Webull Corporation (NASDAQ:BULL) aims to highlight recent wins in cryptocurrency and its evolution since going public, as the company reports second-quarter financial results on Thursday after the market close.
Earnings History
Webull went public in April after completing a SPAC merger. Shares soared after their debut with the company, among the top trending names among retail traders for weeks after the market debut.
Since going public, shares have pulled back and investors and analysts now look to company announcements and financial results to show the investment case for the company moving forward.
There are no current analyst estimates for the company's second-quarter financial results.
In the first quarter, Webull reported revenue of $117.37 million, up 32% year-over-year. The company also reported a loss of 6 cents per share, according to data from Benzinga Pro.
Webull said the revenue growth came from account growth and higher trading volumes. In the first quarter, total customer assets were up 45% year-over-year, with registered users hitting 24.1 million, up 17% year-over-year.
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What to Watch in Q2 Results
Investors and analysts will be looking for updates on revenue and earnings per share, while other key metrics like assets on the platform and registered users could show healthy growth going forward.
"We will remain focused on broadening our product portfolio, introducing new asset classes, and expanding access to customers globally," Webull U.S. CEO Anthony Denier said after first quarter results.
Cryptocurrency will be a major topic for the company in its results and management commentary. After previously pausing its cryptocurrency trading, Webull re-launched in Brazil in June and recently re-launched in the U.S. this week.
Webull offers cryptocurrency trading in the U.S., featuring more than 50 different cryptocurrencies. The list includes the big names like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) and also popular smaller cryptos like Dogecoin (CRYPTO: DOGE), Pudgy Penguin Coin (CRYPTO:PENGU), Official Trump Coin (CRYPTO: TRUMP) and Pepe Coin (CRYPTO: PEPE).
The U.S. trading platform also allows users to buy and sell stocks, options, and cryptocurrency on the same platform, whereas previously, crypto was a separate app.
The reintroduction of cryptocurrency trading comes with improved regulatory clarity, according to the company. The company said previously that it expects to launch cryptocurrency trading in more markets later this year. Investors and analysts could get an update on that front on Thursday.
BULL Price Action
BULL Price Action: Webull shares were down 2.83% at $14.57 at the time of publication on Wednesday, pulling back 7.28% this month but still up 10.00% since the start of the year. The stock is trading near its 52-week low of $9.53, according to Benzinga Pro data.
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