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Friday, November 21, 2025
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Webull Reports Third Quarter 2025 Financial Results

This Week

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
ir@webullcorp.com 

For Media
5W Public Relations
Nicholas Koulermos
Webull@5wpr.com
(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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