,580 and 139,307,224 shares issued and outstanding as of December 31, 2024, respectively)
4,012
1,393
Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares authorized, 82,988,016 shares issued and outstanding as of June 30, 2025 and no shares as of December 31, 2024)
830
-
Treasury shares (527,147 and 4,224,356 shares as of June 30, 2025 and December 31, 2024, respectively)
-
-
Additional paid in capital
2,987,559,282
-
Accumulated deficit
(2,231,782,461)
(2,241,054,086)
Accumulated other comprehensive loss
(4,226,213)
(15,195,946)
Total shareholders' equity (deficit)
751,555,450
(2,256,248,639)
Noncontrolling interest
999,736
1,273,088
Total equity (deficit)
752,555,186
(2,254,975,551)
Total liabilities, mezzanine equity, and total equity (deficit)
$
2,624,646,318
$
2,068,669,417
Webull Corporation
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2025
2024
2025
2024
Revenues
Equity and option order flow rebates
$
68,688,838
$
43,316,935
$
132,800,020
$
87,229,052
Interest related income
36,286,533
31,898,791
67,426,597
64,396,420
Handling charge income
20,105,503
10,365,426
37,652,513
20,069,935
Other revenues
6,412,476
4,314,736
10,983,055
7,136,201
Total revenues
131,493,350
89,895,888
248,862,185
178,831,608
Operating expenses
Brokerage and transaction
34,800,716
18,963,229
58,046,172
36,896,073
Technology and development
19,140,449
15,000,146
36,065,341
29,890,228