Bullish Q1 Loss of $604.9M Misses Estimates, Shares Fall 6.5%
Bullish reported a first-quarter net loss of $604.9 million (−$3.85 per share) on revenue of $92.8 million, missing forecasts and sending shares down 6.5% premarket. Adjusted EBITDA rose to $35.1 million while the company confirmed a $4.2 billion Equiniti acquisition and maintained full-year guidance.
1. First-Quarter Results Miss Expectations
Bullish posted a net loss of $604.9 million (−$3.85 per share) on revenue of $92.8 million in the first quarter, missing expected earnings of $0.16 per share and $94 million in revenue. Shares fell 6.48% in premarket trading on the results.
2. Adjusted Profitability Improves
Adjusted EBITDA rose to $35.1 million from $13.2 million a year earlier, and adjusted net income climbed to $20.3 million. However, adjusted transaction revenue dipped to $38.0 million from $42.0 million in the prior-year quarter.
3. $4.2B Equiniti Acquisition Strategy
Management highlighted the pending $4.2 billion acquisition of Equiniti as a key strategic move to integrate end-to-end tokenization, transfer agent ledger services, and expand blue-chip issuer relationships. The deal aims to create a fully integrated blockchain-enabled issuer services platform.
4. Bitcoin Options Growth and 2026 Guidance
Bullish captured a 14% share of Bitcoin options open interest with $11.6 billion in volume for April, ranking as the second-largest exchange. The company reaffirmed its 2026 projections of $220 million to $250 million in subscription and services revenue and $210 million to $230 million in operating expenses.