Bullish (BLSH) Q2 2026 earnings summary

Executive summary

• Marked the first anniversary as a public company and launched trading of tokenized shares on its regulated venue, initiating the first trades of any tokenized security.

• Achieved total trading volume of $131B in Q2 2026, with $113B in spot and $9B in options trading.

• Business remained resilient despite a soft crypto market, supported by a diversified, largely recurring revenue base and mission-critical products.

• Regulatory milestones include approval from Gibraltar for tokenized securities trading.

• Equiniti acquisition is on track for early 2027, with all antitrust clearances secured and regulatory approvals progressing.

Financial highlights

• Q2 2026 adjusted revenue was $92.6M, flat sequentially and up 62% year-over-year.

• Subscription, services & other revenue reached a record $62.7M, up 62% YoY; adjusted transaction revenue was $29.9M.

• Adjusted operating expenses were $63.1M, peaking for the year due to event costs and $2.5M in one-time compensation expenses.

• Adjusted EBITDA was $29.5M–$30M (31.9%–32% margin); adjusted net income was $14M–$14.3M.

• Ended the quarter with net liquid assets of $2.1B and gross liquid assets of $2.8B.

Outlook and guidance

• Updated 2026 full-year SSNO revenue guidance to $225M–$245M, with sequential growth expected in Q3 and Q4.

• Adjusted operating expenses for 2026 expected at $225M–$230M, split evenly between Q3 and Q4.

• Full-year finance expenses projected at $52M–$60M.

• Medium-term (2027E–2029E) combined annual revenue growth targeted at 6–8%+, with $100M+ annual EBITDA less capex growth and ~20% EPS growth.

• Cumulative FCF of ~$1B+ expected from 2027E–2029E.