Bullish (BLSH) opened 2026 with Q1 revenue of US$77.5 million, a basic EPS loss of US$3.85, and a net loss of US$581.7 million, setting a tough but clear baseline for investors watching how the story develops from here. Over the past year, the company has seen quarterly revenue move from US$39.3 million in Q4 2024 to US$77.5 million in Q1 2026, while EPS has swung between a profit of US$1.39 and losses such as US$3.85, highlighting how quickly margins can shift as the business scales. With revenue forecasts pointing higher and earnings expected to improve over time, the latest results put the focus squarely on whether Bullish can convert top line momentum into a more efficient loss profile and, eventually, more stable margins.

See our full analysis for Bullish.

With the headline numbers on the table, the next step is to see how this earnings print lines up with the prevailing Bullish narratives that investors have been following over the past year.

US$1.0b loss over last 12 months

• On a trailing twelve month basis to Q1 2026, Bullish reported total revenue of US$267.9 million and a net loss of US$1.0b, which lines up with a trailing basic EPS loss of US$7.31.
• What stands out against the more optimistic, growth focused view is that forecasts of 21.4% annual revenue growth and very large annual earnings growth are coming off a base where losses have recently widened again, as shown by net income moving from a profit of US$18.4 million in Q3 2025 to losses of US$546.6 million in Q4 2025 and US$581.7 million in Q1 2026.
  • This contrast means the bullish argument about a path to profitability within three years leans on future improvements rather than on the most recent trailing numbers, which still show substantial losses.
  • At the same time, the reduction in losses over the past five years at a rate of 42.8% per year is part of why growth oriented investors may still see room for the earnings story to change from these current loss levels.

Curious how these big headline losses fit into the wider story investors are telling about Bullish, and what they are watching next? Check out the 📊 Read the what the Community is saying about Bullish.

Revenue climbs toward US$268 million

• Looking at the trailing twelve month line, total revenue has reached US$267.9 million, compared with quarterly revenue figures like US$39.3 million in Q4 2024 and US$77.5 million in Q1 2026, showing how much of the story now sits in the cumulative performance over several quarters rather than any single period.
• Supporters of the growth focused narrative often point to the forecast 21.4% annual revenue growth, and the current revenue run rate helps frame that view, but recent swings in profitability illustrate that higher revenue alone has not yet translated into steady positive earnings.
  • For example, revenue increased from US$46.8 million in Q1 2025 to US$65.1 million in Q3 2025, yet net income shifted from a loss of US$344.0 million in Q1 2025 to a profit of US$18.4 million in Q3 2025 before returning to a loss of US$546.6 million in Q4 2025.
  • This pattern shows why some investors focus on how efficiently future revenue growth is converted into earnings, not just on the top line forecasts themselves.

Rich 22.3x P/S sets a high bar

• Bullish currently trades on a P/S of 22.3x based on its revenue, compared with a peer average of 3.8x and a US Capital Markets industry average of 3.5x, which means the stock is priced at a much higher sales multiple than many of its listed peers.
• Critics highlight this valuation as a key risk, because the premium multiple already reflects expectations for faster revenue growth and a shift to profitability, so any shortfall versus the forecast 21.4% revenue growth and very large earnings growth could matter more than it would for a lower rated stock.
  • With trailing twelve month revenue at US$267.9 million and a net loss of US$1.0b, the current market value is being supported more by those forward looking expectations than by recent reported profits.
  • At the same time, the expectation that Bullish may become profitable within three years is part of why some investors accept a 22.3x P/S, even though there is no discounted cash flow valuation available to cross check that optimism in the data provided.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Bullish's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

If the mix of big losses and growth hopes feels mixed to you, that is the point, and it is why acting early on your own research matters. To see what is driving optimism around the company's potential rewards, take a closer look at the 1 key reward.

See What Else Is Out There

Bullish combines a trailing twelve month net loss of US$1.0b with sharp earnings swings and a rich 22.3x P/S that relies heavily on optimistic forecasts.

If you want ideas where current pricing leans more on present fundamentals than on future hopes, check out the 48 high quality undervalued stocks to compare alternatives right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.