Overview

• US digital investment platform's Q1 revenue rose 36% yr/yr

• Adjusted operating profit fell yr/yr as expenses rose on marketing and compensation costs

• Company achieved sixth straight quarter of adjusted profitability despite higher costs and net loss

Outlook

• Webull says it will continue investing in platform enhancements and international expansion

• Company expects increased active trading after FINRA's PDT rule change in June 2026

• Webull plans to offer clearing services to institutional partners following recent regulatory approval

Result Drivers

• TRADING VOLUME GROWTH - Co said record equity notional and options trading volumes drove revenue growth

• HIGHER OPERATING EXPENSES - Co said increased marketing, branding and share-based compensation costs drove up operating expenses and reduced profitability

• INTERNATIONAL EXPANSION - Co said geographic expansion and licensing in Europe contributed to higher costs and future growth opportunities

Company press release: ID:nPn4gTjK7a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$159.90 mln	$167.25 mln (2 Analysts)
Q1 EPS		-$0.04
Q1 Adjusted EBIT		$14.80 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the financial technology (fintech) peer group is "buy"

• Wall Street's median 12-month price target for Webull Corp is $12.00, about 71.7% above its May 20 closing price of $6.99

• The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 40 three months ago

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