Bullish Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Bullish closed 2025 with strong operational and financial momentum, driven by institutional adoption, tokenization growth, and expansion of regulated exchange services.
  • Leadership emphasized that despite a sharp multi‑month drop in digital asset prices, business activity and pipelines remain strong, especially across institutional clients.
  • Management reinforced Bullish’s strategy: grow its regulated derivatives exchange, scale tokenization and liquidity services, and expand its digital asset indices and insights businesses.

Financial Highlights (Q4 & FY 2025)

  • Q4 SS&O revenue: 54.6 million dollars, up 284 percent year‑over‑year and above prior guidance.
  • Full‑year SS&O revenue: 157.7 million dollars, up nearly 160 percent from 2024.
  • Q4 adjusted revenue: 92.5 million dollars; full‑year adjusted revenue: 288.5 million dollars, about 35 percent year‑over‑year growth.
  • Adjusted EBITDA:
    • Q4: 44.5 million dollars, up 55 percent sequentially and 181 percent year‑over‑year.
    • Full year: 94.3 million dollars.
  • Q4 adjusted EBITDA margin: 48 percent (record high).
  • Q4 adjusted net income: 28.9 million dollars; full‑year: 38.8 million dollars.

Operational Highlights

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Operator: Thank you for standing by. At this time, I would like to welcome everyone to the Bullish Global Fourth Quarter 2025 Earnings Call and Q&A. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Today's Q&A will be limited to one question. If you would like to withdraw your question, thank you. I would now like to turn the call over to Michael Fedeli, Vice President of Finance. You may begin. Good morning, and welcome to our fourth quarter earnings call. Michael Fedeli: I'm Michael Fedeli, Vice President of Finance, and I'm joined on today's call by our Chief Executive Officer, Thomas 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 08/12/2025. 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 metrics to the most directly comparable IFRS metrics can be found in our earnings press release and present

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