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Bullish Q3 Earnings and Revenues Improve Year Over Year, Shares Rise
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Key Takeaways
Bullish delivered Q3 EPS of $0.10 and a 72% year-over-year jump in adjusted revenues.
Subscription, Services & Other revenues surged over 300% from the year-ago quarter.
Adjusted EBITDA climbed 271% year over year, with cash rising to $69.3 million.
Bullish (BLSH - Free Report) reported third-quarter 2025 earnings of 10 cents per share. The company reported a loss of 59 cents per share in the year-ago quarter.
Total adjusted revenues increased 72% year over year to $76.5 million. Sequentially, it increased 34%. Total revenues increased mainly due to strong growth in Subscription, Services & Other (SS&O) revenues.
BLSH shares have risen 0.96 % in pre-market trading.
BLSH Q3 Top-Line Details
Adjusted Transaction Revenues (34.9% of total revenues) decreased 18.84% year over year to $26.7 million. Digital asset sales decreased significantly from $54.2 billion a year ago quarter to $41.6 billion.
SS&O revenues, including liquidity services and all CoinDesk-branded products, reached $49.8 million in the third quarter of 2025. This represents growth of more than 50% sequentially and over 300% year over year.
BLSH Q3 Operating Details
In the third quarter of 2025, the company reported adjusted operating expenses of $ 47.9 million, which increased 29.8% year over year. Sequentially, operating expenses declined 2%.
The adjusted net income for the third quarter of 2025 was $13.8 million compared to a loss of $3.1 million in the year-ago quarter.
Adjusted EBITDA was $28.6 million, which increased 271% year over year. Sequentially, it increased 253%.
BLSH Balance Sheet Details
As of Sept. 30, 2025, BLSH had total cash and cash equivalents of $69.3. million compared with $36 million as of June 30, 2025.
BLSH Q4 Guidance
In the fourth quarter of 2025, Bullish expects Subscription, Services & Other revenues to be between $47.0 million and $53.0 million.
Adjusted Operating Expenses are expected to be between $48.0 million and $50.0 million.
The Zacks Consensus Estimate for BlackBerry’s third-quarter fiscal 2026 earnings is pegged at 4 cents per share, implying year-over-year growth of 100%. BB shares have gained 11.6 % in the year-to-date period.
The Zacks Consensus Estimate for NCino’s third-quarter fiscal 2026 earnings is pegged at 20 cents per share, indicating a year-over-year decrease of 4.76%. NCNO shares have declined 27.7 % in the year-to-date period.
The Zacks Consensus Estimate for Chegg’s fourth-quarter 2025 earnings is pegged at negative 1 cent per share, indicating a year-over-year decrease of 105.88%. Chegg’s shares have declined 38.5% year to date.
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Bullish Q3 Earnings and Revenues Improve Year Over Year, Shares Rise
Key Takeaways
Bullish (BLSH - Free Report) reported third-quarter 2025 earnings of 10 cents per share. The company reported a loss of 59 cents per share in the year-ago quarter.
Total adjusted revenues increased 72% year over year to $76.5 million. Sequentially, it increased 34%. Total revenues increased mainly due to strong growth in Subscription, Services & Other (SS&O) revenues.
BLSH shares have risen 0.96 % in pre-market trading.
BLSH Q3 Top-Line Details
Adjusted Transaction Revenues (34.9% of total revenues) decreased 18.84% year over year to $26.7 million. Digital asset sales decreased significantly from $54.2 billion a year ago quarter to $41.6 billion.
Bullish Price, Consensus and EPS Surprise
Bullish price-consensus-eps-surprise-chart | Bullish Quote
SS&O revenues, including liquidity services and all CoinDesk-branded products, reached $49.8 million in the third quarter of 2025. This represents growth of more than 50% sequentially and over 300% year over year.
BLSH Q3 Operating Details
In the third quarter of 2025, the company reported adjusted operating expenses of $ 47.9 million, which increased 29.8% year over year. Sequentially, operating expenses declined 2%.
The adjusted net income for the third quarter of 2025 was $13.8 million compared to a loss of $3.1 million in the year-ago quarter.
Adjusted EBITDA was $28.6 million, which increased 271% year over year. Sequentially, it increased 253%.
BLSH Balance Sheet Details
As of Sept. 30, 2025, BLSH had total cash and cash equivalents of $69.3. million compared with $36 million as of June 30, 2025.
BLSH Q4 Guidance
In the fourth quarter of 2025, Bullish expects Subscription, Services & Other revenues to be between $47.0 million and $53.0 million.
Adjusted Operating Expenses are expected to be between $48.0 million and $50.0 million.
Zacks Rank & Other Stocks to Consider
BLSH currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Zacks Computer and Technology sector are BlackBerry (BB - Free Report) , NCino (NCNO - Free Report) and Chegg (CHGG - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BlackBerry’s third-quarter fiscal 2026 earnings is pegged at 4 cents per share, implying year-over-year growth of 100%. BB shares have gained 11.6 % in the year-to-date period.
The Zacks Consensus Estimate for NCino’s third-quarter fiscal 2026 earnings is pegged at 20 cents per share, indicating a year-over-year decrease of 4.76%. NCNO shares have declined 27.7 % in the year-to-date period.
The Zacks Consensus Estimate for Chegg’s fourth-quarter 2025 earnings is pegged at negative 1 cent per share, indicating a year-over-year decrease of 105.88%. Chegg’s shares have declined 38.5% year to date.