Webull Corp. (NASDAQ:BULL) posted strong Q2 earnings on Thursday and relaunched crypto trading earlier this week. Here's a look at the company's vision for the future and key details in its earnings report.
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BULL Q2
Webull reported total revenues of $131.5 million, a 46% year-over-year increase, driven by significant growth in customer assets and trading volumes.
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Trading-related revenue was up 63% year-over-year in the quarter. Options contracts volume was up 8% year-over-year to $127 million and equity notional volume was up 58% year-over-year to $161 billion.
Customer assets soared 64% year-over-year to reach an all-time high of $15.9 billion, with net deposits over the last twelve months totaling $5.4 billion. Webull added 800,000 new users in Q2, raising its registered user base to 24.9 million, with funded accounts climbing to 4.73 million.
CEO Anthony Denier celebrated the company's momentum on a conference call with analysts.
"Webull has now achieved three straight quarters of operating profitability… We posted a year-over-year increase in adjusted operating profit margin of 18 percentage points, bringing our total adjusted operating profit for the second quarter to $23.3 million," Denier said
Webull Brings Crypto Back
Webull relaunched crypto trading on the platform this week, and Denier highlighted strong user demand and potential revenue increases from crypto accounts.
"We expect the acceleration of crypto accounts, we expect the adoption of crypto AUM and we believe that the trading revenue… is going to be something we’re going to reap the benefits of quite quickly," Denier said on the earnings call.
He also assured investors that Webull is committed to expanding its digital asset offerings to create an innovative and unified trading platform.
“We are leaning into digital assets in a very big way here at Webull… This is phase one of what are going to be multiple phases of having the best crypto trading experience in the world. That is our goal and I think we are well-positioned as a platform," Denier said.
BULL Stock Price: According to data from Benzinga Pro, Webull shares were down 6% at $13.79 at the time of publication on Friday.
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