Bullish (BLSH) Stock Rises as Q2 Revenue Jumps 62% Despite $280 Million Loss
TLDR
- Bullish posted Q2 adjusted revenue of $92.6 million, up 62% year over year, beating analyst estimates of $87.4 million.
- Net loss more than doubled to $280 million, driven largely by a $244.6 million markdown on its Bitcoin holdings.
- Subscription and services revenue hit a record $62.7 million, up from $32.9 million a year ago.
- Digital asset sales fell to $32.6 billion from $58.6 billion in the same period last year.
- Bullish guided full-year subscription and services revenue of $225 million to $245 million; its Equiniti acquisition remains on track for early 2027.
Bullish (BLSH) beat revenue expectations in the second quarter, even as its net loss more than doubled year over year. The stock was up around 1.5% in pre-market trading to $24.99.
Adjusted revenue came in at $92.6 million for Q2, a 62% jump from $57 million in the same quarter last year. That topped Wall Streetโs estimate of $87.4 million.
Adjusted EPS of $0.09 came in line with Street forecasts. Adjusted EBITDA reached $29.5 million, up from $8.1 million a year ago.
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