Slide 1: Webull Corporation: Earnings Presentation Q1 2025
Webull Corporation: Earnings Presentation Q1 2025
Slide 2: Forward-looking statements
This presentation by Webull Corporation (“Webull”) includes “forward - looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Among other things, statements other than statements of historical fact, including statements ab
Slide 3: Q1 2025 Highlights
Total Revenues ($ in millions) Q1 2025 Highlights 2 Adj. Operating Expense webullcorp.com/investor - relations/ Adjusted Operating Expense and Adjusted Operating profit are non - GAAP financial measures. Refer to the Appendix for the reconci liations of Adjusted Operating Expense and Adjusted Operat
Slide 4: Webull 2025 Roadmap
Webull 2025 Roadmap 3 webullcorp.com/investor - relations/ Grow customer base and customer assets • Introduce Webull Premium subscription service • Launch prediction contracts with Kalshi • Launch the Latin America Webull App Increase wallet share Q1 2025 Q2 2025 Q3 2025 Q4 2025 • Launch crypto trad
Slide 5: Q1 2025 Business Results – Users
97.3% 97.9% 98.4% Q1 2025 Business Results – Users 4 Funded Accounts (in millions ) Registered Users (in millions ) % Quarterly Retention webullcorp.com/investor - relations/ 98.3% 20.6 21.1 22.1 23.3 24.1 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 4.30 4.35 4.51 4.66 4.72 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 97.5% +17
Slide 6: Q1 2025 Business Results – Customer Assets
Q1 2025 Business Results – Customer Assets 5 Net Deposits ($ in millions ) Customer Assets ($ in billions ) webullcorp.com/investor - relations/ +45% year - over - year +66% year - over - year 8.7 9.7 11.5 13.6 12.6 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 635 1,047 1,629 1,230 1,054 1Q 24 2Q 24 3Q 24 4Q 24 1Q
Slide 7: Q1 2025 Business Results – Trading
Equity Notional Volume ($ in billions) Q1 2025 Business Results – Trading 6 Options Contracts Volume (in millions) 111 102 119 128 128 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 +15% year - over - year 112 118 119 112 121 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 +8% year - over - year webullcorp.com/investor - relations/ C
Slide 8: Q1 2025 Financial Results – Revenues & Expenses
Total Revenues ($ in millions) Q1 2025 Financial Results – Revenues & Expenses 7 Adjusted Operating Expenses ($ in millions) +32% year - over - year +2.4% year - over - year webullcorp.com/investor - relations/ Total revenues increased 32% year - over - year while expenses growth remains disciplined
Slide 9: Q1 2025 Financial Results – Profits and Margins
Adjusted Operating Profit ($ in millions) Q1 2025 Financial Results – Profits and Margins 8 GAAP Net Income (Loss) Attributable to the Company ($ in millions) +$25.5 million improvement Year - over - year webullcorp.com/investor - relations/ Translating to significant improvement of the bottom line
Slide 10: Q1 2025 Financial Results – Trading Related Revenues
Q1 2025 Financial Results – Trading Related Revenues 9 webullcorp.com/investor - relations/ Trading related revenues increased over 50% year - over - year on the back of volume growth and higher monetization 14.0 13.1 16.2 18.1 18.8 37.3 36.8 42.6 47.3 53.4 2.3 4.6 7.1 6.7 9.5 0.0 10.0 20.0 30.0 40.
Slide 11: Q1 2025 Financial Results – Interest Related Income
Q1 2025 Financial Results – Interest Related Income 10 webullcorp.com/investor - relations/ Interest - related income decreased 4.3% year - over - year, mainly due to decrease in interest on client and corporate cash, partiall y offset by increase in margin financing income 5.7 7.8 7.3 5.3 5.4 7.4 7
Slide 12: Q1 2025 Financial Results – Adjusted Operating Expenses
Q1 2025 Financial Results – Adjusted Operating Expenses 11 webullcorp.com/investor - relations/ Opex has stayed flat year - over - year primarily due to optimization of marketing expenses 22.5 25.9 24.6 27.4 27.4 12.7 12.8 14.4 15.7 15.4 17.9 18.9 19.9 22.6 23.2 33.5 32.7 47.6 22.9 22.7 0.0 20.0 40.
Slide 13: Appendix
Appendix
Slide 14: Appendix: Contra Revenue
Appendix: Contra Revenue 13 webullcorp.com/investor - relations/ We offer marketing promotions to our platform users that are intended to increase the amount of platform users’ assets on our pl atform by incentivizing platform users to deposit more cash or transfer securities from other third - part
Slide 15: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results
Appendix: Unaudited Reconciliations of Non - GAAP and GAAP Results Adjusted Operating Expenses and Total Operating Expenses Reconciliation: 14 ($ in millions) 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 Total operating expenses (GAAP) 98.7$ 98.8$ 111.9$ 95.2$ 96.8$ Less: share-based compensation (12.1)
Slide 16: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.)
Appendix: Unaudited Reconciliations of Non - GAAP and GAAP Results (Cont.) 15 Adjusted Operating Expenses Reconciliation: Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The impact of the se reclassifications is immaterial to the presentati
Slide 17: Thank You!
Thank You!