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Jun 30, 2025
Bullish Q2 2025 Earnings Report
Bullish reported a Q2 2025 net loss of $6 million, with subscription revenue surpassing transaction revenue for the first time.
Key Takeaways
Bullish saw strong growth in its subscriptions and services revenue, outpacing transaction revenues, though it posted a net loss of $6 million. Adjusted EBITDA was positive at $8.1 million.
Subscriptions and services revenue reached $31.9 million, exceeding transaction revenue.
Adjusted net loss was $6 million for the quarter.
Adjusted EBITDA was $8.1 million with a 14% margin.
Operating expenses remained nearly flat QoQ at $48.9 million.
Revenue by Segment
Forward Guidance
Bullish expects a rebound in Q3 2025 with significantly improved adjusted EBITDA and net income, driven by higher subscriptions and lower operating expenses.
Positive Outlook
- Guiding $76M–$69M in adjusted revenue for Q3 2025.
- Adjusted EBITDA projected to rise to $25M–$28M.
- Net income expected to turn positive: $12M–$17M.
- Strong subscription momentum projected to continue.
- Lower adjusted operating expenses expected: $44M–$48M.
Challenges Ahead
- Trading volume projected to decline to $133B–$142B.
- Adjusted transaction revenue expected to remain below Q1 levels.
- Lower spot market activity compared to Q1 2025.
- Perpetual volume continues to trail spot.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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