Webull (BULL) Registration filing summary

Company overview and business model

• Operates a global digital investment platform with a mobile-first interface, offering zero-commission trading in the U.S. and low commissions internationally.

• Provides a broad suite of investment products, including equities, options, digital assets, and wealth management services.

• Integrates AI-powered tools for market insights, analytics, and customer support, enhancing user experience and risk management.

• Expanded to 18 markets globally, with over 28 million registered users and 35 broker-dealer licenses as of December 2025.

• Revenue in the U.S. is primarily generated through payment for order flow (PFOF); outside the U.S., revenue comes from commissions.

Financial performance and metrics

• As of December 31, 2025: $653.2 million in cash and cash equivalents, $65 million in unsecured promissory notes, and total equity of $1.02 billion.

• Quarterly retention rate was 97% in Q4 2025, indicating strong customer loyalty.

• Sold 11.5 million Class A shares under a standby equity purchase agreement for $173.2 million before terminating the agreement in April 2026.

• Repurchased 1,820,788 Class A shares for $10.99 million as part of a $100 million share repurchase program authorized in April 2026.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by the selling shareholder; proceeds go to the selling shareholder.

• Company pays registration expenses but not selling commissions or brokerage fees.

• Capitalization will be impacted by shares issued to the selling shareholder under the purchase agreement.