Bullish Q3 Earnings and Revenues Improve Year Over Year, Shares Rise

Core Insights - Bullish (BLSH) reported third-quarter 2025 earnings of 10 cents per share, a significant improvement from a loss of 59 cents per share in the same quarter last year [1] - Total adjusted revenues increased by 72% year over year to $76.5 million, with a sequential increase of 34%, primarily driven by strong growth in Subscription, Services & Other (SS&O) revenues [1][8] - BLSH shares rose by 0.96% in pre-market trading [1] Q3 Top-Line Details - Adjusted Transaction Revenues, accounting for 34.9% of total revenues, decreased by 18.84% year over year to $26.7 million [2] - Digital asset sales fell significantly from $54.2 billion in the previous year to $41.6 billion [2] - SS&O revenues reached $49.8 million in Q3 2025, representing over 50% sequential growth and over 300% year-over-year growth [2] Q3 Operating Details - Adjusted operating expenses for Q3 2025 were $47.9 million, an increase of 29.8% year over year, but a decline of 2% sequentially [3] - Adjusted net income for Q3 2025 was $13.8 million, compared to a loss of $3.1 million in the same quarter last year [3] - Adjusted EBITDA was $28.6 million, reflecting a 271% year-over-year increase and a 253% sequential increase [3] Balance Sheet Details - As of September 30, 2025, BLSH had total cash and cash equivalents of $69.3 million, up from $36 million as of June 30, 2025 [4] Q4 Guidance - For Q4 2025, Bullish expects Subscription, Services & Other revenues to be between $47.0 million and $53.0 million [5] - Adjusted Operating Expenses are anticipated to be between $48.0 million and $50.0 million [5]