NYSE$BLSH
Bullish · Q2 2025 earnings
Q2 2025 earnings ·
Briefing
Bullish reported a Q2 2025 net loss of $6 million, with subscription revenue surpassing transaction revenue for the first time.
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.
Headline financials
Revenue & EPS history
Bullish · Revenue · Quarterly
$57M
Revenue by segment
Bullish · $76.5M total across 2 segments · Q3 2025
- Subscription, services and other (within adjusted revenue)$49.8M—65.1%
- Adjusted transaction revenue$26.7M—34.9%
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.
Tailwinds
- 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.
Headwinds
- 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.
- Ongoing margin pressures in trading revenue segments.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 2 quarterly earnings reports
-3.0%
Avg return
Earnings day
+12.2%
Avg return
5 days after
+19.3%
Avg return
30 days after
25%
1 / 4 earnings
Positive
+5.8%
Q2 2025
Best reaction
-8.5%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -5.7% | -13.3% | — | |
| Q4 2025 | -8.5% | +17.8% | +28.5% | |
| Q3 2025 | -3.6% | +9.9% | +18.1% | |
| Q2 2025 | +5.8% | +34.5% | +11.1% |
Discussion
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