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

$

–

$

–