Bullish(BLSH.US)Q3营收同比增长71.5% GAAP每股收益逊于预期

Core Insights - Bullish cryptocurrency exchange reported a 71.5% year-over-year increase in adjusted revenue for Q3 2025, reaching $76.5 million, exceeding market expectations by $5.36 million [1] - Adjusted transaction revenue for Q3 was $26.7 million, down from $32.9 million in the same period last year [2] - The company recorded a significant increase in adjusted EBITDA, reaching $28.6 million compared to $7.7 million in the previous year [1] - Adjusted net income for Q3 was $13.8 million, a turnaround from a net loss of $3.1 million in the same quarter last year [1] - GAAP earnings per share were reported at $0.10, an improvement from a loss of $0.59 per share in the previous year, but below market expectations of $1.59 [1] Financial Performance - Q3 2025 adjusted revenue: $76.5 million, up from $44.6 million in Q3 2024 [2] - Q3 2025 adjusted transaction revenue: $26.7 million, down from $32.9 million in Q3 2024 [2] - Q3 2025 adjusted EBITDA: $28.6 million, compared to $7.7 million in Q3 2024 [2] - Q3 2025 adjusted net income: $13.8 million, compared to a net loss of $3.1 million in Q3 2024 [2] Future Outlook - Bullish projects Q4 subscription, service, and other revenues to be between $47 million and $53 million [2] - Adjusted operating expenses for Q4 are expected to be between $48 million and $50 million [2]