Webull Corporation Incentive Warrant

BULLZ

BULLZWebull Corporation Incentive Warrant US flag

NASDAQ Global Select

1.87

USD

+1.05

- -

260.39MMarket Cap

Income Statement (USD)

API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	388	390	390	571
+ Sales & Services Revenue	388	390	390	571
- Cost of Revenue	60	66	79	129
+ Cost of Goods & Services	60	66	79	129
Gross Profit	329	323	311	442
+ Other Operating Income	- -	- -	- -	- -
- Operating Expenses	260	300	325	384
+ Selling, General & Admin	210	243	258	301
+ Research & Development	47	52	64	79
+ Other Operating Expense	4	5	3	3
Operating Income (Loss)	69	23	-14	58
- Non-Operating (Income) Loss	3	3	-2	13
+ Interest Expense, Net	-1	- -	- -	5
+ Interest Expense	- -	- -	- -	5
- Interest Income	1	- -	- -	- -
+ Other Non-Op (Income) Loss	4	3	-2	8
Pretax Income	66	20	-12	45
- Income Tax Expense (Benefit)	32	16	14	21
- (Income) Loss from Affiliates	- -	- -	- -	- -
Income (Loss) from Cont Ops	33	4	-26	24
- Net Extraordinary Losses (Gains)	-17	-2	-4	-1
+ Discontinued Operations	17	2	3	- -
+ Extraord. & Accounting Changes	-33	-4	-6	-1
Income (Loss) Incl. MI	50	6	-22	25
- Minority Interest	- -	- -	- -	- -
Net Income, GAAP	50	6	-23	25
- Preferred Dividends	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -
Net Income Avail to Common, GAAP	50	6	-23	25
EBIT	69	23	-14	58
EBITDA	70	26	-11	62
EBITDA Margin (%)	18.02	6.61	-2.78	10.8
EBITA	69	23	-14	58
Gross Margin (%)	84.61	82.95	79.68	77.45
Operating Margin (%)	17.65	5.9	-3.68	10.24
Profit Margin (%)	12.9	1.56	-5.82	4.34
Sales per Employee	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -
Depreciation Expense	1	3	4	3
Basic Weighted Avg Shares	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -
Diluted Weighted Avg Shares	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -

Balance Sheet (USD)

API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	1,026	1,183	1,932	3,685
+ Cash, Cash Equivalents & STI	437	418	379	825
+ Cash & Cash Equivalents	436	372	271	653
+ ST Investments	- -	46	108	172
+ Accounts & Notes Receiv	60	101	575	1,295
+ Accounts Receivable, Net	19	16	305	714
+ Notes Receivable, Net	- -	3	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -
+ Other Receivable, Net	40	83	270	580
+ Inventories	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -
+ Other ST Assets	529	663	978	1,564
+ Misc ST Assets	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -
Total Noncurrent Assets	66	77	137	196
+ Property, Plant & Equip, Net	44	46	100	100
+ Property, Plant & Equip	46	50	107	110
- Accumulated Depreciation	1	4	7	10
+ LT Investments & Receivables	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -
+ Other LT Assets	22	31	37	96
+ Total Intangible Assets	18	27	25	86
+ Goodwill	- -	5	5	30
+ Other Intangible Assets	18	21	19	55
+ LT Deferred Tax Assets	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -
+ Misc LT Assets	4	5	12	10
Total Assets	1,092	1,260	2,069	3,881
+ Payables & Accruals	110	655	1,408	2,728
+ Accounts Payable	83	640	1,388	2,687
+ Accrued Taxes	2	- -	2	12
+ Interest & Dividends Payable	- -	- -	- -	- -
+ Other Payables & Accruals	25	14	18	30
+ ST Debt	3	3	5	4
+ ST Borrowings	- -	- -	- -	- -
+ ST Finance Leases	3	3	5	4
+ Other ST Liabilities	450	22	33	46
+ Deferred Revenue	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -
+ Misc ST Liabilities	450	22	33	46
Total Current Liabilities	563	681	1,446	2,777
+ LT Debt	10	10	10	74
+ LT Borrowings	- -	- -	- -	65
+ LT Finance Leases	10	10	10	9
+ Other LT Liabilities	1,972	2,332	2,867	13
+ Accrued Liabilities	5	6	5	13
+ Pension Liabilities	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -
+ Misc LT Liabilities	1,966	2,326	2,862	- -
Total Noncurrent Liabilities	1,981	2,342	2,877	87
Total Liabilities	2,544	3,022	4,324	2,864
+ Preferred Equity and Hybrid Capital	1,966	2,326	2,862	- -
+ Share Capital & APIC	- -	- -	- -	3,193
+ Common Stock	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	- -	3,193
- Treasury Stock	- -	- -	- -	- -
+ Retained Earnings	-1,444	-1,756	-2,241	-2,178
+ Other Equity	-9	-7	-15	2
Equity Before Minority Interest	-1,453	-1,763	-2,256	1,016
+ Minority/Non Controlling Interest	- -	1	1	- -
Total Equity	-1,453	-1,762	-2,255	1,016
Total Liabilities & Equity	1,092	1,260	2,069	3,881
Shares Outstanding	459	459	459	523
Number of Employees	- -	- -	- -	- -
Capital Leases - Total	12	13	15	13
Net Debt	-436	-372	-271	-588
Net Debt to Equity	30.03	21.13	12.01	-57.87
Tangible Common Equity Ratio	-320.14	-333.6	-251.53	24.53
Current Ratio	1.82	1.74	1.34	1.33
Cash Conversion Cycle	- -	-1,970.37	-4,518.02	-5,450.71

Cash Flow Statement (USD)

API ChatGPT

	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	50	6	-23	24
+ Depreciation & Amortization	1	3	4	3
+ Non-Cash Items	25	29	26	43
+ Stock-Based Compensation	30	29	33	44
+ Deferred Income Taxes	-5	-1	-8	3
+ Asset Impairment Charge	- -	- -	- -	8
+ Other Non-Cash Adj	1	- -	1	-11
+ Chg in Non-Cash Work Cap	-108	433	179	495
+ (Inc) Dec in Accts Receiv	2	-26	-202	-282
+ (Inc) Dec in Inventories	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-16	-28	17	-3
+ Inc (Dec) in Accts Payable	-95	-14	12	39
+ Inc (Dec) in Other	2	501	352	741
+ Net Cash From Disc Ops	- -	- -	- -	- -
Cash from Operating Activities	-31	471	185	566
+ Change in Fixed & Intang	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -
+ Acq of Fixed & Intang	-32	-5	-2	-5
+ Acq of Fixed Prod Assets	-32	-5	-2	-5
+ Acq of Intangible Assets	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	- -	174
+ Increase in Capital Stock	- -	- -	- -	194
+ Decrease in Capital Stock	- -	- -	- -	-20
+ Net Change in LT Investment	-1	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -
+ Inc in LT Investment	-1	- -	- -	- -
+ Net Cash From Acq & Div	- -	-5	- -	50
+ Cash from Divestitures	- -	- -	- -	51
+ Cash for Acq of Subs	- -	-5	- -	-1
+ Cash for JVs	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -
Cash from Investing Activities	-32	-10	-2	46
+ Dividends Paid	- -	- -	- -	- -
+ Net Cash From Debt	-11	- -	- -	-35
+ Cash From Debt	- -	- -	5	30
+ Repayments of Debt	-11	- -	-5	-65
+ Other Financing Activities	29	13	40	213
+ Net Cash From Disc Ops	- -	- -	- -	- -
Cash from Financing Activities	18	13	40	352
Effect of Foreign Exchange Rates	-5	2	-7	16
Net Changes in Cash	-46	473	223	964
EBITDA	70	26	-11	62
EBITDA Margin (%)	18.02	6.61	-2.78	10.8
Free Cash Flow	-63	466	183	562
Net Cash Paid for Acquisitions	- -	5	- -	-50
Free Cash Flow to Firm	-63	466	- -	564
Free Cash Flow to Equity	- -	826	718	-2,335
Free Cash Flow per Basic Share	- -	- -	- -	- -
Price/Free Cash Flow	- -	- -	- -	- -
Cash Flow to Net Income	-0.62	77.54	-8.16	22.87
Capital Expenditures	-32	-5	-2	-5