Bullish Q3 Earnings and Revenues Improve Year Over Year, Shares Rise

Bullish BLSH 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, NCino NCNO and Chegg CHGG, 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.

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This article originally published on Zacks Investment Research (zacks.com).

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