Robinhood Markets, Inc.

Thank you to everyone for joining Robinhood's Q1 2025 earnings call. Joining today are Chair and CEO Vlad Tenev, CFO Jason Warnick, and VP of Corporate Finance and Investor Relations Chris Cagle. Vlad and Jason will offer opening remarks. marks, and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from institutional research analysts, and we will also answer questions from retail analysts who may hold an ownership position in Robinhood. As a reminder today's call will contain for looking statements actual results could differ materially from our current expectations and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor. are described in the press release we issued today, the earnings presentation, and our SEC filings, all of which can be found at investors.robinhood.com. Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation. With that, please welcome Vlad and Jason.

Devant toi All right.

Hey, everyone. Great to speak with you again today. Thank you for joining us. This is our second live video earnings call. I think the last one hopefully was informative and entertaining. So we're happy to be with you again. If I had to sum up the quarter. What I'm most excited about is the incredible product velocity. And it was across our three focus areas, which, if you remember, are building the number one platform for active traders, being number one in wallet share for the next generation and building the number one global financial ecosystem. So let's get into it in a little bit more detail. When I look at our active trader offering, it just keeps getting more disruptive. We launched futures and prediction markets in Q1 and futures are accelerating nicely. So about 4.5 million contracts traded in April alone, which is more than all of Q1. So Q1, which was a strong quarter, greatly greatly was accelerated in april and prediction markets have done over 1 billion contracts in the last six months and we've recently started to increase the breadth of the contracts we offer so we're we're still very much in the early stages there on robin hood legend which if you remember we announced at hood summit late last year and launched fully a few months after that We've been making a lot of improvements. We've upgraded speed. We've brought in new asset classes like crypto and index options. We've added support for joint accounts, more indicators and charts, and really more features being shipped on a weekly basis. So the team has just been executing incredibly quickly on making Robinhood Legend the best platform for active traders. And all of that has been driving strong incremental volume on the Legend platform. There's actually a lot more to come. The team's already spending a lot of time preparing for the second annual Active Trader event, which we'll be holding this fall. We're also working to serve far more of our customers' assets. So at our last City of Gold event just this past March, we announced three new products, Robinhood Strategies, Robinhood Cortex, and, of course, Robinhood Banking.