Bullish Q1: $604.9M Net Loss Masks 49% Revenue Jump

Bullish reported a $604.9 million net loss in Q1, a figure that overshadows an underlying business that is growing fast on an adjusted basis. Adjusted revenue reached $92.8 million in 2026, up from $62.4 million in 2025, while adjusted EBITDA climbed to $35.1 million from $13.2 million year-over-year.

The wide gap between net result and adjusted figures points to non-cash or one-time items weighing on the GAAP line, while the operating business is on a different trajectory. For an institutional-focused venue, the doubling of EBITDA against a near-50% revenue jump is the metric that frames the quarter.

Why it matters

Bullish sits in a narrow group of regulated, institutional-leaning crypto exchanges competing for OTC and derivatives flow, a segment where adjusted revenue and EBITDA are the metrics that move the valuation conversation rather than the GAAP net result. The widening gap between reported loss and adjusted profit is typical for an exchange still working through fair-value marks on digital holdings, warrant expense, or acquisition-related amortization.

Market impact

The headline loss is likely to draw the eye first, but the adjusted figures tell a cleaner growth story: roughly 49% revenue growth and 166% EBITDA growth year-over-year. CEO Tom Farley's framing — "We're pleased with our Q1 results and we're even more excited about what comes next" — signals confidence in the trajectory rather than damage control.