Webull Q1 Revenues Up 36% to $159.9M, Customer Assets Jump 90%
Webull's Q1 revenues rose 36% year-over-year to $159.9 million while adjusted operating profit decreased to $14.8 million due to higher marketing, share-based compensation and expansion costs. Customer assets climbed 90% to $24 billion and equity notional volume doubled to $261 billion on 91% growth in net deposits and 15% more registered users.
1. Revenue and Profit Trends
Total revenues increased 36% year-over-year to $159.9 million in Q1 while adjusted operating profit declined to $14.8 million from $28.7 million a year earlier. Operating expenses rose 68% driven by higher marketing and branding spend, brokerage and transaction costs, and increased share-based compensation, resulting in a net loss of $21.7 million compared to $13.1 million net income last year.
2. Trading Activity and User Growth
Customer assets reached $24 billion, up 90% year-over-year, fueled by net deposits growth of 91%. Registered users climbed 15% to 27.6 million, funded accounts rose 8% to 5.1 million, equity notional volume doubled to $261 billion and options contracts grew 31% to 159 million, while daily average revenue trades (DARTs) surged 42% to 1.3 million.
3. Strategic Investments and Global Expansion
The company is beta-testing its Vega Analyst AI research reports and launching agentic trading solutions, while building PDT infrastructure ahead of FINRA’s June rule change. In April, Webull secured self and correspondent clearing approval for long-term cost savings and operational scale, and continues investments in product expansion and a previously announced share repurchase program.