Webull Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Webull (NASDAQ: BULL) reported record Q2 2026 revenue of $198.8 million, up 51% year-over-year and 24% sequentially, driven mainly by a 66% increase in trading-related revenue to $147.7 million. Adjusted operating profit reached $62.6 million, a 31.5% margin, while adjusted net income was $43.2 million. Income before income taxes was $34.7 million, compared with a $21.4 million loss a year earlier, and net income attributable to the company was $24.4 million versus a prior-year loss of $28.3 million.
Customer assets rose to $28.5 billion (up 79% year-over-year), with equity notional volume of $279 billion and options contracts of 213 million. Webull repurchased 1,820,788 Class A shares at an average price of $6.03, expanded internationally to Spain, Argentina and Colombia, announced the acquisition of Pi Securities in Thailand, and grew Vega AI to about 480,000 active users.
Positive
- Total revenue $198.8 million, up 51% year-over-year and 24% sequentially
- Adjusted operating profit $62.6 million, up from $23.3 million a year ago
- Net income $24.4 million versus prior-year net loss of $28.3 million
- Customer assets (AUM) $28.5 billion, representing 79% year-over-year growth
- Share repurchases 1,820,788 Class A shares at $6.03 average during Q2 2026
Negative
- Adjusted operating expenses rose 26% year-over-year to $136.2 million
- New borrowings $17.6 million revolving credit facility and $50 million unsecured promissory notes current
- Cash segregated under regulatory requirements declined to $1.22 billion from $1.54 billion at year-end 2025
News Explained
At June 30, Webull reported $2,877,895,236 payable to customers, plus $17,611,040 in revolving credit and $50,000,000 in unsecured notes.
Webull has reported its second-quarter results for the quarter ended
The same table lists
The reported share base at
Market reaction after 2Q26 earnings report: BULL +9.26%
Following this news, BULL has gained 9.26%, reflecting a notable positive market reaction. Our momentum scanner has triggered 77 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $9.44. Trading volume is very high at 4.5x the average, suggesting strong buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 21 | Q1 earnings report | Positive | -6.5% | Revenue growth, profitability, and customer-asset expansion were reported for the quarter. |
| Mar 04 | FY2025 earnings report | Positive | -5.6% | Full-year revenue, net deposits, customer assets, and adjusted operating profit were reported. |
| Nov 20 | Q3 earnings report | Positive | +0.5% | Revenue, trading-related income, customer assets, and profitability increased year over year. |
| Aug 28 | Q2 earnings report | Positive | -7.4% | Revenue and customer assets grew, while a net loss was reported. |
| May 22 | Q1 earnings report | Positive | -8.9% | Revenue, customer assets, trading volumes, and net income improved year over year. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across tag-specific earnings events, four of five had negative 24-hour reactions despite positive reported results.
Key Terms
pattern day trader rule regulatory
model context protocol technical
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Webull reports another strong quarter of growth, marked by record trading volumes, increased customer assets, and strong net deposits. Webull continues to invest in strategic priorities, including enhanced offerings for its active traders, international expansion, and building its institutional business.
"I'm proud to report a record second quarter for Webull, highlighted by our successful implementation of updated active trader functionality following the June 4 elimination of the Pattern Day Trader Rule," said Anthony Denier, Group President and
"Q2 was the best quarter in Webull's history, with record revenue of
Second Quarter Results
Financial Results
- Total revenues increased
51% year-over-year to$198.8 million - Trading-related revenue increased
66% year-over-year to$147.7 million - Total operating expenses increased
13% year-over-year, primarily driven by higher brokerage and transaction costs associated with rapid growth in trading volumes as well as product expansion, offset by lower share-based compensation expense. - Adjusted operating expenses increased
26% year-over-year to$136.2 million - Income before income taxes totaled
$34.7 million $21.4 million $56.1 million 51% , which outpaced the13% increase in total operating expenses. - Adjusted operating profit totaled
$62.6 million $23.3 million - Adjusted operating profit per share – basic and diluted was
$0.12 $0.05 - Net income attributable to the Company was
$24.4 million $28.3 million - Adjusted net income increased to
$43.2 million $15.4 million - Net income per ordinary share – basic and diluted was
$0.05 $0.04 $1.20 - Share Repurchase Program – During the quarter, the Company repurchased and cancelled 1,820,788 Class A ordinary shares at an average repurchase price of
$6.03
Operating Results
- Customer assets (AUM) totaled
$28.5 billion 79% year-over-year growth, driven by net deposits which grew7% year-over-year. - Registered users increased
13% year-over-year to 28.2 million users. - Funded accounts increased to 5.13 million, representing
8% year-over-year growth. - Equity notional volume grew to
$279 billion 73% year-over-year increase and an increase of7% from the previous quarter. - Options contracts volume grew to 213 million, a
68% year-over-year increase and an increase of34% from the previous quarter. - DARTs increased to 1.6 million, representing
62% year-over-year growth.
Company Highlights
- Successfully implemented updated active trader functionality for all eligible customers following the elimination of the Pattern Day Trader Rule, contributing to record quarterly trading volumes.
- Vega AI added approximately 160,000 new users during the quarter, bringing total active users to approximately 480,000.
- Expanded Model Context Protocol ("MCP") to support natural-language research, tool-building and trade execution through leading AI models.
- Introduced paper trading capabilities to achieve parity with live trading across asset classes, providing users with the ability to test and refine trading strategies.
- Continued international expansion with the launch of Webull in
Spain ,Argentina , andColombia . Webull is now licensed across 35 markets globally and operates trading activities in 18 markets. - International funded accounts grew to approximately 810,000.
- Announced the acquisition of Pi Securities in
Thailand , expanding Webull's presence inAsia-Pacific where customer assets now exceed$5 billion - Expanded Webull's B2B offering with access to futures and prediction markets, and partnered with Monark Markets to provide accredited investors access to late-stage private companies through special purpose vehicles.
Conference Call Information
Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, August 19, 2026. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=y93ulpXT or participants may dial 1-844-744-1431 (
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 and AI technologies. Through its global network of licensed brokerages, Webull offers investment services in 18 markets across
Contacts
For Investors
ir@webullcorp.com
For Media
5W Public Relations
Nicholas Koulermos
Webull@5wpr.com
(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 and one-time transactions.
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, earnings per share, 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 Quarterly 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, digital assets 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 and digital holdings, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.
"DARTs" refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade. A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.
"Equity notional volume" refers to the aggregate dollar value (purchase price or sale price as applicable) of trades executed over a specified period of time. Equity notional volume directly drives our equities trading revenue, as we earn payment for order flow or commissions for customers' equities trades based on a percentage of notional value. However, equity notional volume is highly sensitive to market conditions in the short-term which makes predicting our equity trading revenue with precision difficult.
"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, 2026 | December 31, | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ | 701,621,304 | $ | 653,188,906 | ||||
Cash and cash equivalents segregated under federal and foreign requirements | 1,224,069,199 | 1,537,119,275 | ||||||
Receivables from brokers, dealers, and clearing organizations | 701,369,826 | 562,961,145 | ||||||
Receivables from customers, net | 1,011,784,680 | 708,785,550 | ||||||
Prepaid expenses and other current assets | 60,814,415 | 50,208,272 | ||||||
Customer-held fractional shares | 223,802,727 | 172,309,953 | ||||||
Total current assets | 3,923,462,151 | 3,684,573,101 | ||||||
Right-of-use assets | 64,014,634 | 64,357,655 | ||||||
Property and equipment, net | 41,473,511 | 35,894,855 | ||||||
Intangible assets, net | 54,269,690 | 55,434,567 | ||||||
Goodwill | 25,066,700 | 30,264,138 | ||||||
Deferred tax assets | 3,450,909 | 9,346,987 | ||||||
Other non-current assets | 1,000,000 | 1,000,000 | ||||||
Total non-current assets | 189,275,444 | 196,298,202 | ||||||
Total assets | $ | 4,112,737,595 | $ | 3,880,871,303 | ||||
Liabilities and shareholders' equity | ||||||||
Payables due to customers | $ | 2,877,895,236 | $ | 2,667,837,626 | ||||
Payables due to brokers, dealers, and clearing organizations | 1,632,515 | 3,481,115 | ||||||
Lease liabilities - current portion | 3,497,320 | 3,611,195 | ||||||
Accounts payable and other accrued expenses | 97,610,615 | 102,183,377 | ||||||
Revolving credit facility | 17,611,040 | – | ||||||
Unsecured promissory notes | 50,000,000 | – | ||||||
Total current liabilities | 3,048,246,726 | 2,777,113,313 | ||||||
Lease liabilities - non-current portion | 7,624,608 | 8,911,821 | ||||||
Unsecured promissory notes | – | 65,000,000 | ||||||
Deferred tax liabilities | 13,193,834 | 13,366,222 | ||||||
Total non-current liabilities | 20,818,442 | 87,278,043 | ||||||
Total liabilities | 3,069,065,168 | 2,864,391,356 | ||||||
Commitments and Contingencies | – | – | ||||||
Shareholders' equity | ||||||||
Class A ordinary shares ( | 4,459 | 4,396 | ||||||
Class B ordinary shares ( | 839 | 839 | ||||||
Treasury shares (864,485 and 1,124,485 shares as of June 30, 2026 and December | – | – | ||||||
Additional paid in capital | 3,207,257,664 | 3,192,952,827 | ||||||
Accumulated deficit | (2,175,548,251) | (2,178,189,845) | ||||||
Accumulated other comprehensive income | 11,817,455 | 1,524,496 | ||||||
Total shareholders' equity | 1,043,532,166 | 1,016,292,713 | ||||||
Noncontrolling interest | 140,261 | 187,234 | ||||||
Total equity | 1,043,672,427 | 1,016,479,947 | ||||||
Total liabilities and total equity | $ | 4,112,737,595 | $ | 3,880,871,303 | ||||
Webull Corporation | ||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||
For the Three Months Ended June | For the Six Months Ended June | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenues | ||||||||||||||||
Equity and option order flow rebates | $ | 112,961,852 | $ | 68,688,838 | $ | 197,354,691 | $ | 132,800,020 | ||||||||
Interest related income | 42,752,379 | 36,286,533 | 82,802,757 | 67,426,597 | ||||||||||||
Handling charge income | 34,780,092 | 20,105,503 | 61,192,834 | 37,652,513 | ||||||||||||
Other revenues | 8,336,757 | 6,412,476 | 17,408,814 | 10,983,055 | ||||||||||||
Total revenues | 198,831,080 | 131,493,350 | 358,759,096 | 248,862,185 | ||||||||||||
Operating expenses | ||||||||||||||||
Brokerage and transaction | 44,348,662 | 34,800,716 | 82,741,802 | 58,046,172 | ||||||||||||
Technology and development | 22,157,376 | 19,140,449 | 46,018,198 | 36,065,341 | ||||||||||||
Marketing and branding | 35,046,209 | 30,300,834 | 84,457,375 | 53,291,872 | ||||||||||||
General and administrative | 51,823,929 | 50,976,724 | 102,465,372 | 84,597,444 | ||||||||||||
Total operating expenses | 153,376,176 | 135,218,723 | 315,682,747 | 232,000,829 | ||||||||||||
Other expense, net | 10,768,430 | 17,659,796 | 21,200,591 | 18,749,213 | ||||||||||||
Income (loss) before income taxes | 34,686,474 | (21,385,169) | 21,875,758 | (1,887,857) | ||||||||||||
Provision for income taxes | 10,343,085 | 6,999,777 | 19,270,241 | 13,558,002 | ||||||||||||
Net income (loss) | 24,343,389 | (28,384,946) | 2,605,517 | (15,445,859) | ||||||||||||
Less net loss attributable to noncontrolling interest | (20,935) | (110,919) | (36,077) | (257,639) | ||||||||||||
Net income (loss) attributable to the Company | 24,364,324 | (28,274,027) | 2,641,594 | (15,188,220) | ||||||||||||
Preferred shares redemption value accretion | – | – | – | (21,702,737) | ||||||||||||
Fair value of ordinary shares issued to | – | (513,080,828) | – | (513,080,828) | ||||||||||||
Fair value of ordinary share warrants issued to | – | (15,600,000) | – | (15,600,000) | ||||||||||||
Excess carrying value of preferred shares repurchased | – | 38,093,537 | – | 38,093,537 | ||||||||||||
Net income (loss) attributable to ordinary | $ | 24,364,324 | $ | (518,861,318) | $ | 2,641,594 | $ | (527,478,248) | ||||||||
Net income (loss) per share attributable to ordinary | ||||||||||||||||
Basic | $ | 0.05 | $ | (1.20) | $ | 0.00 | $ | (1.84) | ||||||||
Diluted | $ | 0.04 | $ | (1.20) | $ | 0.00 | $ | (1.84) | ||||||||
Weighted-average shares outstanding | ||||||||||||||||
Basic | 530,642,516 | 431,390,035 | 528,397,409 | 286,155,488 | ||||||||||||
Diluted | 542,622,870 | 431,390,035 | 543,513,592 | 286,155,488 | ||||||||||||
Net income (loss) | $ | 24,343,389 | $ | (28,384,946) | $ | 2,605,517 | $ | (15,445,859) | ||||||||
Other comprehensive income, net of tax: | ||||||||||||||||
Change in cumulative foreign currency translation | 4,603,428 | 9,212,371 | 10,282,063 | 10,954,020 | ||||||||||||
Other comprehensive income | 4,603,428 | 9,212,371 | 10,282,063 | 10,954,020 | ||||||||||||
Comprehensive income (loss) | 28,946,817 | (19,172,575) | 12,887,580 | (4,491,839) | ||||||||||||
Less comprehensive loss attributable to noncontrolling | (20,935) | (110,919) | (36,077) | (257,639) | ||||||||||||
Less foreign currency translation adjustment | (6,894) | 12,414 | (10,896) | (15,713) | ||||||||||||
Preferred shares redemption value accretion | – | – | – | (21,702,737) | ||||||||||||
Fair value of ordinary shares issued to | – | (513,080,828) | – | (513,080,828) | ||||||||||||
Fair value of ordinary share warrants issued to | – | (15,600,000) | – | (15,600,000) | ||||||||||||
Excess carrying value of preferred shares repurchased | – | 38,093,537 | – | 38,093,537 | ||||||||||||
Comprehensive income (loss) attributable to | $ | 28,974,646 | $ | (509,661,361) | $ | 12,934,553 | $ | (516,508,515) | ||||||||
Webull Corporation
Unaudited Quarterly Reconciliation of Non-GAAP and GAAP Financial Measures
Adjusted Operating Expenses Reconciliation | |||||||||||||||
(Unaudited) | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2025 | 2026 | 2025 | 2026 | ||||||||||||
Total operating expenses (GAAP) | $ | 135,218,723 | $ | 153,376,176 | $ | 232,000,829 | $ | 315,682,747 | |||||||
Less: Share-based compensation | 26,969,402 | 17,135,196 | 35,038,447 | 34,336,772 | |||||||||||
Adjusted operating expenses (Non- | $ | 108,249,321 | $ | 136,240,980 | $ | 196,962,382 | $ | 281,345,975 | |||||||
Adjusted Operating Profit Reconciliation | |||||||||||||||
(Unaudited) | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2025 | 2026 | 2025 | 2026 | ||||||||||||
Income (loss) before income taxes | $ | (21,385,169) | $ | 34,686,474 | $ | (1,887,857) | $ | 21,875,758 | |||||||
Add: Other expense (income), net | 17,659,796 | 10,768,430 | 18,749,213 | 21,200,591 | |||||||||||
Add: Share-based compensation | 26,969,402 | 17,135,196 | 35,038,447 | 34,336,772 | |||||||||||
Adjusted operating profit (Non-GAAP) | $ | 23,244,029 | $ | 62,590,100 | $ | 51,899,803 | $ | 77,413,121 | |||||||
Adjusted operating profit per share | $ | 0.05 | $ | 0.12 | $ | 0.18 | $ | 0.15 | |||||||
Adjusted operating profit per share | $ | 0.05 | $ | 0.12 | $ | 0.16 | $ | 0.14 | |||||||
Weighted-average shares outstanding - | 431,390,035 | 530,642,516 | 286,155,488 | 528,397,409 | |||||||||||
Weighted-average shares outstanding - | 473,431,087 | 542,622,870 | 325,521,525 | 543,513,592 | |||||||||||
Adjusted Net Income Reconciliation | |||||||||||||||
(Unaudited) | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2025 | 2026 | 2025 | 2026 | ||||||||||||
Net income (loss) attributable to the | $ | (28,274,027) | $ | 24,364,324 | $ | (15,188,220) | $ | 2,641,594 | |||||||
Add: Share-based compensation | 26,969,402 | 17,135,196 | 35,038,447 | 34,336,772 | |||||||||||
Add: Deferred tax impact of officer | – | (2,192,461) | – | 5,845,761 | |||||||||||
Add: Foreign currency transaction losses | 5,740,232 | 3,854,895 | 5,843,939 | 9,573,592 | |||||||||||
Add: Equity Offering Costs | 10,976,693 | – | 10,976,693 | – | |||||||||||
Adjusted net income (Non-GAAP) | $ | 15,412,300 | $ | 43,161,954 | $ | 36,670,859 | $ | 52,397,719 | |||||||
Contra Revenue Impact
Most of our platform users are not considered customers under ASC 606, Revenues from Contracts with Customers ("ASC 606"), and promotional payments made to these platform users are accounted for as a marketing and branding expense. Conversely, for our platform users who have been determined to be customers under ASC 606, we account for these promotional payments as a reduction in revenue (i.e., "contra revenue"). The following presents how contra revenue impacted our revenues.
Quarterly Impact:
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
2025 | 2026 | 2025 | 2026 | ||||||||||||
Contra revenue impact on: | |||||||||||||||
Option handling fees | $ | (1,440,872) | $ | (4,196,056) | $ | (1,559,413) | $ | (8,189,029) | |||||||
Platform and trading fees | (3,219,590) | (7,670,054) | (5,925,705) | (16,355,583) | |||||||||||
Other income | (427,442) | (549,824) | (427,442) | (1,516,700) | |||||||||||
Total contra revenue | $ | (5,087,904) | $ | (12,415,934) | $ | (7,912,560) | $ | (26,061,312) | |||||||
Statement Regarding Unaudited Financial and Operational Information
The unaudited financial and operational information included in this press release is subject to potential adjustments and is based on the information available to management at this time. Potential adjustments to operational and consolidated financial information may be identified from work performed during Webull's preparation of financial statements subsequent hereto or its year-end audit. Information may also be presented differently from the information included herein in the future. This could result in significant differences from the unaudited or other historical operational and financial information included herein.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release or other statements of the Company made in connection herewith, including, for instance, statements as to business strategy and plans, future results of operations and financial position, planned products and services, objectives of management for future operations or strategies of the Company, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "anticipate," "expect," "suggests," "plan," "believe," "predict," "potential," "seek," "future," "propose," "continue," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology.
All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of the Company and its management as of the date of this press release, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to: (1) the ability of the Company to grow and manage growth profitably, maintain relationships and deepen engagement with users, customers and suppliers, and retain its management and key employees; (2) the reliance of key functions of the Company's business on third-parties and the risk that the Company's platform and systems rely on software and applications that are highly technical and may contain undetected errors that could result in unexpected network interruptions, failures, security breaches, or computer virus attacks; (3) the risks associated with the Company's global operations and continued global expansion, including, but not limited to, the risks related to complex or constantly evolving political or regulatory environments that may result in substantial costs or require adverse changes to the Company's business practices; (4) the Company's estimates of expenses and costs, of profitability or of other operational and financial metrics as well as the Company's expectations regarding demand for and market acceptance of its products and service; (5) the Company's reliance on trading related income, including payment for order flow ("PFOF"), and the risk of new regulation or bans on PFOF and similar practices; (6) the Company's exposure to fluctuations in interest rates, rapidly changing interest rate environments, volatile prices of securities and digital assets and their respective trading volumes; (7) the Company's reliance on a limited number of market makers and liquidity providers to generate a large portion of its revenues, and the negative impact of the loss of any of those market makers or liquidity providers; (8) the effects of competition in the Company's industry and the Company's need to constantly innovate and invest in new markets, products, technologies or services to retain, attract and deepen engagement with users; (9) changes in international trade policies and trade disputes that could result in tariffs, taxes or other protectionist measures adversely affecting our business; (10) risks related to general political, economic and business conditions globally and in jurisdictions where the Company operates; (11) risk of further actions taken by various government bodies in
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SOURCE Webull Corporation