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Condensed Financial Information of the Parent Company | 12 Months Ended
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Dec. 31, 2025
Condensed Financial Information of the Parent Company [Abstract] |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | NOTE 31 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY We have performed a test on the restricted net assets of our subsidiaries in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08(e)(3) and determined the aggregate restricted net assets of our subsidiaries exceed 25% of our consolidated net assets as of December 31, 2025 and 2024. The following condensed financial information as of and for the years ended December 31, 2025 and 2024 represents the financial information of Webull Corporation, the ultimate parent of consolidated subsidiaries, and has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04. 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 |
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 | )
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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 4: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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