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Here are 1-3 brief analogies to describe Webull:

• Robinhood for active traders

• E*TRADE for the smartphone era

• Charles Schwab for mobile-first, commission-free investors

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Please note that Webull is not a public company and does not trade under the stock symbol BULL. However, assuming you are referring to the privately-held online brokerage firm Webull Financial LLC, its major products and services are:

• Online Trading Platform (Category: Financial Trading Services): Provides users with tools to buy and sell various financial instruments such as stocks, ETFs, options, and cryptocurrencies.
• Investment Accounts (Category: Financial Account Management): Offers individual brokerage accounts, along with Traditional, Roth, and Rollover IRA accounts for retirement savings.
• Market Data & Research Tools (Category: Financial Information & Analytics): Delivers real-time market data, advanced charting, technical indicators, news, and analyst ratings to support investment decisions.
• Paper Trading (Category: Financial Education/Simulation): A simulated trading environment allowing users to practice investment strategies and familiarize themselves with the platform without financial risk.
• Margin Trading (Category: Financial Lending Services): Enables eligible clients to borrow funds from Webull to amplify their purchasing power for investments.

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There appears to be a slight misunderstanding regarding Webull's public status and symbol. Webull Financial LLC is a private company and does not trade under the symbol BULL. The company primarily serves individual retail investors, not other businesses.

Webull's business model focuses on providing commission-free trading services for stocks, options, ETFs, and cryptocurrencies directly to individuals. Therefore, it does not have "customer companies." Instead, it serves various categories of individual investors:

• Active Traders & Day Traders: Webull's platform is popular among individuals who engage in frequent trading. It offers advanced charting tools, real-time market data, technical indicators, and a community forum, which are highly valued by traders looking to capitalize on short-term market movements.
• Cost-Conscious & Smaller Balance Investors: The commission-free trading model is a significant draw for investors who want to minimize transaction costs. This is particularly appealing to those with smaller account balances or those who make numerous trades and would otherwise incur substantial fees.
• Tech-Savvy & Newer Investors: With its user-friendly mobile application, intuitive interface, and integration of social features, Webull attracts a younger demographic and individuals who are new to investing. These users appreciate the platform's accessibility, modern design, and the ability to trade various asset classes, including cryptocurrencies, from a single app.

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Anquan Wang, Chairman & Chief Executive Officer

Anquan Wang founded Fumi Technology, Webull's parent company, in 2016. He previously served as technical director in the loan division of Alibaba's Taobao and as an assistant to the president of Alibaba Finance from 2006 to 2012. From 2013 to 2015, he held executive roles at Xiaomi and Hengfeng Bank.

H.C. Wang, Chief Financial Officer & Director

H.C. Wang previously held positions as Chief Financial Officer at Youxin Financial and Head of the Corporate Development Division at Uber (China) Ltd. He earned his undergraduate degree from Cornell University and a graduate degree from New York University School of Law.

Anthony Denier, Group President & US CEO

Anthony Denier is a founding member of Webull US, joining in 2017. He has over two decades of experience in financial management, compliance, operations, trading, sales, and research across US and international equity, fixed income, and futures products. His career began as an equities trader for Credit Suisse, followed by a role as Vice President of ING's equity trading desk in New York. He also served as CEO of LXM Financial, a broker-dealer he founded, where he expanded its business into direct market access (DMA) customer trading and foreign broker chaperoning arrangements.

Shen Lu, Chief Operating Officer

Shen Lu serves as the Chief Operating Officer at Webull Financial LLC. His prior experience includes various roles at reputable financial companies such as Direct Match, KCG Holdings, Goldman Sachs, UBS Securities, Fidelity Investments, and Instinet Corp. He holds an M.S. in Mechanical and Aerospace Engineering from Rutgers University and a B.S. in Mechanical Engineering from the University of Science and Technology of China.

Arianne Adams, Chief Strategy Officer & Head of Derivatives

Arianne Adams joined Webull in December 2023. Before Webull, she was the Senior Vice President, Head of Derivatives and Global Client Services at Cboe Global Markets, Inc., overseeing the operations of their options and futures business. Her extensive background also includes senior positions at Goldman Sachs, Capstone Investment Advisors, and Merrill Lynch, where she started her career in 2000 as a Vice President. She earned a B.S. in Finance and a Minor in Economics from Penn State University.

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The public company Webull (NASDAQ: BULL) faces several key business risks, with the most significant ones related to its revenue model, international ties, and financial performance.

1. Reliance on Payment for Order Flow (PFOF) and Single Market Maker: Webull's business model largely depends on Payment for Order Flow (PFOF) for its revenue, despite offering commission-free trading. A significant concern is its "extreme revenue concentration," with a reported 33.6% reliance on a single PFO counterparty. This makes the company vulnerable to potential regulatory changes regarding PFOF practices or any disruption in its relationship with this key market maker.
2. Ties to China and Regulatory Scrutiny: Webull's origins are rooted in a Chinese holding company, Hunan Fumi Information Technology, and over 60% of its employees are still based in its China subsidiary. Despite operating under U.S. financial regulations, these Chinese affiliations have drawn scrutiny from lawmakers and led to a U.S. state attorneys general probe in 2024. This "China risk" is considered a factor impacting its valuation and could result in increased regulatory burdens, fines, or reputational damage.
3. Challenges in Achieving Consistent Profitability and Earnings Volatility: Webull has demonstrated "unprofitability and earnings volatility," swinging from a $23 million profit in 2023 to a $22.7 million net loss in 2024. The company's revenue reportedly decreased in the first nine months of 2024 compared to the same period in 2023, while operating expenses increased, leading to a net loss. Furthermore, there is discussion of a "profitability illusion" where adjusted financial figures may present a more favorable picture than GAAP (Generally Accepted Accounting Principles) figures. These factors highlight the company's struggle to achieve stable and predictable profitability.

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• Decentralized Finance (DeFi) platforms: These emerging ecosystems offer an alternative to centralized crypto trading platforms like Webull. DeFi protocols, including decentralized exchanges (DEXs) and lending platforms, allow users to trade, lend, and borrow cryptocurrencies directly peer-to-peer, maintaining full custody of their assets. As DeFi usability improves, liquidity deepens, and the appeal of self-custody and censorship resistance grows, it presents a clear threat to Webull's centralized crypto offerings by fundamentally altering how digital assets can be managed and transacted without an intermediary.
• Embedded finance and "super-app" integration of investing: An increasing number of non-financial companies, such as neobanks, payment apps, and large consumer technology platforms, are integrating financial services directly into their existing applications. By offering simple, low-friction investment options as a feature within a broader ecosystem (e.g., a banking app, a social media platform, or a payment app), these "super-apps" can attract new investors who might otherwise seek out dedicated brokerage platforms like Webull. This trend threatens to capture users at an earlier stage, reducing the need for standalone investment apps by making investing a seamless part of a user's daily digital life.

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The addressable markets for Webull's main products and services are identified as follows:

Online Brokerage / Stock Trading (Stocks, ETFs, Options, Futures, Fixed Income, Margin Trading)

• The global stock trading and investing applications market was estimated at USD 52.89 billion in 2024. North America was identified as the largest region in this market in 2024.
• The online stock brokerages market in the U.S. was valued at USD 12.3 billion in 2024.

Cryptocurrency Trading

• The global crypto trading platform market was valued at USD 26.5 billion in 2024 and is expected to reach USD 71.6 billion by 2032.
• The U.S. crypto trading platform market was estimated at USD 3.9 billion in 2024 and is projected to reach USD 11.3 billion by 2032.

Digital Wealth Management / Robo-Advisory

• The global digital wealth management market was valued at approximately USD 2.5 billion in 2024 and is anticipated to reach around USD 10.1 billion by 2033. North America holds approximately 44% of this market.
• The global wealth management platform market reached USD 5.5 billion in 2024, with North America representing the biggest region.
• The global robo-advisory market is projected to reach USD 92.2 billion by 2033.

Cash Management

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Expected Drivers of Future Revenue Growth for Webull (BULL)

Over the next 2-3 years, Webull (BULL) is expected to drive future revenue growth through several key initiatives:

1. Growth in Customer Base and Assets Under Management (AUM): Webull continues to demonstrate strong growth in its user base and customer assets. In Q1 2025, the company added 800,000 users, reaching a total of 24.1 million registered users, and customer assets increased by 45% year-over-year. This momentum continued into Q2 2025, with registered users increasing 18% year-over-year to 24.9 million and funded accounts growing 9% to 4.73 million. Customer assets reached an all-time high of $15.9 billion, a 64% year-over-year increase, driven by strong net deposits. The company is prioritizing the quality of accounts and growing customer AUM.
2. Global Geographic Expansion: Webull's management is focused on expanding its global footprint and increasing access for customers worldwide. In Q2 2025, Webull launched its Latin America app, consolidating its presence in Brazil and Mexico, and is preparing to launch its app in the Netherlands. The company further solidified its presence in the region by acquiring the Mexican investment platform Flink in November 2023. This international expansion is considered a major tailwind for future growth.
3. Broadening Product Portfolio and New Service Launches: Webull aims to continuously broaden its product offerings and introduce new asset classes. Strategic initiatives contributing to growth include the launch of Webull Premium, a subscription-based service, which had 75,000 subscribers in Q2 2025. The company has also launched advisor solutions with five strategies and introduced prediction markets for crypto and Federal Reserve events.
4. Expansion of Cryptocurrency and Digital Asset Trading: A significant driver of future revenue is Webull's re-entry and expansion in the cryptocurrency market. In Q2 2025, Webull relaunched crypto trading in the U.S. with Webull Pay and expanded crypto offerings to Brazil and Australia, actively exploring additional digital asset licenses. The company remains focused on this area, viewing its re-entry into cryptocurrency markets as a significant opportunity for global expansion.
5. Increased Trading Volumes and Activity: Webull benefits from elevated trading activity, particularly in volatile market conditions. In Q1 2025, trading-related revenue increased by 52% year-over-year, with equities notional volume growing 15% and options contracts volume growing 8%. This acceleration continued in Q2 2025, with trading-related revenue up 63% year-over-year, equity notional volume surging 58%, and options contracts volume increasing 8%. The company noted that the environment for retail self-directed trading in Q2 2025 was the best observed since the COVID-19 pandemic.

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Share Issuance

• Webull became a publicly traded company on NASDAQ on April 11, 2025, following a business combination with SK Growth Opportunities Corporation.
• Prior to the business combination, as of December 31, 2024, Webull had 42,726,634 Class A Ordinary Shares issued and outstanding.
• After the business combination, Webull had 378,463,226 Class A Ordinary Shares and 82,988,016 Class B Ordinary Shares issued and outstanding as of the closing date.

Inbound Investments

• RIT Capital Partners, a multi-asset trust, made an investment in Webull in 2021.
• Webull announced a $1 billion standby equity agreement.

Outbound Investments

• Webull pursued a growth strategy through acquisitions, integrating and scaling legacy financial service companies.
• The company consolidated AML's trading revenue starting from June 30, 2023, and integrated acquisitions of AML, APL, and ATECH for the full fiscal year 2024.

Capital Expenditures

• Webull's growth initiatives, including capital expenditures, software development, and sales and marketing efforts, are funded by its strong cash position.