Webull (NASDAQ: BULL) grows Q1 2026 revenue 36% amid record trading and higher assets
Rhea-AI Filing Summary
Webull Corporation reported strong top-line growth but lower profitability for the first quarter of 2026. Total revenues rose to $159.9 million from $117.4 million a year earlier, driven by record equities and options trading volumes and higher interest-related income.
The company posted a GAAP net loss attributable to the company of $21.7 million, compared with net income of $13.1 million in the prior-year quarter, as operating expenses increased. Non-GAAP adjusted operating profit was $14.8 million and adjusted net income was $9.2 million, both below last year.
Platform scale continued to expand, with customer assets reaching $24.6 billion, up about 90% year-over-year, equity notional trading volume up 104%, and options contracts volume up 31%. Registered users grew to 27.6 million and funded accounts to 5.11 million, while DARTs climbed to 1.312 million.
Positive
- None.
Negative
- None.
Insights
Revenue and platform activity are rising quickly, but margins compressed and GAAP results turned negative.
Webull delivered Q1 2026 revenue of $159.9 million, up 36% year-over-year, supported by record equity notional volume and higher options activity. Customer assets nearly doubled to $24.6 billion, and DARTs increased to 1.312 million, signaling deeper user engagement.
At the same time, total operating expenses grew sharply to $162.3 million, with marketing and branding spend and technology investments weighing on GAAP profitability. The quarter swung to a GAAP net loss of $21.7 million, while adjusted operating profit fell to $14.8 million and adjusted net income to $9.2 million.
Management highlights continued investment in AI-driven tools, international expansion into 15 markets, and institutional/B2B offerings, alongside a share repurchase program of up to $100 million. Actual financial impact will depend on execution, regulatory conditions described in the risk discussions, and future trading and rate environments.
Key Figures
Key Terms
Non-GAAP financial measures financial
Daily Average Revenue Trades financial
contra revenue financial
payment for order flow financial
event contracts or prediction market products financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission File Number: 001-42597
Webull Corporation
200 Carillon Parkway
St. Petersburg, Florida 33716
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40- F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On May 21, 2026, Webull Corporation (the “Company”) issued a press release reporting financial results for the three months ended March 31, 2026. On May 21, 2026, the Company also made available an investor presentation on its website. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively.
This Report on Form 6-K (this “Report”), including all exhibits hereto, is incorporated by reference into the Company’s registration statements on Form S-8 (File Nos. 333-289886 and 333-295112) and Form F-3 (File No. 333-286880) and shall be a part of such registration statements from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
| Exhibit No. | Description of Exhibits | |
| 99.1 | Press Release dated May 21, 2026 | |
| 99.2 | Investor Presentation |
1
Forward-Looking Statements
This Report 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 Report, the Exhibits thereto or other statements of the Company made in connection therewith, 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 Report, 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 the United States that have made the Company the subject of inquiries and investigations relating to concerns about our connections to China; (12) the risk that the failure to protect customer data and privacy or to prevent security breaches relating to the Company’s platform could result in economic loss, damage to its reputation, deter customers from using its products and services, and expose it to legal penalties and liability; (13) the risks associated with incorporating artificial intelligence technologies into certain of our products and processes, including potential regulatory, operational, reputational, or compliance challenges; (14) risks related to the Company’s need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures as well as to maintain capital levels required by regulators and self-regulatory organizations; (15) the ability to meet, or continue to meet, stock exchange listing standards; (16) the possibility of adverse developments in pending or new litigation and regulatory investigations; (17) risks relating to our offering of event contracts or prediction market products in the United States, including potential changes in regulatory interpretations or enforcement priorities; (18) risks related to significant disruptions in the cryptocurrency market that negatively impacts user engagement with cryptocurrency trading on our platform; (19) political, regulatory or economic changes that affect cryptocurrencies, including changes in the governance of a cryptocurrency; (20) risks related to the offer and resale of our securities, such as dilution from the issuance of additional Class A ordinary shares upon the exercise of warrants, and increased volatility, or significant declines, in the price of our securities based on increased trading activity and the perception that sales of our securities may occur; (21) risks relating to the Company’s share repurchase program under which the Company may repurchase up to $100 million of its Class A ordinary shares, including that the program may be suspended, modified or discontinued at any time, and that the actual amount, timing and manner of any repurchases will depend on market conditions, share price, applicable legal requirements, contractual restrictions and other factors; and (22) other risks and uncertainties that are more fully described in filings made, or to be made, by the Company with the U.S. Securities and Exchange Commission (the “SEC”), including in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the SEC, such as the Company’s Annual Report on Form 20-F filed with the SEC on April 9, 2026. The foregoing list of factors is not exhaustive. Reported results should not be considered an indication of future performance. There may be additional risks that the Company and its management presently do not know about or that the Company and its management currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this Report may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this Report should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. The Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WEBULL CORPORATION | ||
| Date: May 21, 2026 | By: | /s/ Anquan Wang |
| Name: | Anquan Wang | |
| Title: | Chief Executive Officer | |
3
Exhibit 99.1
Webull Reports First Quarter 2026 Financial Results
Webull reports another strong quarter of growth, marked by record trading volumes and strong net deposits despite challenging market environment. Webull will continue to invest behind strategic priorities, including enhanced offerings for its active traders user base, international expansion to export the U.S. retail experience globally and continued adoption by institutional investors and B2B partners
ST. PETERSBURG, Fla., May 21, 2026 /PRNewswire/ – Webull Corporation (NASDAQ: BULL) (“Webull” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2026.
“I’m proud to report a strong start to our second year as a public company and meaningful progress in enhancing, expanding and extending our leading-platform for self-directed active traders,” said Anthony Denier, Group President and U.S. CEO of Webull. “We continue to innovate in AI, including beta-testing for our Vega Analyst, which will bring comprehensive research reports to our users, as well as launching agentic trading solutions on Webull. Our geographic expansion continues at a rapid pace, and we now have the license to operate across the European Economic Area, and we are deepening our presence in other markets across the globe. The demand from sophisticated, self-directed investors, including institutional and B2B clients, has never been greater and we are proud to be the platform of choice for our users and are committed to continuously improving the user experience while broadening our reach.”
“Webull continued to deliver in the first quarter of 2026, recording strong revenue growth and our sixth consecutive quarter of profitability on an adjusted basis,” said H.C. Wang, Chief Financial Officer of Webull. “We will continue to invest behind key growth drivers to further power our platform while prioritizing diligent execution and capital allocation priorities, including returning capital to shareholders through our previously announced share repurchase program.”
First Quarter Results
Financial Results
| ● | Total revenues increased 36% year-over-year to $159.9 million. |
| ● | Trading-related revenue increased 36% year-over-year. |
| ● | Total operating expenses increased 68% year-over-year, primarily driven by higher marketing and branding expenses, brokerage and transaction costs reflecting rapid growth in trading volumes and product expansion, and increased share-based compensation expense. |
| ● | Adjusted operating expenses increased 64% year-over-year to $145.1 million. |
| ● | Loss before income taxes totaled $12.8 million for the quarter, compared to income before taxes of $19.5 million for the prior year comparative quarter. The decrease of $32.3 million in income was primarily due to increased share-based compensation expense, marketing and branding expenses and continued investment in our product and global expansion efforts. |
| ● | Adjusted operating profit totaled $14.8 million for the quarter, compared to $28.7 million for the prior year comparative quarter. |
| ● | Adjusted operating profit per share – basic and diluted was $0.03, compared with a basic and diluted adjusted operating profit per share of $0.21 and $0.06, respectively, in the prior year comparative quarter1. |
| ● | Net loss attributable to the Company was $21.7 million for the quarter, compared to $13.1 million of net income for the prior year comparative quarter. |
| ● | Adjusted net income decreased to $9.2 million for the quarter, compared to $21.3 million for the prior year comparative quarter. |
| ● | Net Loss per ordinary share – basic and diluted was $0.04 per share, compared to basic and diluted loss per ordinary share of $0.06 per share for the prior year comparative quarter1. |
| 1 | The first quarter year-over-year decrease in basic and diluted net loss per ordinary share and adjusted operating profit per share was primarily driven by the conversion of our preferred stock into ordinary shares upon the closing of our business combination transaction with SK Growth Opportunities Corporation in April 2025, which had the effect of increasing our weighted-average shares outstanding. |
Operating Results
| ● | Customer assets totaled $24 billion, representing 90% year-over-year growth, driven by strong net deposits which grew 91% year-over-year despite a challenging market environment. |
| ● | Registered users increased 15% year-over-year to 27.6 million users. |
| ● | Funded accounts increased to 5.1 million, representing 8% year-over-year growth. |
| ● | Equity notional volume grew to $261 billion, representing a 104% year-over-year increase and an increase of 9% from the previous quarter. |
| ● | Options contracts volume grew to 159 million, a 31% year-over-year increase and an increase of 3% from the previous quarter. |
| ● | DARTs increased to 1.3 million, representing 42% year-over-year growth. |
Company Highlights
| ● | Developed Pattern Day Trader (“PDT”) infrastructure to be well-positioned for the increase in active trading expected from FINRA’s PDT rule change taking effect on June 4, 2026. |
| ● | In April, FINRA approved Webull Securities US for self and correspondent clearing, marking a pivotal step toward long-term cost savings and operational scale. This approval lays the groundwork for further growth by offering clearing services to institutional partners. |
| ● | Received permission to operate in all of the countries in the European Economic Area and launched the Webull App in Germany. |
| ● | Successfully developed and deployed Model Context Protocol (MCP) infrastructure functionality within Webull’s trading platform, establishing a secure, scalable foundation for integrating third-party agentic AI platforms. |
| ● | Began initial rollout of AI-enabled research analyst tool, bring comprehensive research reports to platform users. |
Conference Call Information
Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, May 21, 2026. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=GOLJRG6O or participants may dial 1-844-744-1431 (U.S.) or 1-412-564-6518 (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 15 markets across North America, Asia Pacific, Europe, Africa, and Latin America. Webull serves more than 27 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 U.S. Securities and Exchange Commission (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
ir@webullcorp.com
For Media
5W Public Relations
Nicholas Koulermos
Webull@5wpr.com
(212) 999-5585
2
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.
3
Webull Corporation
Condensed Consolidated Statements of Financial Position
| March 31, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 677,154,737 | $ | 653,188,906 | ||||
| Cash and cash equivalents segregated under federal and foreign requirements | 1,276,042,349 | 1,537,119,275 | ||||||
| Receivables from brokers, dealers, and clearing organizations | 499,661,318 | 562,961,145 | ||||||
| Receivables from customers, net | 843,830,424 | 708,785,550 | ||||||
| Prepaid expenses and other current assets | 53,774,736 | 50,208,272 | ||||||
| Customer-held fractional shares | 174,696,145 | 172,309,953 | ||||||
| Total current assets | 3,525,159,709 | 3,684,573,101 | ||||||
| Right-of-use assets | 63,793,434 | 64,357,655 | ||||||
| Property and equipment, net | 37,032,857 | 35,894,855 | ||||||
| Intangible assets, net | 54,912,666 | 55,434,567 | ||||||
| Goodwill | 30,264,138 | 30,264,138 | ||||||
| Deferred tax assets | 1,319,263 | 9,346,987 | ||||||
| Other non-current assets | 1,000,000 | 1,000,000 | ||||||
| Total non-current assets | 188,322,358 | 196,298,202 | ||||||
| Total assets | $ | 3,713,482,067 | $ | 3,880,871,303 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Payables due to customers | $ | 2,504,723,555 | $ | 2,667,837,626 | ||||
| Payables due to brokers, dealers, and clearing organizations | 3,611,459 | 3,481,115 | ||||||
| Lease liabilities - current portion | 3,319,483 | 3,611,195 | ||||||
| Accounts payable and other accrued expenses | 97,114,181 | 102,183,377 | ||||||
| Total current liabilities | 2,608,768,678 | 2,777,113,313 | ||||||
| Lease liabilities - non-current portion | 8,189,194 | 8,911,821 | ||||||
| Unsecured promissory notes | 65,000,000 | 65,000,000 | ||||||
| Deferred tax liabilities | 13,301,770 | 13,366,222 | ||||||
| Total non-current liabilities | 86,490,964 | 87,278,043 | ||||||
| Total liabilities | 2,695,259,642 | 2,864,391,356 | ||||||
| Commitments and Contingencies | – | – | ||||||
| Shareholders’ equity | ||||||||
| Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares authorized, 447,778,197 and 446,863,712 shares issued and outstanding as of March 31, 2026, respectively; and 440,715,769 and 439,591,284 shares issued and outstanding as of December 31, 2025, respectively) | 4,468 | 4,396 | ||||||
| Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares authorized, 83,859,005 shares issued and outstanding as of March 31, 2026 and December 31, 2025) | 839 | 839 | ||||||
| Treasury shares (914,485 and 1,124,485 shares as of March 31, 2026 and December 31, 2025, respectively) | – | – | ||||||
| Additional paid in capital | 3,210,754,470 | 3,192,952,827 | ||||||
| Accumulated deficit | (2,199,912,575 | ) | (2,178,189,845 | ) | ||||
| Accumulated other comprehensive income | 7,207,133 | 1,524,496 | ||||||
| Total shareholders’ equity | 1,018,054,335 | 1,016,292,713 | ||||||
| Noncontrolling interest | 168,090 | 187,234 | ||||||
| Total equity | 1,018,222,425 | 1,016,479,947 | ||||||
| Total liabilities and total equity | $ | 3,713,482,067 | $ | 3,880,871,303 | ||||
4
Webull Corporation
Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
| For the Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenues | ||||||||
| Equity and option order flow rebates | $ | 84,392,839 | $ | 64,111,182 | ||||
| Interest related income | 40,050,378 | 31,140,064 | ||||||
| Handling charge income | 26,412,742 | 17,547,010 | ||||||
| Other revenues | 9,072,057 | 4,570,579 | ||||||
| Total revenues | 159,928,016 | 117,368,835 | ||||||
| Operating expenses | ||||||||
| Brokerage and transaction | 38,393,140 | 23,245,456 | ||||||
| Technology and development | 23,860,822 | 16,924,892 | ||||||
| Marketing and branding | 49,411,166 | 22,991,038 | ||||||
| General and administrative | 50,641,443 | 33,620,720 | ||||||
| Total operating expenses | 162,306,571 | 96,782,106 | ||||||
| Other expense (income), net | 10,432,161 | 1,089,417 | ||||||
| (Loss) income before income taxes | (12,810,716 | ) | 19,497,312 | |||||
| Provision for income taxes | 8,927,156 | 6,558,225 | ||||||
| Net (loss) income | (21,737,872 | ) | 12,939,087 | |||||
| Less net loss attributable to noncontrolling interest | (15,142 | ) | (146,720 | ) | ||||
| Net (loss) income attributable to the Company | (21,722,730 | ) | 13,085,807 | |||||
| Preferred shares redemption value accretion | – | (21,702,737 | ) | |||||
| Net loss attributable to ordinary shareholders | (21,722,730 | ) | (8,616,930 | ) | ||||
| Net loss per share attributable to ordinary shareholders | ||||||||
| Basic | $ | (0.04 | ) | $ | (0.06 | ) | ||
| Diluted | $ | (0.04 | ) | $ | (0.06 | ) | ||
| Weighted-average shares outstanding | ||||||||
| Basic | $ | 526,127,355 | 139,307,224 | |||||
| Diluted | $ | 526,127,355 | 139,307,224 | |||||
| Net (loss) income | $ | (21,737,872 | ) | $ | 12,939,087 | |||
| Other comprehensive income, net of tax: | ||||||||
| Change in cumulative foreign currency translation adjustment | 5,678,635 | 1,741,649 | ||||||
| Other comprehensive income | 5,678,635 | 1,741,649 | ||||||
| Comprehensive (loss) income | (16,059,237 | ) | 14,680,736 | |||||
| Less comprehensive loss attributable to noncontrolling interest | (15,142 | ) | (146,720 | ) | ||||
| Less foreign currency translation adjustment attributable to noncontrolling interest | (4,002 | ) | (28,127 | ) | ||||
| Preferred shares redemption value accretion | – | (21,702,737 | ) | |||||
| Comprehensive loss attributable to ordinary shareholders | $ | (16,040,093 | ) | $ | (6,847,154 | ) | ||
5
Webull Corporation
Unaudited Quarterly Reconciliation of Non-GAAP and GAAP Financial Measures
Adjusted Operating Expenses Reconciliation
(Unaudited)
| For the Three Months Ended December 31, | For the Three Months Ended March 31, | |||||||||||
| (Unaudited) | ||||||||||||
| 2025 | 2025 | 2026 | ||||||||||
| Total operating expenses (GAAP) | $ | 147,999,822 | $ | 96,782,106 | $ | 162,306,571 | ||||||
| Less: Share-based compensation | 4,350,886 | 8,069,045 | 17,201,576 | |||||||||
| Adjusted operating expenses (Non-GAAP) | $ | 143,648,936 | $ | 88,713,061 | $ | 145,104,995 | ||||||
Adjusted Operating Profit Reconciliation
(Unaudited)
| For the Three Months Ended December 31, | For the Three Months Ended March 31, | |||||||||||
| (Unaudited) | ||||||||||||
| 2025 | 2025 | 2026 | ||||||||||
| Income (loss) from before income taxes | $ | 8,133,523 | $ | 19,497,312 | $ | (12,810,716 | ) | |||||
| Add: Other expense (income), net | 9,065,477 | 1,089,417 | 10,432,161 | |||||||||
| Add: Share-based compensation | 4,350,886 | 8,069,045 | 17,201,576 | |||||||||
| Adjusted operating profit (Non-GAAP) | $ | 21,549,886 | $ | 28,655,774 | $ | 14,823,021 | ||||||
| Adjusted operating profit per share (Non-GAAP) - basic | $ | 0.04 | $ | 0.21 | $ | 0.03 | ||||||
| Adjusted operating profit per share (Non-GAAP) - diluted | $ | 0.04 | $ | 0.06 | $ | 0.03 | ||||||
| Weighted-average shares outstanding - basic | 521,969,391 | 139,307,224 | 526,127,355 | |||||||||
| Weighted-average shares outstanding - diluted | 535,685,132 | 458,155,514 | 536,653,076 | |||||||||
Adjusted Net Income Reconciliation
(Unaudited)
| For the Three Months Ended December 31, | For the Three Months Ended March 31, | |||||||||||
| (Unaudited) | ||||||||||||
| 2025 | 2025 | 2026 | ||||||||||
| Net income (loss) attributable to the Company (GAAP) | $ | 3,041,326 | $ | 13,085,807 | $ | (21,722,730 | ) | |||||
| Add: Share-based compensation | 4,350,886 | 8,069,045 | 17,201,576 | |||||||||
| Add: Deferred tax effect from IRC 162(m) limitation | – | – | 8,038,222 | |||||||||
| Add: Foreign currency transaction losses (gains) | 7,213,228 | 103,707 | 5,718,697 | |||||||||
| Adjusted net income (Non-GAAP) | $ | 14,605,440 | $ | 21,258,559 | $ | 9,235,765 | ||||||
6
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 December 31, | For the Three Months Ended March 31, | |||||||||||
| (Unaudited) | ||||||||||||
| 2025 | 2025 | 2026 | ||||||||||
| Contra revenue impact on: | ||||||||||||
| Option handling fees | $ | (6,193,427 | ) | $ | (118,541 | ) | $ | (3,992,973 | ) | |||
| Platform and trading fees | (2,726,550 | ) | (2,706,115 | ) | (8,685,529 | ) | ||||||
| Other income | (688,946 | ) | – | (966,876 | ) | |||||||
| Total contra revenue | $ | (9,608,923 | ) | $ | (2,824,656 | ) | $ | (13,645,378 | ) | |||
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 subsequently 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.
7
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 the United States that have made the Company the subject of inquiries and investigations relating to concerns about our connections to China; (12) the risk that the failure to protect customer data and privacy or to prevent security breaches relating to the Company’s platform could result in economic loss, damage to its reputation, deter customers from using its products and services, and expose it to legal penalties and liability; (13) the risks associated with incorporating artificial intelligence technologies into certain of our products and processes, including potential regulatory, operational, reputational, or compliance challenges; (14) risks related to the Company’s need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures as well as to maintain capital levels required by regulators and self-regulatory organizations; (15) the ability to meet, or continue to meet, stock exchange listing standards; (16) the possibility of adverse developments in pending or new litigation and regulatory investigations; (17) risks relating to our offering of event contracts or prediction market products in the United States, including potential changes in regulatory interpretations or enforcement priorities; (18) risks related to significant disruptions in the cryptocurrency market that negatively impacts user engagement with cryptocurrency trading on our platform; (19) political, regulatory or economic changes that affect cryptocurrencies, including changes in the governance of a cryptocurrency; (20) risks related to the offer and resale of our securities, such as dilution from the issuance of additional Class A ordinary shares upon the exercise of warrants, and increased volatility, or significant declines, in the price of our securities based on increased trading activity and the perception that sales of our securities may occur; (21) risks relating to the Company’s share repurchase program under which the Company may repurchase up to $100 million of its Class A ordinary shares, including that the program may be suspended, modified or discontinued at any time, and that the actual amount, timing and manner of any repurchases will depend on market conditions, share price, applicable legal requirements, contractual restrictions and other factors; and (22) other risks and uncertainties that are more fully described in filings made, or to be made, by the Company with the SEC, including in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the SEC, such as the Company’s Annual Report on Form 20-F filed with the SEC on April 9, 2026. The foregoing list of factors is not exhaustive. Reported results should not be considered an indication of future performance. There may be additional risks that the Company and its management presently do not know about or that the Company and its management currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. The Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
8
Exhibit 99.2
2026 Earnings FIRST QUARTER
This presentation by Webull Corporation ("Webull") includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Among other things, statements other than statements of historical fact, including statements about Webull's beliefs and expectations, Webull's business strategy and operational plans, planned products and services, financial and market outlook, and projections, are forward-looking statements. These forward-looking statements can be identified by terminology such as "may," "could," "will," "expect," "anticipate," "aim," "future," "intend," "plan," "believe," "estimate," "likely to," "potential," "confident," "guidance," and 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 Webull and its management as of the date of this presentation, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to Webull 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, the risks and uncertainties that are more fully described in filings made, or to be made, by Webull with the U.S. Securities and Exchange Commission (the "SEC"), including in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in those filings. There may be additional risks that Webull and its management presently do not know or that Webull and its management currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this presentation should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. All information provided in this presentation is as of the date hereof, and Webull undertakes no obligation to update any forward-looking statement, except as required under applicable law. This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the U.S. ("GAAP"), including adjusted operating profit, adjusted net income, and adjusted operating expenses. 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 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. Webull believes that adjusted operating profit, 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 from continuing operations, before income taxes, and total operating expenses. Such measures also provide useful information about Webull's operating results, enhances the overall understanding of Webull's past performance and future prospects and allows for greater visibility with respect to key metrics used by Webull's management in its financial and operational decision-making. The reconciliation of those measures to the most comparable GAAP measures is presented in the Appendix at the end of this presentation. These non-GAAP measures have limitations as an analytical tool and you should not consider them in isolation or as a substitute for an analysis of Webull's financial results under GAAP. Adjusted operating profit, adjusted net income and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. This presentation does not constitute investment, tax or legal advice, and does not contain all relevant information relating to Webull or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of Webull. This presentation does not constitute (i) an offer or invitation for the sale or purchase of our securities or a commitment of Webull, or (ii) a solicitation of proxy, consent or authorization with respect to any securities. This presentation shall not form the basis of any contract, commitment or investment decision and does not constitute either advice or recommendation regarding any securities. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance or results of Webull. We own or have rights to various trademarks, trade names or service marks that we use in connection with our business, including, among others, "Webull" and our other registered and common law trade names, trademarks and service marks, including our corporate logo. Solely for convenience, some of the trademarks, service marks and trade names referred to in this prospectus are listed without the TM and ® symbols, but we will assert, to the fullest extent under applicable law, rights to such trademarks, service marks and trade names. The unaudited financial and operational information included in this presentation 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 subsequently 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. Disclaimers webullcorp.com/investor-relations/ 1
Total Revenues $ in millions Q1 2026 Highlights Record trading volumes and continued strategic investment to drive long-term category leadership Adjusted Operating Expenses $ in millions webullcorp.com/investor-relations/ 117.4 159.9 1Q 25 1Q 26 88.7 145.1 1Q 25 1Q 26 +36% +64% 2 Adjusted Operating Profit $ in millions 15.1PT OPERATING PROFIT MARGIN DECLINE OVER Q1 LAST YEAR 28.7 14.8 1Q 25 1Q 26 9.3% 24.4%
Webull 2026 Priorities & Roadmap Active Trader International Expansion Institutional / B2B • New AI enabled Research Analyst for the Retail Trader • Personalized research reports • 35 licenses in EU & LATAM • Launched Webull App in Germany, now operating in a total of 15 markets Vega AI PDT Rule • Built PDT infrastructure to support rollout by June 4th for all users Licensed & Operating Markets • APAC customer assets exceeded $4 billion Expanding Scale • Expanded Institutional flow to 9.5% of equity notional volume MCP Functionality • Built infrastructure to support 3rd party agentic trading platforms webullcorp.com/investor-relations/ Webull Securities US • Approved for Self and Correspondent Clearing Asia Exporting US Retail Experience • Zero commission trading in Hong Kong, Singapore, Canada, UK, Australia, Brazil & Mexico 3 • Surpassed 790k funded accounts outside the US Global • Launched Webull Connect a dedicated portfolio management and execution platform for financial advisers in Australia and Trust Link, a platform solution designed for Trustees in HK Portfolio Blueprint • One-click portfolio Construction and Execution • Copy Trading B2B Offerings We are executing on all fronts: deepening the experience for active traders, expanding global footprint to export the U.S. retail experience worldwide, and scaling institutional and B2B platform
Funded Accounts in millions Q1 2026 Business Results – Users and Accounts Continued registered user and funded account growth with strong quarterly retention of 98.4% Registered Users in millions webullcorp.com/investor-relations/ 4.72 4.73 4.93 5.03 5.11 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 24.1 24.9 25.9 26.8 27.6 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 4 +15% YEAR-OVER-YEAR +8% YEAR-OVER-YEAR % Quarterly Retention 97.5% 97.1% 97.7% 96.9% 98.4%
Q1 2026 Business Results – Customer Assets Net Deposits $ in billions webullcorp.com/investor-relations/ 3.9 1.1 1.5 2.1 2.1 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 12.6 15.9 21.2 24.0 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 24.6 Customer Assets $ in billions +90% YEAR-OVER-YEAR +91% YEAR-OVER-YEAR 5 Customer assets grew 90% year-over-year as net deposits remained resilient despite challenging macro environment
Equity Notional Volume $ in billions Q1 2026 Business Results – Trading Record equities and options volumes, up 104% and 31% year-over-year respectively, reflecting continued market share gains Options Contracts Volume in millions webullcorp.com/investor-relations/ 128 161 204 239 261 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 121 127 147 154 159 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 +104% YEAR-OVER-YEAR +31% YEAR-OVER-YEAR 6
Total Revenues $ in millions Q1 2026 Financial Results – Revenues & Expenses 36% revenue growth with increased marketing investment driving customer acquisition and AUM growth Adjusted Operating Expenses $ in millions webullcorp.com/investor-relations/ 117.4 131.5 156.9 165.2 159.9 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 88.7 108.2 120.2 143.6 145.1 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 +36% YEAR-OVER-YEAR +64% YEAR-OVER-YEAR 7
Adjusted Operating Profit $ in millions | Q1 2026 Financial Results – Profits and Margins Adjusted Net Income $ in millions | webullcorp.com/investor-relations/ 24.4% 17.7% % Adjusted Operating Profit Margin 28.7 23.3 36.7 21.6 14.8 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 % Adjusted Net Income as Percentage of Revenue 21.3 15.4 32.9 14.6 9.2 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 18.1% 11.7% Adjusted operating profit and adjusted net income are non-GAAP financial measures that exclude share-based compensation, foreign currency transaction losses and one-time transactions. Specifically, Q2 2025 adjusted net income excludes offering expenses related to the Company's listing which was completed in April 2025, and Q3 2025 adjusted net income excludes Webull Pay transaction related employee distribution and gain recognized from the acquisition of Webull Pay. 23.4% 20.9% 13.0% 8.8% 8 9.3% 5.8% Sixth consecutive quarter of profitability, with margins reflecting continued investment in high-growth priorities
Q1 2026 Financial Results – Trading Related Revenues Record trading volumes led to a 36% year-over-year growth in trading related revenues, with DARTs reaching all-time high webullcorp.com/investor-relations/ 18.8 19.6 27.6 28.2 26.7 53.4 56.2 65.0 62.9 64.5 9.5 13.0 15.2 21.4 19.7 0.0 20.0 40.0 60.0 80.0 100.0 120.0 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 Equity Revenue Option Revenue Platform and trading fees 112.5 110.9 81.7 88.8 107.8 9 See Appendix for quarterly information on Daily Average Revenue Trades. | $ in millions 924 1008 1101 1202 DARTs in thousands 1312
Q1 2026 Financial Results – Interest Related Income Interest-related income increased 29% year-over-year, driven by growth in margin loans and client cash balances webullcorp.com/investor-relations/ 5.4 7.6 9.7 5.8 3.9 8.9 8.6 9.7 12.0 11.9 14.6 18.0 19.4 19.6 19.2 2.2 2.1 4.6 6.1 5.1 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 Stock Lending Margin Financing Client Cash Corporate Cash 43.5 40.1 $ in millions 31.1 36.3 43.4 10 See Appendix for quarterly balance information on interest-earning assets.
Q1 2026 Financial Results – Adjusted Operating Expenses Expense growth driven primarily by marketing investment, with ex-marketing operating margin consistently at 40%+ demonstrating strong underlying platform economics webullcorp.com/investor-relations/ 27.4 26.2 39.2 37.5 37.8 15.4 17.5 17.4 18.2 19.8 23.2 34.8 35.6 35.1 38.4 22.7 29.7 28.0 52.8 49.1 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 General and Administrative Technology and Development Brokerage and Transaction Marketing and Branding 143.6 145.1 $ in millions 88.7 120.2 108.2 43.8% 40.3% 41.2% 45.0% % Adjusted Operating Profit Margin ex-Marketing 11 40.0%
Appendix
Appendix: Monthly Metrics 13 The following table presents our operational metrics by month. Operational Metrics 2025-04 2025-05 2025-06 2025-07 2025-08 2025-09 2025-10 2025-11 2025-12 2026-01 2026-02 2026-03 2026-04 Registered Users (in millions) 24.4 24.6 24.9 25.1 25.4 25.9 26.2 26.5 26.8 27.1 27.3 27.6 27.8 Funded Accounts (in millions) 4.7 4.7 4.7 4.7 4.8 4.9 5.0 5.1 5.0 5.1 5.1 5.1 5.1 Customer Assets ($ in billions) 13.4 $ 14.9 $ 15.9 $ 16.9 $ 18.0 $ 21.2 $ 24.4 $ 23.3 $ 24.6 $ 25.4 $ 24.9 $ 24.0 $ 26.8 $ Net Deposits ($ in billions) 0.6 $ 0.4 $ 0.5 $ 0.6 $ 0.9 $ 0.7 $ 1.7 $ 1.0 $ 1.2 $ 0.9 $ 0.6 $ 0.6 $ 0.3 $ Equity Notional Volume ($ in billions) 48.0 $ 56.7 $ 56.4 $ 67.9 $ 63.5 $ 72.6 $ 93.2 $ 72.1 $ 74.0 $ 87.2 $ 76.4 $ 96.9 $ 85.4 $ Options Contracts Volume (in millions) 40.9 44.2 42.1 47.1 48.2 51.7 58.7 46.0 49.5 52.0 50.3 56.4 60.7 DARTs (in thousands) : Equities 555 600 639 683 657 766 850 701 616 830 736 733 756 Options 362 357 343 334 349 369 394 385 352 409 431 418 442 Others 63 57 51 47 48 55 95 116 92 119 128 134 117 Interest Earning Asset Balances(1) (in millions): Client Bank Deposits(2) 3,066 $ 3,283 $ 3,608 $ 3,484 $ 3,576 $ 3,854 $ 3,976 $ 3,929 $ 4,268 $ 4,126 $ 3,968 $ 3,892 $ 4,258 $ Margin(3) 402 $ 476 $ 471 $ 568 $ 598 $ 626 $ 707 $ 659 $ 690 $ 794 $ 761 $ 750 $ 776 $ (1) Represents month-end balances. (2) Balance includes cash and cash equivalents segregated under federal and foreign regulations, customers' cash that is participating in our off-balance sheet cash sweep program, and cash of our platform users who are on a fully introduced basis with Apex Clearing. (3) Balance includes both our on-balance sheet margin loans and the off-balance sheet margin loans of our platform users' that are administered on a fully-introduced basis with Apex Clearing.
Appendix: Daily Average Revenue Trades 14 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 DARTS (in '000) 924 1,008 1,101 1,202 1,312 Equities 561 597 702 725 766 Options 322 354 350 377 419 Others 41 57 49 100 127 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. "Others" include futures contracts, prediction market contracts, crypto, fixed income, mutual funds, and other investment products. The following table presents our DARTs by quarter and disaggregated by trade type.
Appendix: Contra Revenue 15 We offer marketing promotions to our platform users that are intended to increase the amount of platform users' assets on our platform by incentivizing platform users to deposit more cash or transfer securities from other third-party brokerages into their Webull brokerage account in return for a promotional payment in cash or free shares. 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 trade related revenues. $ in millions
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results Adjusted Operating Expenses and Total Operating Expenses Reconciliation: Adjusted Operating Profit Reconciliation: $ in millions $ in millions 16 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Total operating expenses (GAAP) 96.8 $ 135.2 $ 132.5 $ 148.0 $ 162.3 $ Less: share-based compensation (8.1) (27.0) (4.4) (4.4) (17.2) Less: Webull Pay transaction related employee distribution - - (7.9) - - Adjusted operating expenses (Non-GAAP) 88.7 $ 108.2 $ 120.2 $ 143.6 $ 145.1 $ 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Income (loss) before income taxes (GAAP) 19.5 $ (21.4) $ 38.9 $ 8.1 $ (12.8) $ Add: Other expense (income), net 1.1 17.7 (14.5) 9.1 10.4 Add: Share-based compensation 8.1 27.0 4.4 4.4 17.2 One-time transaction: Add: Webull Pay transaction related employee distribution - - 7.9 - - Adjusted operating profit (Non-GAAP) 28.7 $ 23.3 $ 36.7 $ 21.6 $ 14.8 $
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Adjusted Operating Expenses Reconciliation: (1) Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The impact of these reclassifications is immaterial to the presentation of the financials taken as a whole. $ in millions 17 Operating expenses (GAAP) 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Brokerage and transaction 23.2 $ 34.8 $ 35.6 $ 35.1 $ 38.4 $ Technology and development 16.9 19.1 22.5 20.6 23.9 Marketing and branding(1) 23.0 30.3 29.4 53.3 49.4 General and administrative 33.7 51.0 45.0 39.0 50.6 Total operating expenses 96.8 135.2 132.5 148.0 162.3 Less: Share-based compensation 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Technology and development 1.5 1.6 1.5 2.4 4.1 Marketing and branding 0.3 0.6 0.5 0.5 0.3 General and administrative 6.3 24.8 2.4 1.5 12.8 Total share-based compensation 8.1 27.0 4.4 4.4 17.2 Less: Webull Pay transaction related employee distribution (one-time) 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Technology and development - - 3.6 - - Marketing and branding - - 0.9 - - General and administrative - - 3.4 - - Total Webull Pay transaction related bonus - - 7.9 - - Adjusted operating expenses (Non-GAAP) 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Brokerage and transaction 23.2 34.8 35.6 35.1 38.4 Technology and development 15.4 17.5 17.4 18.2 19.8 Marketing and branding 22.7 29.7 28.0 52.8 49.1 General and administrative 27.4 26.2 39.2 37.5 37.8 Total adjusted operating expenses 88.7 $ 108.2 $ 120.2 $ 143.6 $ 145.1 $
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Adjusted Net Income Reconciliation: $ in millions 18 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Net income (loss) attributable to the Company (GAAP) 13.1 $ (28.3) $ 36.9 $ 3.0 $ (21.7) $ Add: Share-based compensation 8.1 27.0 4.4 4.4 17.2 Add: Deferred tax effect from IRC Section 162(m) limitation - - - - 8.0 Add: Foreign currency transaction losses (gains) 0.1 5.7 (0.9) 7.2 5.7 One-time transactions: Add: Equity offering costs - 11.0 - - - Add: Webull Pay transaction related employee distribution - - 7.9 - - Less: Gain from Webull Pay acquisition - - (15.4) - - Adjusted net income (Non-GAAP) 21.3 $ 15.4 $ 32.9 $ 14.6 $ 9.2 $
