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v3.26.1

Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2025
Condensed Financial Information of the Parent Company [Abstract] |
Schedule of Condensed Statement of Financial Position | Condensed Statement of Financial Position:
|  | 2025 |  |  | 2024 |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7,349,348 |  |  | $ | 25,975,604 |
Prepaid expenses and other assets |  |  | 4,003,992 |  |  |  | 7,739,569 |
Advances to subsidiaries |  |  | 673,575,960 |  |  |  | 390,811,557 |
Note receivable from subsidiaries |  |  | 70,412,293 |  |  |  | 42,100,000 |
Investment in subsidiaries |  |  | 391,955,354 |  |  |  | 353,629,225 |
Total assets |  | $ | 1,147,296,947 |  |  | $ | 820,255,955 |
Liabilities |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | 2,862,683 |  |  | $ | 5,950,394 |
Advances from subsidiaries |  |  | 38,692,442 |  |  |  | 59,500,001 |
Unsecured promissory notes |  |  | 65,000,000 |  |  |  | – |
Total liabilities |  |  | 106,555,125 |  |  |  | 65,450,395 |
Mezzanine equity |  |  |  |  |  |  |  |
Convertible redeemable preferred shares (aggregate liquidation preference of $0 and $644,132,365 as of December 31, 2025 and December 31, 2024, respectively; and aggregate redemption value of $0 and $2,861,748,733 as of December 31, 2025 and December 31, 2024, respectively; Note 17) |  |  | – |  |  |  | 2,861,748,733 |
Total mezzanine equity |  |  | – |  |  |  | 2,861,748,733 |
Shareholders’ equity (deficit) |  |  | 1,040,741,822 |  |  |  | (2,106,943,173 | )
Total liabilities, mezzanine equity and shareholders’ equity (deficit) |  | $ | 1,147,296,947 |  |  | $ | 820,255,955 |
Schedule of Condensed Statement of Operations and Other Comprehensive Loss | Condensed Statement of Operations and Other Comprehensive Loss:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues |  | $ | – |  |  | $ | – |  |  | $ | – |
Operating expenses |  |  | 30,211,047 |  |  |  | 7,001,102 |  |  |  | 3,194,193 |
Other (expense) income, net |  |  | (9,550,319 | ) |  |  | 3,770,837 |  |  |  | 2,663,713 |
Loss before income taxes |  |  | (39,761,366 | ) |  |  | (3,230,265 | ) |  |  | (530,480 | )
Provision for income taxes |  |  | – |  |  |  | – |  |  |  | – |
Net loss |  |  | (39,761,366 | ) |  |  | (3,230,265 | ) |  |  | (530,480 | )
Preferred shares redemption value accretion |  |  | (21,702,737 | ) |  |  | (495,088,038 | ) |  |  | (340,080,000 | )
Fair value of ordinary shares issued to preferred shareholders |  |  | (513,080,828 | ) |  |  | – |  |  |  | – |
Fair value of ordinary share warrants issued to preferred shareholders |  |  | (15,600,000 | ) |  |  | – |  |  |  | – |
Excess carrying value of preferred shares repurchased |  |  | 38,093,537 |  |  |  | – |  |  |  | – |
Net loss attributable to ordinary shareholders |  | $ | (552,051,394 | ) |  | $ | (498,318,303 | ) |  | $ | (340,610,480 | )
Net loss |  | $ | (39,761,366 | ) |  | $ | (3,230,265 | ) |  | $ | (530,480 | )
Other comprehensive income, net of tax |  |  | – |  |  |  | – |  |  |  | – |
Total comprehensive loss |  |  | (39,761,366 | ) |  |  | (3,230,265 | ) |  |  | (530,480 | )
Preferred shares redemption value accretion |  |  | (21,702,737 | ) |  |  | (495,088,038 | ) |  |  | (340,080,000 | )
Fair value of ordinary shares issued to preferred shareholders |  |  | (513,080,828 | ) |  |  | – |  |  |  | – |
Fair value of ordinary share warrants issued to preferred shareholders |  |  | (15,600,000 | ) |  |  | – |  |  |  | – |
Excess carrying value of preferred shares repurchased |  |  | 38,093,537 |  |  |  | – |  |  |  | – |
Total comprehensive loss attributable to ordinary shareholders |  | $ | (552,051,394 | ) |  | $ | (498,318,303 | ) |  | $ | (340,610,480 | )
Schedule of Condensed Statement of Cash Flows | Condensed Statement of Cash Flows:
|  | 2025 |  |  | 2024 |  |  | 2023 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (39,761,366 | ) |  | $ | (3,230,265 | ) |  | $ | (530,480 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Share-based compensation |  |  | 22,735,046 |  |  |  | 3,483,072 |  |  |  | 437,004 |
Write-off of deferred equity offering costs |  |  | 7,603,867 |  |  |  | – |  |  |  | – |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other assets |  |  | (1,702,200 | ) |  |  | (2,519,756 | ) |  |  | (3,706,010 | )
Advances to/from subsidiaries |  |  | (303,571,962 | ) |  |  | (16,457,584 | ) |  |  | (100,275,599 | )
Accrued expenses and other liabilities |  |  | 380,771 |  |  |  | (1,423,462 | ) |  |  | 3,411,470 |
Net cash used in operating activities |  |  | (314,315,844 | ) |  |  | (20,147,995 | ) |  |  | (100,663,615 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Investment in subsidiaries |  |  | (29,768,942 | ) |  |  |  |  |  |  |  |
Note receivable due from subsidiary |  |  | (28,312,293 | ) |  |  | – |  |  |  | (12,100,000 | )
Net cash used in investing activities |  |  | (58,081,235 | ) |  |  | – |  |  |  | (12,100,000 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Receipt of preferred stock sale proceeds |  |  | – |  |  |  | 40,297,282 |  |  |  | 20,000,000 |
Spin-off of subsidiary to shareholders |  |  | – |  |  |  | – |  |  |  | (7,014,594 | )
Proceeds from exercise of options |  |  | 2,838,501 |  |  |  | 48,991 |  |  |  | – |
Proceeds from incentive warrants exercised |  |  | 204,539,450 |  |  |  | – |  |  |  | – |
Proceeds from public warrants exercised |  |  | 9,252,969 |  |  |  | – |  |  |  | – |
Proceeds from sale of ordinary shares |  |  | 172,730,294 |  |  |  | – |  |  |  | – |
Principal payments made on insurance premium financing agreement |  |  | (2,166,090 | ) |  |  | – |  |  |  | – |
Principal payments made on unsecured promissory notes |  |  | (35,000,000 | ) |  |  | – |  |  |  | – |
Purchase of treasury shares |  |  | (20,005,651 | ) |  |  | – |  |  |  | – |
Proceeds from sale of treasury shares |  |  | 21,581,350 |  |  |  | – |  |  |  | – |
Net cash provided by financing activities |  |  | 353,770,823 |  |  |  | 40,346,273 |  |  |  | 12,985,406 |
Net (decrease) increase in cash and cash equivalents |  |  | (18,626,256 | ) |  |  | 20,198,278 |  |  |  | (99,778,209 | )
Cash and cash equivalents at beginning of year |  |  | 25,975,604 |  |  |  | 5,777,326 |  |  |  | 105,555,535 |
Cash and cash equivalents at end of year |  | $ | 7,349,348 |  |  | $ | 25,975,604 |  |  | $ | 5,777,326 |
Supplemental cash flow information: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for interest and taxes |  | $ | – |  |  | $ | – |  |  | $ | – |
Non cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity issuance costs offset against offering proceeds |  | $ | 430,066 |  |  | $ | – |  |  | $ | – |
Insurance premium financing agreement |  | $ | 2,166,090 |  |  | $ | – |  |  | $ | – |
Note receivable from Webull Pay, Inc. |  | $ | – |  |  | $ | – |  |  | $ | 2,852,106 |
Ordinary share warrants issued to preferred shareholders |  | $ | 15,600,000 |  |  | $ | – |  |  | $ | – |
Ordinary shares issued as acquisition consideration |  | $ | 40,575,255 |  |  | $ | – |  |  | $ | – |
Ordinary shares issued to preferred shareholders |  | $ | 513,080,828 |  |  | $ | – |  |  | $ | – |
Ordinary shares issued to settle accounts payable |  | $ | 1,443,000 |  |  | $ | – |  |  | $ | – |
Ordinary shares issued for services |  | $ | 2,025,482 |  |  | $ | – |  |  | $ | – |
Preferred shares redemption value accretion |  | $ | 21,702,737 |  |  | $ | 495,088,038 |  |  | $ | 340,080,000 |
Promissory notes issued to repurchase preferred shares |  | $ | 100,000,000 |  |  | $ | – |  |  | $ | – |
Reclassification of repurchased preferred shares’ excess carrying value from mezzanine equity to shareholders’ equity |  | $ | 38,093,537 |  |  | $ | – |  |  | $ | – |
Reclassification of mezzanine equity to shareholders’ equity from conversion of redeemable preferred shares |  | $ | 2,745,357,933 |  |  | $ | – |  |  | $ | – |

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