Bullish Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Bullish Q2 2026 Earnings Summary

Company Context: Bullish (NYSE-listed) reported results amid a soft crypto market. Focus remains on tokenized securities via issuer-sponsored model and pending Equiniti acquisition (closing Jan 2027). Tokenized shares began trading on Bullish's venue this quarter.

Key Financial Performance (Q2 2026 vs. Prior Periods)

  • Total Adjusted Revenue: $92.6M (flat vs. Q1 2026; +62% YoY vs. Q2 2025)
  • Subscription Services & Other (SS&O) Revenue: Record $62.7M
  • Adjusted Transaction Revenue: $29.9M
  • Adjusted Operating Expenses: $63.1M (peak quarterly level for 2026; includes Consensus costs + $2.5M one-time compensation)
  • Adjusted EBITDA: $29.5M (~32% margin)
  • Adjusted Net Income: $14.3M (after $14.5M finance expense)
  • Balance Sheet: $2.1B net liquid assets at quarter-end

Business Highlights & KPIs

  • Spot trading volumes moderated with crypto market; new institutional wins (e.g., SoFi, Berenberg, BitGo Prime). U.S. derivatives access now expected in months (nearly 1 year early).
  • Media: CoinDesk page views +38% YoY; unique visitors +83% YoY. Consensus event drew 16k+ attendees from 100+ countries.

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Operator: Thank you for standing by, and welcome to Bullish Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to hand the call over to Michael Fedele, Vice President of Finance. Please go ahead. Michael Fedele: Good morning, and welcome to our second quarter earnings call. I'm Michael Fedele, and I'm joined on today's call by our Chief Executive Officer, Tom Farley; Chief Financial Officer, David Bonanno; and Director of Corporate Development, Liam Foley. This call will contain forward-looking statements, including those relating to our expected performance and business opportunities, our proposed acquisition of Equiniti Group, the anticipated benefits and strategic rationale of the transaction, expected timing and closing conditions and business opportunities following the transaction. These statements are not assurances of future performance and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks include, among others, the possibility that the Equiniti transaction may not be completed, failure to obtain required regulatory approvals, the possibility that anticipated benefits may not be realized and the risks related to the integration of Equiniti's business. For more details on these and other risks, please refer to today's earnings press release and our SEC filings, including our 20-F dated March 9, 2026. We undertake no obligation to update or revise any forward-looking statements. Th

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