Bullish Stock Surges 10% Following Q2 Adjusted EBITDA Triple Increase
Shares of the cryptocurrency exchange operator climbed approximately 10% after adjusted EBITDA increased more than threefold while subscription and services revenue reached an all-time high.
Shares of Bullish experienced a surge of approximately 13% during early Thursday trading sessions following the institutional-focused cryptocurrency exchange and CoinDesk owner's announcement of a 62% year-over-year growth in second-quarter adjusted revenue, alongside adjusted EBITDA that more than tripled compared to the previous year.
The company's adjusted revenue for the quarter reached $92.6 million, representing an increase from $57 million recorded in the same period last year, while adjusted EBITDA climbed to $29.5 million compared to $8.1 million. The company's adjusted net income totaled $14.3 million, a significant turnaround from the $6 million loss reported in the corresponding quarter of the prior year.
The company achieved record-breaking subscription, services and other revenue totaling $62.7 million, which helped compensate for reduced exchange activity levels. Bullish documented quarterly trading volume of $179.6 billion, representing a decline from $197.4 billion in the year-earlier period, with average daily volume decreasing to $2 billion from $2.2 billion.
The company raised its full-year guidance projections, now anticipating subscription, services and other revenue to reach between $225 million and $245 million, pointing to its strong first-half results and enhanced forward visibility as key factors.
The gains witnessed on Thursday continue a recent upward trend for Bullish shares, which have accumulated approximately 20% in gains throughout the past month. Nevertheless, the stock continues to trade roughly 70% beneath its post-listing peak levels from last year, based on data from Yahoo Finance.