@AuburnBuilt19

BULL (WEBULL) — THE BULL CASE October 29, 2026 INVESTMENT THESIS Webull could be a significantly undervalued growth company whose stock price has become disconnected from its improving business fundamentals. While investors remain focused on regulatory concerns, insider selling, and potential share dilution, Webull continues growing revenue, expanding customer assets, and demonstrating profitability. If the company maintains this momentum and regulatory uncertainty begins to fade, BULL could experience a substantial recovery. REVENUE GROWTH IS IMPRESSIVE Webull reported second-quarter 2026 revenue of $198.8 million, representing 51% year-over-year growth. Other financial highlights: GAAP net income: $24.4 million Adjusted net income: $43.2 million Customer assets: $28.5 billion Registered users: 28.2 million Funded accounts: 5.13 million Equity trading volume: $279 billion What’s particularly interesting is that revenue increased 51%, while funded accounts increased approximately 8%. This suggests Webull is generating significantly more revenue from its existing customer base. The company doesn’t necessarily need explosive customer growth to produce substantial revenue growth. PROFITABILITY CHANGES EVERYTHING Webull generated $24.4 million in GAAP net income attributable to the company during Q2 2026. Adjusted net income reached $43.2 million. This demonstrates that Webull’s business model can generate meaningful profits when customer trading activity is strong. As revenue expands, operating leverage could allow earnings to increase faster than revenue. If Webull establishes consistent quarterly profitability, investors may begin valuing the company as a profitable financial technology business rather than a speculative brokerage. That’s an important distinction. WEBULL COULD APPROACH $1 BILLION IN ANNUAL REVENUE Consensus projections for 2027 suggest: Revenue: Approximately $982 million Net income: Approximately $129 million Using a reference stock price of $5.33 and approximately 540 million shares outstanding, Webull has an estimated market capitalization of $2.88 billion. That represents approximately 2.9 times projected 2027 revenue. For a financial technology company experiencing substantial revenue growth, that valuation could prove attractive if earnings expectations are achieved. A POTENTIAL RECOVERY IN VALUATION Using approximately 540 million shares outstanding: $5.33 per share = $2.88 billion market cap $8 per share = $4.32 billion market cap $10 per share = $5.40 billion market cap $12 per share = $6.48 billion market cap $15 per share = $8.10 billion market cap $20 per share = $10.80 billion market cap At $10, Webull would trade at approximately 5.5 times projected 2027 revenue. At $12, approximately 6.6 times projected revenue. These valuations could become achievable if Webull delivers sustained growth, improving profit margins, and consistent profitability. A return to $10 doesn’t require Webull to become the next Robinhood. It requires stronger investor confidence in the earnings and growth already developing. SELLING PRESSURE COULD BE TEMPORARY On October 28, Webull filed an updated prospectus covering up to 12.29 million shares available for resale in connection with its Pi Securities acquisition. The selling period extends through December 24, 2026. This creates a potential supply overhang. However, these are secondary shares being registered for resale, not automatically newly issued shares. If the selling pressure decreases after the resale arrangement concludes, BULL could begin responding more directly to the company’s underlying financial performance. Temporary selling pressure does not necessarily indicate permanent deterioration in a business. $BULL $INTC $SPCX $NVDA