Bullish Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Quarterly Results: Bullish reported record adjusted revenue of $76.5 million in Q3 2025, a 34% increase sequentially and up 72% year-over-year. Adjusted EBITDA was $28.6 million (up 253% QoQ and 271% YoY), and adjusted net income reached $13.8 million.
  • Subscription Services & Other (SS&O): SS&O revenue, including liquidity services and CoinDesk-branded products, was $49.8 million, up over 50% QoQ and 300% YoY. This segment now constitutes 53% of YTD total revenue, compared to 28% in FY 2024.
  • Liquidity Services Growth:
    • Active partner count doubled QoQ across stablecoins, Layer 1s (e.g., Solana, Cardano, Ripple), and crypto project tokens.
    • Bullish now serves most major stablecoin issuers except USDT and offers advanced API orchestration and mint/burn capabilities.
    • Collaborations include Solana Foundation – over 80% of stablecoin mints on Solana in first engagement quarter; Solana’s stablecoin value locked up 40%.

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Operator: Good morning, and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bullish Global Third Quarter 2025 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Michael Fedele, VP of Finance. Please go ahead. Michael Fedele: Good morning. Welcome to our third quarter earnings call. I'm Michael Fedele, Vice President of Finance, 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. These statements are not assurances of future performance. They are subject to risks and uncertainties, and our actual results could differ materially. For more details on these risks, please refer to today's earnings press release and our SEC filings, including our prospectus dated August 12, 2025. We undertake no obligation to update or revise any forward-looking statements. This call will also include a discussion of non-IFRS financial measures. A reconciliation of these measures to the most directly comparable IFRS metrics can be found in our earnings press release and presentation, which also contain additional information regarding non-IFRS financial measures and key performance indicators. I'll now turn the call over to Tom

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