Webull (BULL) analogies:

• Robinhood for active traders.
• A mobile-first Charles Schwab.

• Online Brokerage Services: Facilitates the buying and selling of various financial instruments, including stocks, ETFs, and options.
• Cryptocurrency Trading: Allows users to trade a selection of digital assets and cryptocurrencies.
• Investment Accounts: Provides different types of investment accounts, such as individual brokerage accounts and IRAs.
• Trading Tools and Analytics: Offers advanced charting, real-time market data, screeners, and research tools to support investment decisions.

Webull Corporation (symbol: BULL) primarily serves individual investors. Its major customer categories include:

• Individual Retail Investors: These are individuals who use Webull's digital platform to manage their personal investment portfolios, trading a range of assets such as stocks, exchange-traded funds (ETFs), options, and cryptocurrencies.
• Active Traders: A significant segment consists of experienced investors and active traders who leverage Webull's advanced trading tools, real-time market data, technical analysis features, and margin trading capabilities for frequent trading activities.
• New or Beginner Investors: Webull also attracts individuals new to investing, offering a user-friendly interface, educational resources, commission-free trading, and fractional shares, which make it accessible for those starting their investment journey.

Anquan Wang, CEO & Chairman

Anquan Wang is the Founder, CEO, and Chairman of Webull Corporation. He founded the company in 2016. Prior to establishing Webull, he served as the general manager of finance business for Beijing Xiaomi Pay Technology Co., Ltd. from January 2015 to March 2016. His earlier career included roles at prominent Chinese technology companies such as Alibaba Group Holding Ltd. and Ant Group Co. Webull, under its original holding company Hunan Fumi Information Technology, received backing from private equity investors including Xiaomi and Shunwei Capital.

Anthony Denier, Group President & U.S. CEO

Anthony Denier serves as the Group President and U.S. CEO of Webull. He was Webull's first U.S. employee, joining the company in 2017 after being hired by Wang Anquan in 2016 to lead the U.S. brokerage. With over two decades of experience in financial services, his background includes positions at Credit Suisse on their international equity trading team and as Vice President of ING's equity trading desk in New York. Denier also served as CEO of LXM Financial, where he expanded the broker's business into DMA customer trading and foreign broker chaperoning arrangements. He founded his own broker-dealer after ING closed its equities business in the U.S. in 2012, which ultimately led him to Webull Financial five years later.

Temwit Jatiyanuwat, CFO

Temwit Jatiyanuwat was appointed as the Chief Financial Officer (CFO) of Webull Corporation, effective January 1, 2026.

Benjamin James, General Counsel & Director

Benjamin James holds the titles of General Counsel and Director at Webull Corporation.

Arianne Adams, Chief Strategy Officer, Webull US

Arianne Adams serves as the Chief Strategy Officer for Webull US.

The key risks to Webull Corporation (NASDAQ: BULL) include:

1. Regulatory and Geopolitical Risks related to China Ties and Data Security: Webull's origins and operational ties to its Chinese parent company, Hunan Fumi Information Technology, along with a significant portion of its workforce based in China, have drawn scrutiny from U.S. authorities. Concerns have been raised regarding data security and the potential exposure of U.S. customer data to the Chinese Communist Party. This has led to multi-state inquiries and even bans on the app for government-issued devices in some U.S. states, posing a substantial regulatory and geopolitical challenge.
2. Profitability Challenges in a Highly Competitive Market: Despite experiencing revenue and user growth, Webull has faced hurdles in achieving consistent profitability, with past net losses and current negative equity indicating a company still heavily in investment mode. The online brokerage sector is intensely competitive, with numerous established players. Shifts in retail trading activity, increasing competition, and potential changes in market dynamics can significantly impact Webull's ability to sustain customer growth and improve profitability, especially given its valuation multiples are considered high compared to some peers.
3. Cybersecurity Threats and the Risk of Account Breaches: As a digital investment platform handling sensitive customer information and financial transactions, Webull is inherently exposed to significant cybersecurity risks. These include potential hacking, phishing attacks, and unauthorized access to customer accounts. Allegations of past account breaches and manipulation of penny stocks through compromised accounts highlight the ongoing and critical nature of this operational risk, which can severely impact customer trust and incur substantial liabilities.

The primary clear emerging threat to Webull's business model is the potential for increased regulatory scrutiny and possible restrictions or a ban on Payment For Order Flow (PFOF).

Webull, like many commission-free digital brokers, relies significantly on PFOF as a revenue source. Regulators, particularly the U.S. Securities and Exchange Commission (SEC), have expressed concerns about PFOF, citing potential conflicts of interest and questioning whether it ensures the best execution for retail investors. While not yet enacted, the ongoing discussions and potential for regulatory action to restrict or ban PFOF represent a significant emerging threat that could fundamentally alter the revenue models and competitive landscape for companies like Webull, forcing them to adapt by potentially reintroducing commissions or finding alternative revenue streams.

Webull Corporation, trading under the symbol BULL, operates as a digital investment platform offering a range of financial services primarily to self-directed investors. Its main products and services include commission-free trading of stocks, exchange-traded funds (ETFs), options, cryptocurrencies, margins, fixed income, and futures. The company also provides advanced trading tools, market data, and investor education resources.

The addressable markets for Webull's primary products and services are substantial, both globally and within key regions such as the U.S.:

• Global Online Brokers and Trading Platform Market: This market is projected to be valued at approximately USD 10.91 billion in 2025, with an anticipated growth to USD 18.63 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 6.12%. Another estimate places the global online trading platform market size at USD 10.90 billion in 2025, expected to reach USD 19.87 billion by 2033 with a CAGR of 7.9%. The market is supported by over 320 million global retail and institutional investors using digital trading systems in 2025.
• U.S. Online Brokers and Trading Platform Market: In the United States, approximately 165 million Americans participated in online trading activities in 2025, making it one of the most mature markets globally.
• Global Online Investment Platform Market: Valued at USD 10.8 billion based on a five-year historical analysis, this market is projected to grow significantly from USD 664.92 billion in 2023 to USD 1814.5 billion by 2032, at a CAGR of 11.8%. Another report estimated the global online investment platform market size at USD 1.88 billion in 2021, projected to reach USD 5.90 billion by 2030 with a CAGR of 13.9%.
• North American Online Investment Platform Market: North America holds a leading position in the online investment platform market, accounting for approximately 45% of the global market share. It dominated the global market with over 32.0% revenue share in 2021.
• Global E-Brokerage Market: This market was valued at USD 11.7 billion in 2022 and is projected to reach USD 31.1 billion by 2032, growing at a CAGR of 10.6% from 2023 to 2032.
• Global Self-Directed Investors Market: This market included over 145 million individual accounts globally as of the end of 2024. The global self-directed investors market size was valued at USD 108.01 billion in 2025 and is expected to reach USD 160.794 billion by 2035, with a CAGR of 4.52%. Roughly 59% of investors prefer self-managed platforms.
• U.S. Self-Directed Investors Market: The United States accounts for over 59 million self-directed investor accounts, representing approximately 41% of the global total as of the end of 2024. The percentage of U.S. investors with self-directed accounts increased to 33% in 2025, up from 19% in 2018.
• Global Digital Asset Trading Platform Market (for cryptocurrencies): This specific segment is anticipated to exceed USD 10.99 billion by 2033, growing at a CAGR of 16.01% from 2023 to 2033, having been valued at USD 2.49 billion in 2023.

Capital Allocation Decisions for Webull (BULL) Since April 2025

Share Issuance

• Webull became a publicly traded company in April 2025 through a SPAC merger, converting SK Growth Opportunities Corporation's shares and warrants into Webull securities.
• The exercise of 20,453,945 incentive warrants generated gross proceeds of $204.5 million for the company prior to June 30, 2025.
• On July 1, 2025, Webull entered into a standby equity purchase agreement with Yorkville Advisors, allowing the company the option to issue up to $1.0 billion in Class A ordinary shares over three years.

Inbound Investments

• The SPAC merger transaction in April 2025, which facilitated Webull's public listing, valued the combined entity at approximately $7.3 billion in enterprise value, with Webull slated to receive $100 million as part of the deal.

Outbound Investments

• Webull expanded its global presence by launching brokerage services in the Netherlands in September 2025, marking its entry into the European Union market.
• The company partnered with Meritz Financial Group to provide South Korean investors with access to U.S. equity markets.
• Webull acquired Webull Pay, which contributed approximately $1 billion in customer assets and 140,000 funded accounts.

Capital Expenditures

• In 2025, total operating expenses increased by 27% year-over-year, driven by investments in technology and development and general and administrative expenses due to headcount growth to support product and global expansion efforts.
• Adjusted operating expenses for the full year 2025 increased by 24% as the company continued to invest in strategic product offerings and market expansion to support long-term growth.
• Increased marketing and branding investments significantly contributed to a 62% year-over-year increase in adjusted operating expenses in Q4 2025, primarily aimed at acquiring high-net-worth active trading customers.