Bullish misses first-quarter revenue estimates as transaction revenue slips
Key takeaways
- The crypto platform posted weaker-than-expected revenue as adjusted transaction revenue declined from a year earlier.By Helene Braun, Francisco Rodrigues|Edited by Jamie Crawley Updated May 14, 2026, 11:26 a.m.
- The company posted adjusted revenue of $92.8 million, compared with FactSet analyst estimates of $94.9 million.
- Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $35.1 million, up from $13.2 million a year earlier, but missing expectations of $38 million.
The crypto platform posted weaker-than-expected revenue as adjusted transaction revenue declined from a year earlier.By Helene Braun, Francisco Rodrigues|Edited by Jamie Crawley Updated May 14, 2026, 11:26 a.m. Published May 14, 2026, 11:16 a.m. 2 min read Make preferred on What to know: Bullish (BLSH) Q1 adjusted revenue ($92.8 million) and EPS ($0.13) missed analyst expectations due to weaker digital asset trading activity. Shares fell 5,7% pre-market.Weaker crypto prices reduced trading activity across the industry, also causing Coinbase and Robinhood to miss Q1 earnings and revenue forecasts.Bullish is acquiring Equiniti in a $4.2 billion deal to expand into tokenized securities, adding a regulated transfer agent business.Bullish (BLSH), the crypto platform and parent company of CoinDesk, reported first-quarter adjusted revenue below analyst expectations as weaker digital asset trading activity early in the year weighed on earnings.
The company posted adjusted revenue of $92.8 million, compared with FactSet analyst estimates of $94.9 million.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at $35.1 million, up from $13.2 million a year earlier, but missing expectations of $38 million. Bullish reported a net loss of $604.9 million, or $3.85 per diluted share, compared with a loss of $348.6 million, or $3.04 per share, a year earlier.