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    India-Japan Investment Partnership Gains Momentum; Commerce and Industry Minister Shri Piyush Goyal Invites Greater Japanese Institutional Capital
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August 25, 2026
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Institutional capital facilitation prioritises repatriation, market access, regulatory predictability, and cross-border partnerships supporting technology-led long-term investment.
India-Japan investment engagement focuses on increasing long-term Japanese institutional capital flows through an enabling business environment, intellectual property protection, policy reforms and integration with global value chains. Facilitation measures include simpler profit repatriation processes, improved access to Indian capital markets, greater regulatory predictability and a seamless cross-border investment environment. GIFT City is explored as a gateway for international capital and Japan-India investment flows.
August 25, 2026
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Strategic investment partnership prioritises semiconductor manufacturing, resilient supply chains and advanced industrial collaboration between Indian and Japanese businesses.
India-Japan economic cooperation is directed toward deeper trade, investment, technology and business-to-business linkages, including economic security, supply-chain resilience, clean energy and innovation. Collaboration is focused on capital goods, machinery, automotive and advanced manufacturing, with stronger connections between Japanese enterprises and India's Tier-II and Tier-III suppliers, including Micro, Small and Medium Enterprises. Semiconductor manufacturing is identified as a significant investment area. The India-Japan Special Strategic and Global Partnership supports expanded engagement with manufacturing ecosystems, global value chains and resilient supply chains.
August 25, 2026
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Bilateral trade and investment cooperation advances through customs alignment, digital payment integration, market access discussions and investment treaty completion.
India-Cambodia trade and investment cooperation addressed trade diversification, market access, customs alignment, digital payments and investment facilitation. Discussions covered traditional medicine, e-governance, recognition of the Indian pharmacopeia, trade statistics, agricultural cooperation, banking and insurance. The parties agreed on an MoU on Customs Cooperation to promote uniform customs procedures and considered early completion and signature of the Bilateral Investment Treaty. UPI-KHQR payment integration, investment promotion, priority-sector cooperation and a private-sector feedback mechanism were also discussed.
August 25, 2026
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Voluntary pharmaceutical export compliance framework promotes legitimate trade while safeguarding controlled substances through information sharing and coordinated capacity building.
The Memorandum of Understanding creates a cooperative framework for legitimate pharmaceutical exports and safeguards against diversion of narcotic drugs, psychotropic substances and controlled precursors. A voluntary, non-binding code of conduct will recommend industry practices without imposing obligations beyond applicable law. Cooperation includes identifying export bottlenecks, streamlining procedures for compliant exporters, capacity-building programmes, lawful and confidential information sharing, and nomination of company contact persons to coordinate voluntary compliance measures.
August 25, 2026
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USD-INR forex swap facility accelerates foreign-currency mobilisation through non-resident deposits and institutional borrowing, strengthening India's external buffers.
USD-INR forex swap facility for FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings enabled banks to access foreign-currency funding through a special swap window. FCNR(B) deposits formed the principal component of the reported foreign-exchange inflows, reflecting participation by non-resident Indians. The FCNR(B) window was scheduled for early closure after the stated mobilisation objective was achieved ahead of schedule, and the inflows were presented as strengthening external buffers through long-term non-resident deposits and institutional funding.
August 25, 2026
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Foreign-exchange intervention moderated rupee depreciation as crude prices, importer dollar demand and geopolitical uncertainty sustained currency-market pressure.
Foreign-exchange conditions reflected a marginal weakening of the rupee against the US dollar, influenced by elevated crude-oil prices, importer demand for dollars, weaker Asian equities and geopolitical uncertainty. The currency remained within a narrow trading band, with RBI dollar sales described as moderating sharper depreciation. The RBI's special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised substantial foreign-exchange inflows, indicating support from non-resident Indian participants.
August 24, 2026
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Prior government sanction for public servants is contested as essential before money-laundering proceedings may validly proceed for official-duty acts.
Prior prosecution sanction is asserted to be a jurisdictional precondition for money-laundering proceedings against a public servant for acts connected with official duty. A former police officer challenges cognizance and process for want of sanction under the criminal procedure framework and the Maharashtra Police Act, relying on sanctions subsequently granted for co-accused public servants. The allegations concern collection of funds through the officer and their alleged laundering through an educational trust.
August 24, 2026
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Rupee exchange-rate movement gained marginal support from foreign equity inflows despite crude oil, importer demand and geopolitical pressures.
Rupee exchange-rate movement against the US dollar reflected a marginal appreciation, supported by foreign fund inflows into domestic equities. Trading remained within a narrow range amid pressures from higher crude oil prices, continuing importer demand, and geopolitical concerns. Market conditions also included a stronger dollar index, lower Brent crude futures, domestic equity declines, and net foreign institutional investment. Elevated oil prices and geopolitical uncertainty indicated a slight negative bias, while possible US dollar weakness could support the rupee.
August 24, 2026
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Retaliatory trade measures may target electricity, critical minerals and integrated automotive supply chains amid escalating cross-border tariff disputes.
Canada-United States trade relations involve escalating tariffs and contemplated reciprocal restrictions affecting goods, automotive production, electricity exports and critical-mineral supplies. Potential Canadian countermeasures include limiting or increasing the price of Ontario electricity exports and restricting supplies of critical minerals, with oil and potash also identified as possible leverage. The automotive sector faces particular exposure because Ontario production and supply chains are integrated with United States manufacturing. Negotiations also raised concern over limits on Canada's ability to conclude trade agreements with other countries without United States approval.
August 24, 2026
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Mandatory biometric updates for students support continued Aadhaar authentication and access to education, scholarship and benefit-related services.
Mandatory Biometric Update camps have been launched in schools across Tamulpur district, Assam, for eligible students aged 5 to 17 years to update Aadhaar biometrics. Aadhaar biometrics require updating on attaining five years of age and again on attaining fifteen years. Timely updating supports continued Aadhaar authentication and helps avoid difficulties in accessing services where authentication is applicable, including school admissions, entrance-examination registration, scholarships and Direct Benefit Transfer schemes.
August 24, 2026
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Electricity tariff affordability requires immediate review, withdrawal of higher consumer charges, and relief measures for economically weaker households.
Electricity tariff increase in Jammu and Kashmir has been opposed as imposing an unjustified and unaffordable financial burden on domestic consumers amid rising household costs. Immediate review and withdrawal of the increase are sought, together with measures to reduce electricity costs for domestic consumers, particularly economically weaker sections, and ensure affordable, reliable power supply.
August 24, 2026
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Wheat export liberalisation replaces prohibitions to support farm prices while domestic stocks are expected to protect consumer supply.
Wheat and wheat-product exports are liberalised with immediate effect by revising their export policy from prohibited to free. The change covers wheat, wheat flour, maida, semolina and wholemeal atta, replacing the earlier export-ban framework and simplifying exports previously permitted through licences. The measure aims to support farmers amid depressed domestic prices, while adequate domestic availability and buffer stocks are expected to meet demand and moderate consumer prices.
August 24, 2026
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Food safety compliance failures trigger licence suspensions for deficient hygiene, storage, refrigeration, sanitation and valid licensing practices.
Food safety enforcement measures resulted in suspension of food licences or registrations where establishments failed hygiene, food handling, storage, refrigeration, sanitation and licensing requirements. Deficiencies included unsafe temperature control, unclean refrigeration equipment, improper food storage and thawing, inadequate sanitisation, deteriorated or expired materials, deficient oil-quality checks, artificial colouring, pest infestation, cross-contamination risks and inadequate drainage. One outlet was also found to be operating under the name of an establishment without a valid food licence, resulting in suspension of its registration certificate.
August 24, 2026
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Central Board Governance expands through appointments of part-time non-official directors for defined terms, alongside central bank and government representatives.
Appointments to the Reserve Bank of India's Central Board expand its part-time, non-official director membership. Syed Akbaruddin, Annie George Mathew and Janmejaya Kumar Sinha have been appointed for four years from 24 August 2026, or until further orders, whichever occurs earlier. The Central Board also includes the Governor, deputy governors, the economic affairs secretary and the financial services secretary.
August 24, 2026
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Electricity tariff adjustment is linked to inflation and transmission losses, while free household units remain separately implemented.
Electricity tariff increase of 6.83 per cent after four years is presented as necessary in light of inflation and rising costs. Reducing transmission and distribution losses is identified as a means of limiting future tariff increases. Provision of 200 units of free electricity for poor and needy households through solar panels under the Muft Bijli Yojana is treated as distinct from tariff revisions.
August 24, 2026
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Sugar supply management measures target speculative stockpiling through imports, stockholding limits and earlier crushing to moderate prices.
Sugar supply is characterised as adequate, and higher prices are attributed principally to speculative buying and advance stockpiling, alongside lower output, seasonal demand and global price pressures rather than an actual shortage. Duty-free raw sugar imports and stockholding limits are intended to augment availability, curb speculative accumulation and stabilise market sentiment. Imports, existing stocks, special crushing and an earlier crushing season are expected to moderate prices and improve festive-period supply. Ethanol diversion is not identified as a cause of the price movement.
August 24, 2026
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Wheat export policy shifts to free trade, lifting restrictions on wheat flour, maida, semolina and wholemeal atta exports.
Wheat export policy has been revised from prohibited to free with immediate effect, lifting the export ban on wheat and related wheat products. The liberalised export treatment extends to wheat flour, maida, semolina and wholemeal atta. The restriction had been imposed to address rising domestic prices, and its removal is expected to improve international wheat availability.
August 24, 2026
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Bogus input tax credit fraud investigation examines fabricated invoices, circular transactions, layered funds and alleged proceeds of crime.
Investigation into alleged bogus input tax credit fraud involved searches under the anti-money-laundering framework. The alleged scheme involved fabricated invoices and e-way bills without actual movement of goods, circular transactions, layered funds, cash withdrawals and bogus or non-existent entities. GST authorities identified fraudulent availment of input tax credit causing wrongful loss to the government exchequer. The investigation focused on tracing alleged proceeds of crime, identifying beneficiaries, and securing documentary and digital evidence.
August 24, 2026
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Sugar crystallization process integration combines evaporator upgrades, continuous boiling, heat recovery and automation for efficient plantation white sugar production.
Sugar manufacturing process integration is proposed through strengthening an existing evaporator station and adding a sugar crystallization section to convert syrup production into plantation white sugar production. The scope covers design, engineering, equipment supply, erection and commissioning of condensate heaters, falling film evaporators, heat-recovery systems, continuous pans, vacuum systems and crystallizers. Continuous massecuite boiling will use chamber-specific control, while evaporator recirculation and online chemical-cleaning provisions support process control and low-grade vapour utilisation.
August 24, 2026
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Competitive examination preparation supports career pathways in civil services, public employment, management, defence, research and international higher education.
Career-development and competitive-examination preparation is offered alongside academic programmes for civil services, government and public-sector employment, banking, engineering higher education, management, defence, teaching, research and overseas education. UPSC, SSC-CGL, Bank PO, GATE, CAT, CDS, UGC-NET, GRE, GMAT and IELTS preparation includes courses, workshops, mentorship, expert guidance and examination-specific resources. Access to examinations, admissions and career opportunities remains subject to applicable eligibility, selection and institutional criteria.

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Webull Reports Third Quarter 2025 Financial Results

November 21, 2025

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Total revenues grew 55% year-over-year to $156.9 million, driven by user engagement and high-trading volumes Customer assets increased 84% year-over-year, primarily due to broad-based market recovery and continued strong net deposits Strong profitability performance while investing in geographic expansion, AI and new and enhanced product offerings ST. PETERSBURG, Fla., Nov. 21, 2025 /PRNewswire/ -- Webull Corporation (NASDAQ: BULL) ("Webull" or the "Company") today announced financial and operating results for the third quarter ended September 30, 2025.

"We are proud of another strong quarter, with record revenue and customer assets driven by technological innovation, geographic and product expansion, and a favorable market backdrop," said Anthony Denier, Group President and U.S. CEO of Webull. "We continue to execute and grow our platform as showcased by the launch of Vega, our new AI tool that brings personalized market analysis and investing insights, in addition to the delivery of a variety of new offerings, including corporate bonds, access to event-based prediction markets and the re-introduction of crypto." "Our revenue growth accelerated in the third quarter and continued to comfortably outpace our expense growth, underscoring our disciplined execution and commitment to profitable growth," said H.C. Wang, Chief Financial Officer of Webull. "We remain focused on creating long-term sustainable shareholder value while investing in high-growth areas, product innovation and expanded global access to our sophisticated trading platform." Third Quarter Results and Highlights Financial Results • Total revenues increased 55% year-over-year to $156.9 million.

• Trading-related revenue increased 64% year-over-year.

• Total operating expenses increased 18% year-over-year, primarily driven by higher brokerage and transaction costs, reflecting rapid growth in trading volumes and product expansion, and increased general and administrative expenses due to headcount growth and compensation accruals, partially offset by lower marketing spend.

• Adjusted operating expenses increased 13% year-over-year to $120.2 million.

• Income before income taxes totaled $38.9 million for the quarter, representing a year-over-year increase of $48.2 million.

• Adjusted operating profit totaled $36.7 million for the quarter, representing a year-over-year improvement of $42.1 million and a 28.7% expansion in operating margin.

• Adjusted operating profit per share – basic and diluted was $0.08 and $0.07, respectively, compared with an adjusted operating loss per share of $0.04 (basic and diluted) in the prior year comparative quarter.

• Net income attributable to the Company increased $55.2 million year-over-year from a loss of $33.5 million to income of $21.7 million.

• Adjusted net income increased $38.6 million year-over-year, shifting from an adjusted net loss of $5.7 million to adjusted net income of $32.9 million.

• Net income per ordinary share – basic and diluted was $0.08 and $0.07, respectively, per share, compared to basic income per ordinary share of $4.52 and diluted loss per share of $0.02 in the prior year comparative quarter.

- The year-over-year decrease in basic EPS was primarily driven by a non-cash accounting gain recorded in the prior year comparative quarter, resulting from a significant decline in the fair value of our preferred shares, which increased net income attributable to ordinary shareholders in that period.

- Upon the closing of our business combination transaction with SK Growth Opportunities in April 2025, our preferred stock converted into ordinary shares, and we no longer have any preferred stock outstanding.

Operating Results • Customer assets totaled $21.2 billion, an all-time high, representing 84% year-over-year growth, driven by market recovery and strong net deposits, which grew 31% year-over-year.

• Funded accounts increased to 4.93 million, representing 9% year-over-year growth.

• Registered users increased 17% year-over-year to 25.9 million users.

• Options contracts volume grew to 147 million, a 24% year-over-year increase and an increase of 15.7% from the previous quarter.

• Equity notional volume grew to $204 billion, a 71% year-over-year increase and an increase of 26.7% from the previous quarter.

Company Highlights • In August, we officially relaunched cryptocurrency trading in the U.S. market, giving users access to their Webull Pay accounts directly within the Webull app, and allowing them to trade cryptocurrency alongside all other Webull products.

• In August, we also launched cryptocurrency in Australia, enabling access to trading of up to 240 cryptocurrencies powered by a partnership with Coinbase Prime.

In September, we launched Webull in the European Union with the introduction of brokerage services in the Netherlands, giving retail investors access to European and U.S.-listed equities, fractional shares, European ETFs and U.S. options.

• In September, we rolled out Level 3 Options for our customers in Canada, Singapore and Hong Kong, granting access to a broader range of U.S. options strategies and providing clients with exposure to all areas of capital markets to empower full control over their portfolios.

• Subsequent to the close of the third quarter, we launched corporate bond trading for U.S. customers, building on our previous rollout of U.S. government bond trading, marking a move to enable further user portfolio diversification.

• Subsequent to the close of the third quarter, we introduced Vega AI, the next evolution of our AI-powered decision partner delivering real-time, personalized insights and analysis using news, earnings, and data for investors to help them navigate the complexities of modern trading.

• Subsequent to the close of the third quarter, we entered into a partnership with Meritz Financial Group, one of South Korea's largest financial institutions, to offer South Korean investors seamless access to U.S. equity markets.

Conference Call Information Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, November 20, 2025. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=hwHZv0ih or participants may dial 1-866-652-5200 (U.S.) or 1-412-317-6060 (international).

Following the call, a replay and transcript will be available on the Company's website at www.webullcorp.com/investor-relations, as well as the earnings press release and accompanying slide presentation.

About Webull Corporation Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure. Through its global network of licensed brokerages, Webull offers investment services in 14 markets across North America, Asia Pacific, Europe, and Latin America. Webull serves more than 25 million registered users globally, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull's trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com. You may also access certain information on Webull and its securities on the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov, where Webull will, among others, be filing reports, such as Reports on Form 6-K and its Annual Report on Form 20-F.

Contacts For Investors [email protected] For Media 5W Public Relations Nicholas Koulermos [email protected] (212) 999-5585 Use of Non-GAAP Financial Measures We use adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses, all of which are non-GAAP financial measures, to evaluate our operating results and for financial and operational decision-making purposes. Adjusted operating profit represents income from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions, and other expense (income), net. Adjusted operating profit per share represents adjusted operating profit divided by our weighted average shares outstanding on a basic and diluted basis. Adjusted net income represents net income attributable to the Company, excluding share-based compensation expenses, foreign currency transaction gains and losses, and one-time transactions. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses and one-time transactions.

We believe that adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income before income taxes, net income, and total operating expenses. We believe that adjusted operating profit, adjusted net income, and adjusted operating expenses provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses should not be considered in isolation or construed as an alternative to income before income taxes, net income attributable to the Company, and total operating expenses or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of Non-GAAP and GAAP Financial Measures" set forth at the end of this press release.

Definitions "Customer assets" refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers' investments, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.

"Funded accounts" refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer's account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.

"Options contracts volume" refers to the total number of options contracts bought or sold over a specified period of time. Options contracts volume directly drives our options trading revenue, as we earn payment for order flow or commissions for customers' options trades on a per contract basis. However, options contracts volume is highly sensitive to market conditions in the short-term, which makes predicting our options trading revenue with precision difficult.

"Registered users" refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.

Webull Corporation Condensed Consolidated Statements of Financial Position September 30, 2025 December 31, 2024 Assets (Unaudited) Cash and cash equivalents $ 654,805,055 $ 270,728,008 Cash and cash equivalents segregated under federal and foreign requirements 1,395,266,400 939,232,153 Receivables from brokers, dealers, and clearing organizations 494,913,033 262,093,040 Receivables from customers, net 546,488,190 301,107,428 Prepaid expenses and other current assets 55,559,907 50,344,836 Customer-held fractional shares 155,354,736 108,252,531 Total current assets 3,302,387,321 1,931,757,996 Right-of-use assets 63,927,821 66,293,751 Property and equipment, net 32,691,799 33,629,770 Intangible assets, net 56,295,904 19,415,963 Goodwill 30,264,138 5,197,438 Deferred tax assets 1,466,182 12,374,499 Other non-current assets 1,500,000 - Total non-current assets 186,145,844 136,911,421 Total assets $ 3,488,533,165 $ 2,068,669,417 Liabilities, mezzanine equity, and shareholders' equity (deficit) Payables due to customers $ 2,276,962,347 $ 1,378,625,130 Payables due to brokers, dealers, and clearing organizations 604,812 1,490,537 Lease liabilities - current portion 3,361,425 4,969,959 Accounts payable and other accrued expenses 85,381,207 61,079,799 Total current liabilities 2,366,309,791 1,446,165,425 Lease liabilities - non-current portion 9,393,180 10,438,555 Unsecured promissory notes 100,000,000 - Deferred tax liabilities 13,762,903 5,292,255 Total non-current liabilities 123,156,083 15,730,810 Total liabilities 2,489,465,874 1,461,896,235 Commitments and Contingencies – – Mezzanine equity Convertible redeemable preferred shares (aggregate liquidation preference of $0 and $644,132,365 as of September 30, 2025 and December 31, 2024, respectively; and aggregate redemption value of $0 and $2,861,748,733 as of September 30, 2025 and December 31, 2024, respectively) – 2,861,748,733 Total mezzanine equity – 2,861,748,733 Shareholders' equity (deficit) Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares authorized, 419,062,786 and 417,957,827 shares issued and outstanding as of September 30, 2025, respectively; and 143,531,580 and 139,307,224 shares issued and outstanding as of December 31, 2024, respectively) 4,180 1,393 Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares authorized, 83,859,005 shares issued and outstanding as of September 30, 2025 and no shares as of December 31, 2024) 839 – Treasury shares (1,104,959 and 4,224,356 shares as of September 30, 2025 and December 31, 2024, respectively) – – Additional paid in capital 3,185,763,659 – Accumulated deficit (2,181,231,171) (2,241,054,086) Accumulated other comprehensive loss (5,683,271) (15,195,946) Total shareholders' equity (deficit) 998,854,236 (2,256,248,639) Noncontrolling interest 213,055 1,273,088 Total equity (deficit) 999,067,291 (2,254,975,551) Total liabilities, mezzanine equity, and total equity (deficit) $ 3,488,533,165 $ 2,068,669,417 Webull Corporation Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Revenues Equity and option order flow rebates $ 83,657,203 $ 51,425,460 $ 216,457,223 $ 138,654,512 Interest related income 43,359,428 32,983,079 110,786,025 97,379,499 Handling charge income 23,336,194 13,731,449 60,988,707 33,801,384 Other revenues 6,582,974 3,000,255 17,566,029 10,136,456 Total revenues 156,935,799 101,140,243 405,797,984 279,971,851 Operating expenses Brokerage and transaction 35,603,907 19,843,323 93,650,079 56,739,396 Technology and development 22,528,970 16,440,794 58,594,311 46,331,022 Marketing and branding 29,401,201 48,166,631 82,693,073 115,363,208 General and administrative 44,988,458 27,403,681 129,585,902 90,928,477 Total operating expenses 132,522,536 111,854,429 364,523,365 309,362,103 Other (income) expense, net (14,539,551) (1,474,638) 4,209,662 (31,158) Income (loss) before income taxes 38,952,814 (9,239,548) 37,064,957 (29,359,094) Provision for income taxes 2,156,039 331,215 15,714,041 4,443,876 Net income (loss) 36,796,775 (9,570,763) 21,350,916 (33,802,970) Less net loss attributable to noncontrolling interest (120,823) (120,917) (378,462) (347,337) Net income (loss) attributable to the Company 36,917,598 (9,449,846) 21,729,378 (33,455,633) Preferred shares redemption value decrease (increase) - 645,893,351 (21,702,737) (452,910,774) 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 Income (loss) attributable to ordinary shareholders $ 36,917,598 $ 636,443,505 $ (490,560,650) $ (486,366,407) Net income (loss) per share attributable to ordinary shareholders Basic $ 0.08 $ 4.52 $ (1.38) $ (3.51) Diluted $ 0.07 $ (0.02) $ (1.38) $ (3.51) Weighted-average shares outstanding Basic 490,103,946 140,836,227 354,885,344 138,668,296 Diluted 508,333,712 420,347,371 354,885,344 138,668,296 Net income (loss) $ 36,796,775 $ (9,570,763) $ 21,350,916 $ (33,802,970) Other comprehensive (loss) income, net of tax: Change in cumulative foreign currency translation adjustment (1,470,708) 5,230,448 9,483,312 1,184,392 Other comprehensive (loss) income (1,470,708) 5,230,448 9,483,312 1,184,392 Comprehensive income (loss) 35,326,067 (4,340,315) 30,834,228 (32,618,578) Less comprehensive loss attributable to noncontrolling interest (120,823) (120,917) (378,462) (347,337) Less foreign currency translation adjustment attributable to noncontrolling interest (13,650) (12,905) (29,363) (25,778) Preferred shares redemption value decrease (increase) - 645,893,351 (21,702,737) (452,910,774) 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 - Comprehensive income (loss) attributable to ordinary shareholders $ 35,460,540 $ 641,686,858 $ (481,047,975) $ (485,156,237) Webull Corporation Unaudited Reconciliation of Non-GAAP and GAAP Financial Measures Adjusted Operating Expenses Reconciliation (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Total operating expenses (GAAP) $ 132,522,536 $ 111,854,429 $ 364,523,365 $ 309,362,103 Less: Share-based compensation 4,483,566 5,355,107 39,522,013 25,966,041 One-time transaction: Add: Webull Pay transaction related employee distributions 7,925,436 - 7,925,436 - Adjusted operating expenses (Non-GAAP) $ 120,113,534 $ 106,499,322 $ 317,075,916 $ 283,396,062 Adjusted Operating Profit Reconciliation (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Income (loss) before income taxes (GAAP) $ 38,952,814 $ (9,239,548) $ 37,064,957 $ (29,359,094) Add: Other expense (income), net (14,539,551) (1,474,638) 4,209,662 (31,158) Add: Share-based compensation 4,483,566 5,355,107 39,522,013 25,966,041 One-time transaction: Add: Webull Pay transaction related employee distributions 7,925,436 - 7,925,436 - Adjusted operating profit (loss) (Non-GAAP) $ 36,822,265 $ (5,359,079) $ 88,722,068 $ (3,424,211) Adjusted operating profit per share (Non-GAAP) - basic $ 0.08 $ (0.04) $ 0.25 $ (0.02) Adjusted operating profit per share (Non-GAAP) - diluted $ 0.07 $ (0.04) $ 0.25 $ (0.02) Weighted-average shares outstanding - basic 490,103,946 140,836,227 354,885,344 138,668,296 Weighted-average shares outstanding - diluted 508,333,712 140,836,227 354,885,344 138,668,296 Adjusted Net Income Reconciliation (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) attributable to the Company (GAAP) $ 36,917,598 $ (9,449,846) $ 21,729,378 $ (33,455,633) Add: Share-based compensation 4,483,566 5,355,107 39,522,013 25,966,041 Add: Foreign currency transaction losses (gains) (865,581) (1,570,860) 4,978,358 466,498 One-time transaction: Add: Equity offering costs - - 10,976,693 - Add: Webull Pay transaction related employee distributions 7,925,436 - 7,925,436 - Less: Gain from Webull Pay acquisition (15,495,593) - (15,495,593) - Adjusted net income (loss) (Non-GAAP) $ 32,965,426 $ (5,665,599) $ 69,636,285 $ (7,023,094) Contra Revenue Impact Most of our platform users are not considered customers under ASC 606, Revenues from Contracts with Customers ("ASC 606"), and promotional payments made to these platform users are accounted for as a marketing and branding expense. Conversely, for our platform users who have been determined to be customers under ASC 606, we account for these promotional payments as a reduction in revenue (i.e., "contra revenue"). The following presents how contra revenue impacted our revenues.

For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Contra revenue impact on: (unaudited) (unaudited) Option handling fees $ (2,241,855) $ (28,019) $ (3,801,268) $ (209,905) Platform and trading fees (1,204,441) (713,388) (7,130,146) (2,343,702) Other income (214,069) - (641,511) - Total contra revenue $ (3,660,365) $ (741,407) $ (11,572,925) $ (2,553,607) Statement regarding unaudited financial and operational information The unaudited financial and operational information included in this press release is subject to potential adjustments and is based on the information available to management at this time. Potential adjustments to operational and consolidated financial information may be identified from work performed during Webull's preparation of financial statements subsequently hereto or its year-end audit. Information may also be presented differently from the information included herein in the future. This could result in significant differences from the unaudited or other historical operational and financial information included herein.

Cautionary Note Regarding Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release or other statements of the Company made in connection herewith, including, for instance, statements as to business strategy and plans, future results of operations and financial position, planned products and services, objectives of management for future operations or strategies of the Company, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "anticipate," "expect," "suggests," "plan," "believe," "predict," "potential," "seek," "future," "propose," "continue," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology.

All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of the Company and its management as of the date of this press release, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to: (1) the ability of the Company to grow and manage growth profitably, maintain relationships and deepen engagement with users, customers and suppliers, and retain its management and key employees; (2) the reliance of key functions of the Company's business on third-parties and the risk that the Company's platform and systems rely on software and applications that are highly technical and may contain undetected errors that could result in unexpected network interruptions, failures, security breaches, or computer virus attacks; (3) the risks associated with the Company's global operations and continued global expansion, including, but not limited to, the risks related to complex or constantly evolving political or regulatory environments that may result in substantial costs or require adverse changes to the Company's business practices; (4) the Company's estimates of expenses and costs, of profitability or of other operational and financial metrics as well as the Company's expectations regarding demand for and market acceptance of its products and service; (5) the Company's reliance on trading related income, including payment for order flow ("PFOF"), and the risk of new regulation or bans on PFOF and similar practices; (6) the Company's exposure to fluctuations in interest rates, rapidly changing interest rate environments, volatile prices of securities and digital assets and their respective trading volumes; (7) the Company's reliance on a limited number of market makers and liquidity providers to generate a large portion of its revenues, and the negative impact of the loss of any of those market makers or liquidity providers; (8) the effects of competition in the Company's industry and the Company's need to constantly innovate and invest in new markets, products, technologies or services to retain, attract and deepen engagement with users; (9) changes in international trade policies and trade disputes that could result in tariffs, taxes or other protectionist measures adversely affecting our business; (10) risks related to general political, economic and business conditions globally and in jurisdictions where the Company operates; (11) risk of further actions taken by various government bodies in the United States that have made the Company the subject of inquiries and investigations relating to concerns about our connections to China; (12) the risk that the failure to protect customer data and privacy or to prevent security breaches relating to the Company's platform could result in economic loss, damage to its reputation, deter customers from using its products and services, and expose it to legal penalties and liability; (13) risks related to the Company's need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures as well as to maintain capital levels required by regulators and self-regulatory organizations; (14) the ability to meet, or continue to meet, stock exchange listing standards; (15) the possibility of adverse developments in pending or new litigation and regulatory investigations; (16) risks related to significant disruptions in the cryptocurrency market that negatively impacts user engagement with cryptocurrency trading on our platform; (17) political, regulatory or economic changes that affect cryptocurrencies, including changes in the governance of a cryptocurrency; (18) risks related to the offer and resale of our securities, such as dilution from the issuance of additional Class A ordinary shares upon the exercise of warrants, and increased volatility, or significant declines, in the price of our securities based on increased trading activity and the perception that sales of our securities may occur; and (19) other risks and uncertainties that are more fully described in filings made, or to be made, by the Company with the SEC, including in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's filings with the SEC, such as the Company's Annual Report on Form 20-F filed with the SEC on April 25, 2025. The foregoing list of factors is not exhaustive. Reported results should not be considered an indication of future performance. There may be additional risks that the Company and its management presently do not know about or that the Company and its management currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. The Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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