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Webull Corporation filed an amended annual report to update its corporate governance disclosure. The company, incorporated in the Cayman Islands and listed on Nasdaq under Class A ordinary shares and redeemable warrants, explains that as a foreign private issuer it follows certain Cayman home country practices instead of specific Nasdaq rules.
Webull relies on exemptions from Nasdaq requirements on audit committee size, holding annual shareholder meetings, and obtaining shareholder approval for certain equity issuances and compensation plans. The company is also a Nasdaq-defined “controlled company” because Mr. Anquan Wang holds all Class B ordinary shares, representing about 79.30% of total voting power, allowing reliance on exemptions from board independence, independent nomination of directors, and fully independent compensation committee requirements.
The amendment also notes ongoing phase-in exemptions for the audit committee and adds updated CEO and CFO Sarbanes-Oxley certification exhibits, with all other aspects of the prior annual report remaining unchanged.
Webull Corporation filed a prospectus supplement tied to its Form F-1 registration, covering the offer and sale of up to 75,159,236 Class A ordinary shares under a standby equity purchase agreement and related commitment shares. The supplement incorporates a new Form 6-K reporting strong third quarter 2025 results.
For the quarter ended September 30, 2025, total revenues rose 55% year over year to $156.9 million, while net income attributable to the company was $36.9 million, compared with a loss a year earlier. Adjusted operating profit reached $36.8 million, versus an adjusted operating loss of $5.4 million in the prior-year quarter, as adjusted operating expenses grew 13% to $120.2 million, well below revenue growth.
Customer assets climbed to $21.2 billion, up 84% year over year, supported by $5.9 billion of net deposits over the last twelve months and the Webull Pay acquisition. Trading activity was robust, with equity notional volume of $204 billion (up 71%) and 147 million options contracts (up 24%), helping drive higher trading-related and interest-related income while maintaining profitability.
Webull Corporation updates its F-1 prospectus supplement covering up to 147,445,012 Webull Class A ordinary shares and reports strong results for the quarter ended September 30, 2025. Total revenues reached $156.9 million, up 55% year over year, driven by higher equity and options order flow rebates, interest-related income and handling charges. The company generated net income attributable to the company of $36.9 million, compared with a loss a year earlier, and non-GAAP adjusted operating profit of $36.8 million with a 23.4% margin.
Adjusted operating expenses were $120.2 million, up 13% year over year as higher brokerage, transaction and compensation costs were partly offset by lower marketing spend. Customer assets rose to $21.2 billion, an 84% increase year over year, supported by a broad market recovery and strong net deposits. Equity notional trading volume grew 71% to $204 billion, and options contracts volume increased 24% to 147 million. Total assets were $3.49 billion, with total equity of $999.1 million, marking a shift from a shareholders’ deficit at December 31, 2024.
Webull Corporation (BULL) furnished a Form 6-K noting that on November 20, 2025 it issued a press release reporting financial results for the three months ended September 30, 2025 and posted an investor presentation on its website. These materials are attached as Exhibits 99.1 and 99.2 and are incorporated by reference into its Form S-8 registration statement.
The report also provides extensive forward-looking statements and a detailed list of risk factors. Key risks include the ability to grow profitably while retaining users and key employees, heavy reliance on trading-related income such as payment for order flow, exposure to interest rate and market volatility, dependence on a limited number of market makers and liquidity providers, and complex global regulatory and political environments, including inquiries and investigations in the United States related to connections to China. Additional risks cover cybersecurity and data privacy, maintaining required regulatory capital and stock exchange listing standards, cryptocurrency market disruptions, and potential dilution and price volatility from the offer and resale of securities and warrant exercises.
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