Bullish (BLSH) Q1 2026 earnings summary

Executive summary

• Announced a $4.2B acquisition of Equiniti, aiming to create a fully integrated blockchain-enabled issuer services provider with over 15,000 global clients and 20 million KYC shareholders, positioning the company as a global leader in tokenization.

• Achieved $92.8M–$93M in adjusted revenue and $35.1M in adjusted EBITDA for Q1 2026, with $20.3M in adjusted net income.

• Solidified position as #2 exchange for BTC options, capturing 14% market share and $11.6B in options trading volume.

• Hosted flagship Consensus events with 26,000+ attendees from over 100 countries, with Miami ticket sales up 120% vs. Toronto.

• Strong inbound interest from issuers, financial firms, and regulators validates market demand for tokenization.

Financial highlights

• Q1 2026 adjusted revenue was $92.8M–$93M, up 49% year-over-year and slightly up sequentially despite a 24% drop in Bitcoin prices.

• Adjusted operating expense rose to $57.7M, mainly due to event costs and investments in AI.

• Adjusted EBITDA margin reached 37.9%–38%; adjusted net income margin was 21.9%.

• Adjusted net income was $20.3M ($0.13 per diluted share), compared to $2.1M in Q1 2025 and $28.9M in Q4 2025.

• Gross liquid assets at quarter-end were $3.04B, with net liquid assets at $2.27B.

Outlook and guidance

• Reaffirmed full-year 2026 guidance for adjusted revenue, EBITDA less CapEx, and net income, with adjusted revenue guidance ranging from $360M–$410M and adjusted EBITDA $150M–$180M.

• Full-year 2026 adjusted operating expense expected at the midpoint to upper end of the range due to accelerated tokenization investment.

• Q2 2026 will see the highest quarterly expense, driven by Consensus Miami event costs.

• Medium-term (2027–2029) targets: 6–8% annual revenue growth, $25M–$50M net cost reductions, $1B+ free cash flow, and 50% EBITDA less CapEx margin by 2029.

• Subscription, services & other revenue guidance for 2026: $220M–$250M; adjusted operating expenses: $210M–$230M.