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Digital investment platform Webull Corporation (NASDAQ: BULL) reported second-quarter 2025 revenue growth of 46% year over year to $131.5 million, citing increased user engagement and trading activity. The company recorded a third consecutive quarter of operating profitability and said customer assets reached an all-time high.
Anthony Denier, Group President And U.S. CEO Of Webull, said trading conditions for retail self-directed investors were the strongest since the pandemic period and highlighted product expansion and the re-launch of crypto:
We delivered strong business results in our first quarter as a public company, with three consecutive quarters of operating profitability and customer assets at an all-time high, underpinned by substantial growth in trading volumes and net deposits. The environment for retail self-directed trading was the best we've seen since the COVID-19 pandemic, and with the market now in a new era driven by a more discernable regulatory environment, Webull is more focused than ever on delivering new products to our sophisticated retail trading cohort, as demonstrated by our recent re-launching of crypto and our ongoing global expansion.
— Anthony Denier, Group President And U.S. CEO, Webull
H.C. Wang, Chief Financial Officer Of Webull, said revenue growth outpaced expenses, supporting further investment:
We maintained last quarter's positive momentum with accelerating revenue growth well ahead of expense growth, driving another quarter of solid operating profits. We are a prime beneficiary of growing demand among self-directed traders for a sophisticated all-in-one trading platform like Webull. This gives us the confidence to continue investing in growth and make more products available to more investors across global markets.
— H.C. Wang, Chief Financial Officer, Webull
Second-Quarter Highlights
Financials
Total revenues rose 46% year over year to $131.5 million. Trading-related revenue increased 63% year over year. Total operating expenses grew 37% year over year, driven in part by a $18.5 million increase in share-based compensation. Adjusted operating expenses rose 20% to $108.2 million.
Loss before income taxes totalled $21.4 million, a year-over-year increase of $11.1 million, primarily reflecting $11.0 million of equity offering costs. Adjusted operating profit was $23.3 million, a year-over-year improvement of $23.6 million. Adjusted operating profit per share was $0.05 for the quarter and $0.18 for the six months ended 30 June 2025.
Net loss attributable to the company increased $16.7 million year over year to $28.3 million. Adjusted net income improved from a $1.5 million loss to $15.4 million. Net loss per ordinary share was $1.20 versus $0.16 in the prior-year quarter, which the company attributed mainly to accounting for the fair value of ordinary shares and warrants issued to certain preferred shareholders as a dividend in connection with its business combination with SK Growth Opportunities Corporation. Following closing of the transaction, preferred stock converted into ordinary shares and no preferred stock remains outstanding.
Operating Metrics
Customer assets reached an all-time high of $15.9 billion, up 64% year over year, supported by market recovery and 37% growth in net deposits. Funded accounts rose 9% to 4.73 million. Registered users increased 18% to 24.9 million. Options contracts volume grew to 127 million contracts (up 8% year over year), while equity notional volume rose to $161 billion (up 58% year over year).
Company Updates
During the quarter, Webull raised more than $200 million from the exercise and redemption of all outstanding BULLZ incentive warrants issued at the close of its business combination with SK Growth Opportunities Corporation.
The company launched the Latin America Webull App in May, unifying experiences in Brazil and Mexico, and re-entered crypto in June by launching crypto trading in Brazil. Webull also expanded its partnership with CFTC-regulated prediction market exchange Kalshi in June to add cryptocurrency hourly contracts and Federal Reserve events trading to its prediction markets offering.
In June, Walter Bishop was appointed as an Independent Director and joined the Audit, Compensation, and Nominating And Corporate Governance Committees.
After the quarter-end, Webull announced the return of cryptocurrency trading for U.S. customers and the consolidation of Webull Pay into the Webull Group. Users in the U.S., Brazil, and Australia can now trade cryptocurrencies alongside equities, options, futures, and prediction markets in the Webull app. The company said it is exploring digital asset licences in several other markets.
Webull also entered a standby equity purchase agreement providing access to up to $1 billion of capital via sales of Class A ordinary shares at its discretion. As of 28 August 2025, the company had raised $142.8 million under this agreement.
Webull Corporation (NASDAQ: BULL) operates a global network of licensed brokerages offering services in 14 markets across North America, Asia Pacific, Europe, and Latin America. Webull serves more than 24 million registered users, providing 24/7 access to global markets for trading stocks, ETFs, options, futures, fractional shares, and digital assets, alongside market data, a user community, and investor education.
