Webull CEO's Most Surprising Admission: ‘I Expect B2B to Match or Exceed Our Retail Business'

Core Insights - Webull's CEO Anthony Denier anticipates that the B2B business will match or exceed the retail business in the coming years, marking a significant strategic shift for the company [1] Financial Performance - Webull reported Q4 revenue of $165.2 million, a 53% increase year-over-year, surpassing estimates [1] - Full-year 2025 revenue reached $571 million, up 46% from 2024 [1] - Customer assets hit an all-time high of $24.6 billion, reflecting an 81% year-over-year increase [1] - Net deposits for Q4 were $3.9 billion, a remarkable 225% increase year-over-year [1] - Reported EPS was $0.01, missing the $0.05 estimate, primarily due to a doubling of marketing and branding expenditures to $53.25 million [1] Strategic Initiatives - The partnership with Meritz Financial Group in Korea has already facilitated over $1 billion in equity trades for Korean customers, with expectations for a tenfold increase in volume by year-end [1] - The company is focusing on institutional onboarding, which is expected to yield more stable revenue streams [1] - AI tool Vega is gaining traction, with 1.2 million global users per week, and approximately 12.5% of users consulting it before executing trades [1] Market Outlook - Denier indicated that January was likely the second-best month in the company's history, suggesting a strong outlook for Q1 [1] - Market volatility is seen as beneficial for Webull, as active traders tend to concentrate on options, which have higher margins than equities [1] - Despite operational momentum, the stock is down approximately 30% year-to-date, raising questions about the market's valuation of Webull as a platform business versus a traditional brokerage [1]