Webull Corporation reported second-quarter results on August 19, swinging from a pre-tax loss of $21.4 million a year earlier to pre-tax income of $34.7 million for the quarter ended June 30. Revenue rose 51% year over year to $198.8 million while total operating expenses climbed just 13%, lifting adjusted operating profit to $62.6 million, a 31.5% margin, from $23.3 million a year ago. Equity notional volume reached $279 billion, up 73%, and options contracts hit 213 million, a 34% jump from the prior quarter alone, while customer assets climbed 79% to $28.5 billion. Funded accounts grew only 8% to 5.13 million, meaning the surge came mostly from existing customers trading more, and the 79% asset gain far outran 7% growth in net deposits. Adjusted operating expenses rose 26% to $136.2 million on higher brokerage and transaction costs, and 8.06% of the float is sold short, with the stock trading at 19.61 times forward earnings as of September 25.
Webull CorpWebull swung to $34.7M pre-tax profit with revenue up 51% and adjusted operating profit of $62.6M.
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