Webull (BULL) Q4 2024 earnings summary

Executive summary

• Digital investment platform focused on young, tech-savvy retail investors, with global expansion across 14 markets and over 23.3 million registered users as of December 31, 2024.

• Completed a business combination with SK Growth Opportunities Corporation in April 2025, resulting in a public listing on Nasdaq under the symbols BULL, BULLW, and BULLZ.

• Platform offers zero-commission trading in the U.S., a broad suite of investment products, and advanced analytics, with a strong emphasis on customer education and engagement.

Financial highlights

• Total revenues for 2024 were $390.2 million, up slightly from $389.6 million in 2023.

• Net loss attributable to the company was $22.7 million in 2024, compared to net income of $6.1 million in 2023 and $50.1 million in 2022.

• Adjusted operating income (non-GAAP) for 2024 was $18.2 million, down from $52.4 million in 2023.

• Key revenue sources: equity and option order flow rebates ($197.1 million, 50.5% of total), interest-related income ($130.5 million, 33.4%), and handling charge income ($49.0 million, 12.6%).

• Customer assets grew to $13.6 billion at year-end 2024, up from $9.7 billion at year-end 2023.

• Registered users reached 23.3 million and funded accounts 4.7 million as of December 31, 2024.

Outlook and guidance

• Plans to broaden product offerings, expand global presence, and invest in technology, including AI integration.

• Focus on growing and engaging the retail customer base, with continued emphasis on cost-effective customer acquisition and operational efficiency.

• Management expects operating expenses to increase with scale but aims to optimize margins through technology and process improvements.