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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