三季度营收超预期，Bullish(BLSH.US)获德银上调评级至“买入”

Core Viewpoint - Bullish (BLSH.US) has received an upgrade from Deutsche Bank, moving from "Hold" to "Buy" due to stronger-than-expected Q3 revenue, although the target price has been lowered from $52.00 to $51.00 [1] Financial Performance - Bullish reported Q3 adjusted revenue of $76.5 million, a year-over-year increase of 71.5%, exceeding market expectations by $5.36 million [1] - Adjusted EBITDA for Q3 was $28.6 million, significantly higher than the $7.7 million reported in the same period last year [1] - The adjusted net profit for Q3 was $13.8 million, compared to a net loss of $3.1 million in the previous year [1] - GAAP earnings per share were $0.10, an improvement from a loss of $0.59 per share in the same quarter last year, but below market expectations of $1.59 [1] Future Guidance - The company provided Q4 revenue guidance for subscriptions, services, and other revenues in the range of $47 million to $53 million, surpassing the consensus expectation of $46.6 million [1] Analyst Commentary - Deutsche Bank analyst Brian Bedell noted that the stock has retraced over 50% from its mid-August peak and is currently 5% below its IPO price from August 12, making the risk/reward profile more attractive [1] - Bedell mentioned that despite some decline due to recent weakness in cryptocurrency prices, the company is still on track for growth, consistent with post-IPO communications [1]