Webull Corporation Class A Ordinary Shares Q2 FY2025 earnings call

• Market Volatility: The market experienced extreme volatility in Q2, with the S&P 500 dropping then rebounding. Webull is well capitalized, having completed de-SPAC and a standby equity purchase agreement. - Product Launches: Webull Premium has 75,000 subscribers, crypto trading reintroduced in the US, Brazil, and Australia; expanded Kalshi partnership for prediction markets. - Geographic Expansion: Launched Latin American Webull App and rolled out in the Netherlands. - User Growth: Added ~800,000 users in Q2, totaling 24.9 million registered users; funded accounts grew ~10% YOY to 4.73 million. - Customer Assets: Customer assets grew 64% YOY to $15.9 billion, an all-time high. - Trading Volumes: Equity notional volumes up 58% YOY, options contract volume steady with improved monetization.

In the second quarter, Webull generated total revenues of $131.5 million, a 46% year-over-year increase. Adjusted expenses were $108.2 million, up 20% year-over-year. Webull achieved 3 consecutive quarters of operating profitability, with adjusted operating profit for Q2 at $23.3 million. Trading-related revenues saw daily average revenue trades (DARTs) increase 56% year-over-year and trading-related revenues rise 63%, with per trade revenue at $1.42. Interest-related income grew 14% year-over-year to $36.3 million in Q2, driven by higher client cash balance, margin activity, and Webull Premium adoption.

• Anticipates Q3 will be another solid quarter barring major market dislocation. - Focus on new product delivery, addition of new asset classes, and geographic expansion.

• Market volatility could impact trading volumes and revenues. - Regulatory changes in different jurisdictions may affect crypto and other product offerings. - Competition in the fintech space could impact market share.

Q: Dig deeper into organic growth, net new assets, geographies and demographics with outsized growth A: Net deposits up $1.5B, 37% YOY; highlights Canadian broker-dealer success, Latin American momentum, crypto interest in Brazil Q: Crypto trading in Brazil, US, Australia: how going?

A: Phase 1, regulatory supportive, high expectations, incremental opportunity Q: Marketing strategy evolution A: AUM success, different strategies per broker-dealer, focus on high-quality customers Q: Crypto business impact, DARTs per account A: Crypto business accretive, DARTs driven by market volatility, Webull Premium, AUM growth Q: Marketing effectiveness, run rate A: Leaning into opportunity, well capitalized, using promotions to attract assets Q: Crypto strategy outside US, M&A A: Planning to add crypto to outside US broker-dealers, focus on organic growth but opportunistic on M&A Q: Crypto assets offered, staking A: Brazil launched 240 coins, US launched 50, staking and other products planned, goal to have best crypto trading experience