Webull Corporation

In the second quarter, interest rate income grew 14% year-over-year to $36.3 million, largely attributable to higher client cash balance, increased margin activity, and importantly, the successful adoption of Webull premium. Finally, let's turn to slide 11 for a closer look at operating expenses. Operating expenses increased both sequentially and year-over-year. The primary drivers were higher activity on the platform, including brokerage and transaction costs, as well as payment fees on customer deposits made through a debit card, a new feature we introduced in the second quarter. We also stepped up our marketing spend during this period. We saw some growth in technology and development expenses as well, mainly related to headcount and infrastructure investments. But this was offset by a reduction in general and administrative expenses. Overall, we remain disciplined in managing our expenses. At the same time, we're investing in innovation, customer growth, and wallet share expansion, ensuring we balance near-term discipline with long-term opportunity. Thank you, everyone. With that, I'll turn the call back to Anthony before we open the line for questions.

Thanks, HC, and thank you, everyone, for joining us today for our second quarter earnings conference call. This was Webull's best quarter ever in terms of revenues as we continue to focus on our core growth drivers, namely new product delivery, the addition of new asset classes, and geographic expansion. There's real energy behind what's coming next, and our team is hyper-focused on delivering on the product roadmap we have shared. I'm very happy with our trajectory and want to thank the Webull team for the hard work and innovation mindset they bring to work every day. This is an exciting time for our business. We'll be at a number of industry and investor conferences this fall and look forward to engaging with you. On that note, we welcome any questions you may have, either here on the call or one-on-one.

We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. And your first question comes from Craig Siegendhaler with Bank of America. Please go ahead.