管理層發言
Good day, and welcome to the Webull Corporation First Quarter 2026 Earnings Conference Call. Operator instructions: Please note, this event is being recorded. I would now like to turn the conference over to Carlos Questell, Head of Investor Relations for Webull. Please go ahead.
Good morning, good afternoon, and good evening, everyone. Welcome to Webull's first quarter 2026 conference call. Earlier today, we issued a press release detailing our first quarter financial results. A copy of the release can be found on our IR website at webullcorp.com under the Investor Relations tab. Please note that this call is being recorded and will be available for replay via our IR website. During the call, we'll be making forward-looking statements about the company's performance and business outlook. These statements are based on how we see things today and contain elements of uncertainty. For additional information concerning the factors that can cause actual results to differ materially please refer to the cautionary statement and risk factors contained in our filings with the Securities and Exchange Commission and press release, both of which can be accessed via our website. Today's presentation will include a discussion on adjusted operating expenses, adjusted operating profit and adjusted net income, all non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to their most directly comparative GAAP measures are included in the press release that we issued today. It is important to note that although we believe that these non-GAAP measures provide useful information about our operating results, this should not be considered in isolation or construed as an alternative to their directly comparative GAAP measures. Furthermore, other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage our investors and others to review our financial information in its entirety and not rely on a single financial measure. With me today is our Group President and U.S. CEO, Anthony Denier; and our Group CFO, H. C. Wang. We will begin with prepared remarks and then take questions at the end. With that, I'd like to now turn it over to Anthony.
Thank you, Carlos, and hello, everyone. Thanks for joining us today. Before I walk through our first quarter results, I want to step back and share how I think about the moment that our industry finds itself in and the direction it is heading. I believe we are living through a genuine inflection point in financial services. For the past decade, the defining competition in retail brokerage was fought on user interface—who has the cleanest app, the most intuitive UI, the strongest brand. This healthy competition is certainly not over, but a new channel has opened, and we are at its beginning. Increasingly, the question is not how a human interacts with the trading platform, but how an AI agent does. The interface of the future is not a screen on a smartphone. It is an API, and the brokerage platform best positioned for the future is the one with the most complete, multi-asset and most developer-friendly execution and custody infrastructure. That is the platform we are deliberately building to position Webull as the industry leader. This is not a distant aspiration. It is informing decisions we are making today in our API architecture, in our AI product road map and in our B2B infrastructure design, and it is why I believe the results we're reporting today not only signal another strong quarter but confirm that Webull is executing on the right long-term strategy. Webull's first quarter results represent a strong start to 2026, our second year as a public company. Revenue grew 36% year-over-year to $160 million. Customer assets reached $24 billion, up 90% year-over-year. And importantly, order flow from our institutional business, which we highlighted last year as a new area of growth, reached 9.5% of total platform equity volumes in the first quarter, a testament to the strength of our institutional product offerings. Since our listing just over a year ago, we have continued to execute on our ambitious plan to elevate, expand and scale the business across three dimensions: enhancing the trading experience for active traders, expanding our global reach and extending the platform into B2B and institutional markets. That execution has put us on a path of solid business growth and balance sheet strength, which is why we recently announced a share repurchase program of up to $100 million of our Class A ordinary shares. This program reflects our confidence in Webull's long-term value and our commitment to disciplined capital allocation. We are a company that invests for long-term growth and also returns capital to shareholders when appropriate. I am very proud of what the Webull team has achieved and extremely excited about what we plan to deliver to our customers and our shareholders. With that, let me now walk you through the highlights of this past quarter in more detail. Turning now to Slide 2 to summarize our first quarter highlights. We recorded revenue of $159.9 million, up 36% year-over-year, driven by high trading volumes across all core asset classes. Customer assets decreased slightly from the beginning of the year to $24 billion due to market volatility, but still represent a 90% increase year-over-year. Equity notional volume increased by 104% year-over-year to $261 billion, and option volume rose by more than 31% to 159 million contracts. Our additional offerings, including futures, prediction markets and crypto, all contributed to our growth this quarter. Futures, in particular, is seeing excellent growth, 84% on a year-over-year basis and 27% growth sequentially. That growth was driven by huge interest in commodities futures, especially oil futures, showcasing the breadth of our offerings and the variety of instruments we offer investors in times of geopolitical and market uncertainty. While we have now been public for over a year, we're still in an early and high-conviction phase of our growth journey, and we will continue to aggressively invest in targeted opportunities that will power long-term growth. That investment is reflected in our adjusted operating expenses of $141.1 million, representing an increase of 64% on a year-over-year basis. We are not managing this business to increase short-term margins. We are building for long-term category leadership. Now turning to Slide 3 and our 2026 priorities. AI sits at the center of everything we are building. Our product road map this year reflects three syncopated but reinforcing priorities: deepening the experience for self-directed active traders, expanding our global footprint, and building the infrastructure that powers our institutional and B2B platform. For active traders, we are rolling out three initiatives that materially expand the self-directed investment experience at Webull. First is Vega Analyst, which builds upon our industry-leading AI capabilities to revolutionize the research experience for self-directed active traders. For the first time, in mere minutes, retail investors will have access to comprehensive, nuanced and personalized research akin to sell-side research available to institutions. Subscribers to Vega Analyst can request research reports on any company at any time, enhancing their ability to make informed, real-time decisions. We're currently data testing this new feature with a select group of customers, but look forward to rolling it out across the U.S. and globally in 2026. The second initiative is Portfolio Blueprint, which enables one-click portfolio construction and execution, including copy trading. Portfolio Blueprint will give active traders the ability to act on conviction with the speed and sophistication our platform is known for. Lastly, later this year, we plan to add AI Portfolio, enabling agentic portfolio construction and trading for our customers, bringing the power of AI-driven decision-making directly into the hands of active investors. The SEC's elimination of the Pattern Day Trader rule is a structural tailwind for everything we are building for our active traders. When the rule becomes effective on June 4, Webull will be ready to support our customers on day one. Our engineering team moved quickly to update our systems and implement the rule change ahead of the effective date, demonstrating the agility and technical capability that distinguishes Webull from legacy brokers. Every legal customer that qualifies for intraday margin will be able to place unlimited day trades from the moment the rule change takes effect with the full benefit of our zero-commission model and product depth behind them. On international expansion, expanding global access remains a key pillar of our growth strategy, and we've taken some truly exciting steps in the first quarter. We received permission to operate in 22 additional markets in the European Economic Area during Q1, and are now approved to expand across all of Europe. Currently, we operate in 15 total markets and have expanded our zero-commission offerings to seven markets beyond the United States, namely Hong Kong, Singapore, Canada, the U.K., Australia, Brazil and Mexico. We recently launched operations in Germany and will continue our rollout into additional European markets through the year. In APAC, our customer assets have grown to $4 billion, and we now have over 790,000 funded accounts outside the U.S. Our ability to export the U.S. retail trading experience at scale, thanks to our global infrastructure, compliance capabilities and product depth, remains a genuine competitive differentiator. For our institutional and B2B platform, this quarter we received approval for our U.S. self-clearing license, a significant milestone for our B2B business and the evolution of our platform. This gives us the ability to clear trades and custody securities entirely in-house, strengthening the operational backbone of our B2B business and creating meaningful synergies and operating leverage as the institutional business scales. On the technology front, we recently released our MCP server, enabling AI agents to interact with Webull's platform and positioning Webull as a preferred execution and custody layer in the emerging agentic stack. As AI-driven investing becomes mainstream, we believe broker infrastructure quality will be as important a competitive differentiator as user experience is today, and we are investing accordingly. Institutional flow accounted for 9.5% of our equity notional volume during Q1, reflecting meaningful traction in a business we are in the early stages of scaling. In Australia, we launched Webull Connect, a tech-enabled portfolio management and execution platform purpose-built for financial advisers. In Hong Kong, we launched TrustLink, a system designed specifically for trustees, enabling them to manage segregated investment portfolios for individual trust clients. Together, these launches reflect our commitment to building B2B infrastructure that serves the full spectrum of professional and institutional clients across our key markets. On Slide 4, I'll discuss our continued user and funded account growth. Our investments in marketing continue to drive adoption. During the first quarter, we added approximately 800,000 registered users. Over the past year, we added more than 3 million registered users, a 15% increase compared to the first quarter of 2025, bringing the platform to a total of 27.6 million registered users. You may know we originated as a global market data platform before evolving to become the leading digital investment platform we are today. As a result, we have a considerable number of registered users that still take advantage of our data offerings in countries where our trading platform is not yet available. We are committed to providing access to best-in-class market data and information to all users irrespective of geography and their ability to invest on the platform. On the right side of the slide, you can see funded account metrics. Funded accounts—defined as accounts where customers have made an initial deposit and the balance has remained above zero for 45 consecutive calendar days as of the record date—showed steady growth. We added approximately 80,000 new funded accounts this quarter, bringing the total number to 5.11 million, an 8% year-over-year increase. As we continue to innovate and enhance our offerings, we're also happy to report that our quarterly retention rate was at a record high of 98.4%. Turning now to Slide 5. Customer assets increased by over 90% on a year-over-year basis to $24 billion and customer net deposits in the quarter were $2.1 billion, also up over 90% year-over-year. Sequentially, both metrics declined, reflecting a challenging macro backdrop in Q1 as a software sector selloff and escalating geopolitical tensions drove equity market volatility, while rising energy prices and inflation concerns weighed on investor sentiment. This was an industry-wide dynamic. What the numbers demonstrate, however, is that our customers remain engaged and continue to make meaningful deposits into the Webull platform during the quarter, a testament to the trust they place in us. On Slide 6, you will find trading volumes for the quarter. We continue to see growth in prediction markets and crypto, but equities and options trading remain at the heart of our business and equity and option volumes continue to increase. In the first quarter, equity notional volumes surpassed $261 billion, up 104% year-over-year and up 9.2% sequentially. Options contract volume totaled 159 million contracts for this quarter, up 31% year-over-year and up 3.2% sequentially. These results reflect an all-time high for Webull and highlight our commitment to providing the first-choice platform for active traders, both here in the U.S. and increasingly globally. Our user base trades consistently across all assets, reflecting a grounded approach fueled by disciplined and forward-looking commitment rather than short-term gain and momentum-chasing behavior. With that, I'll pass the call over to H. C. for a closer look at our financial results for the quarter.
Thank you, Anthony, and thanks to everyone for joining us today. In the first quarter, Webull generated total revenue of $159.9 million, representing a 36% increase on a year-over-year basis. This strong performance reflects continued strength across both trading and interest-related income streams, which I will walk through in more detail shortly. On the expense side, adjusted operating expenses were $145.1 million, up 64% year-over-year, primarily driven by increased marketing and branding investments. In the quarter, we continued our successful asset matching programs in a number of our global markets, driving $2.1 billion of net deposits in the quarter despite a very challenging market environment. We also launched awareness campaigns to promote our zero-commission offerings in international markets such as Hong Kong, Canada and Australia. On the branding side, we became the first official jersey patch sponsor of the Tampa Bay Rays and remain their official online brokerage. This has deepened our presence in the Tampa Bay area, giving us a marketing platform to engage sports fans and create meaningful brand visibility in the priority market. We are pleased with the returns we're seeing on these investments, and marketing will remain a priority for us as we continue to invest in customer acquisition and AUM growth. I will now walk through profitability and then the key components of revenues and expenses in more detail. Turning now to Slide 8. Q1 marks our sixth consecutive quarter of operating profitability. Adjusted operating profit was $14.8 million, representing a 9.3% operating profit margin, and adjusted net income came in at $9.2 million, or 5.8% of revenue. Both are lower compared to prior quarters, primarily reflecting the step-up in marketing investments I just discussed. We remain confident that as revenue scales, marketing as a percentage of revenue will continue to come down and margins will improve accordingly. Turning to Slide 9. Our trading-related revenues continue to grow as we witnessed another quarter of record trading volume across asset classes. Trading-related revenues increased 36% year-over-year to $110.9 million and starts increased to $1.31 million in the first quarter. We are seeing broad-based activity across our core equities and options products as well as newer products such as futures, crypto and prediction markets. Once again, our results demonstrate that our active traders remained engaged and traded through what was a fairly choppy macro environment in Q1. We're seeing a strong rebound in trading activities in April and May as the market recovers and reaches all-time highs. This positions us well for sustainable growth in trading revenues over time. Turning to Slide 10. In the first quarter, interest-related income grew 29% year-over-year to $40.1 million, mainly driven by growth in our margin loan and client cash balances. This line item has been relatively stable in the last few quarters. The sequential decline was primarily attributable to a decrease in fully paid stock lending revenue, which was an industry-wide dynamic tied to market conditions, which we expect to normalize as market activities pick back up. Finally, let's turn to Slide 11 for a closer look at operating expenses. Adjusted operating expenses increased 64% year-over-year, again, mostly driven by marketing and branding investments. Excluding those expenses, our cost base remains well managed. Our operating profit margin excluding marketing has remained at 40% or higher every quarter since Q3 of 2024. As revenue continues to grow, we are confident that we will be able to scale expenses at a lower rate over time. Lastly, many of you have asked, and I am excited to share that starting this month, we will be publishing monthly operating metrics. You will find them under the Investor Relations tab of webullcorp.com. We believe more frequent data points will give investors and analysts a better view of our business performance between quarters. With that, I'll turn the call back to Anthony before we open the line for questions.
Thanks, H. C. Q1 was a strong start to our second year as a public company. We delivered record trading volumes and solid growth in revenue and AUM, while making real progress across all three of our priorities: deepening the experience for active traders, expanding globally and growing our B2B and institutional business. I am energized to continue the hard work of this quarter alongside our global team as we are committed to enhancing, expanding and extending our business to cement Webull as a leader in an increasingly popular and evolving industry. We look forward to engaging with you at our forthcoming investor events this quarter. And on that note, we welcome any questions you may have, either here on the call or one-on-one. Thank you.
分析師問答
Operator instructions: The first question comes from Karim Assef with BofA, Bank of America.
I appreciate the update and congrats on a strong quarter, strong results. My first question is on the Pattern Day Trader rule. How do you think about the impact of that change on your client base, both in terms of trading activity and cohort expansion? And how meaningful could this be for Webull as a structural driver of engagement and monetization in the future?
Hi, Karim, thanks for the question. We've been preparing for the Pattern Day Trader rule change for almost a year, and as we announced, we will be ready on day one, which is June 4. I think only several of our peers will be ready on June 4, while many legacy brokers will not—partly because they have a much bigger ship to turn, especially with legacy systems combined through acquisitions and older systems with many patches to remove. It is also not their top priority. If you look at the AUM of customers on neo brokers and fintechs, it's significantly lower than on legacy platforms like Schwab and E*TRADE, so PDT was not as large an issue for their active trader client base. The average account size at Webull as of our end-of-quarter AUM sits just below $5,000 per account. So the biggest cohort of clients that we have on the Webull platform are directly impacted by this rule change. We have several models—bear, neutral, and bull—and my expectations on the low end are an increase of 20% in transaction activity over time from the removal of PDT. This will not all happen on day one, June 4, but I believe this will happen over time. The removal of PDT presents a unique opportunity for account consolidation across the industry. It is quite common for active smaller-AUM clients to have multiple brokerage accounts because of the old PDT rule: they might trade on one platform until they hit the limit and then wait five calendar days, so they trade on another platform, and so on. Being a first mover is significant for us to consolidate many of those assets into Webull accounts. We have a marketing plan already laid out and are going live as we get closer to the date to educate customers on the rule change, to make clear we will not limit the number of day trades, and to possibly offer incentives to consolidate accounts over to Webull. This is a very big event for us, and we're making sure that we're taking full advantage of it.
Got it. That was very comprehensive. My second question is on volumes, and you guys touched on that a little bit in your prepared remarks. We've kind of seen a broad sequential decline in equity and options volume at some of your peers in 1Q versus 4Q, but yours were very strong and accelerated quarter-over-quarter. I appreciate that part of the increase in the equity volumes in 1Q was driven by the institutional opportunity or the institutional volumes. Could you speak about that a bit—how meaningful or how big of a contributor do you see that institutional opportunity for Webull over time, especially in periods when there is a pullback from the retail cohort of clients?
First, thank you for noting that our volumes increased in Q1 while a lot of competitors saw decreases. I would attribute our continued acceleration in equities and options volumes to multiple factors. One is our core client base—the active client base. In times of volatility when you see a rising VIX, many casual retail traders sit on the sidelines and wait for normalization. Our cohort of active traders often views volatility as an opportunity to be more engaged and take advantage of big swings. The second factor is our international growth. We've seen huge increases in equities and options trading coming from broker-dealers outside of the U.S. In fact, Hong Kong in particular now contributes a very large amount of order flow: one Hong Kong broker-dealer's equity flow is now a very close second to the combined flow of 13 others. That single broker-dealer internationally is contributing substantial order flow because of its concentration on institutional and B2B accounts outside the U.S. The third factor is the development of our institutional business itself. We separated institutional order flow in this quarter's earnings because we've been building our B2B infrastructure, and wanted to show the context: institutional and B2B now represent almost 10% of our order flow, and we expect that number to increase and accelerate quickly and aggressively as we scale.
Operator instructions: Next question comes from Chris Brendler with Rosenblatt.
Congratulations on the results. I want to dig a little deeper into the PDT rules, and just how we should think about the opportunities to consolidate customers who have multiple brokerage accounts. It seems to us that this would be a significant part of the opportunity for Webull, just given your platform and the advanced training tools that you offer. Any early color on how you guys are thinking about that opportunity as more customers can concentrate their trades at fewer venues instead of spinning it around?
Chris, for a moment you dropped off and I didn't hear the whole question, so I apologize. Did you ask about tools or differentiation in the platform that will help with PDT?
Just as you think about the competitive landscape and Webull's positioning among active traders, I would think this would be a pretty significant opportunity for Webull to consolidate when clients start consolidating their trades at fewer venues because they don't need to spread trades around. Given your competitive positioning and focus on active traders, I was wondering if you had any early thoughts on that.
Yes, you hit it right on the head. Webull from day one has been built for the active retail trader; it's not something we bolted on. This represents a great opportunity specifically for the customers we've always catered to. We speak their language in terms of execution quality, the ability to navigate the app and quickly make decisions. Our AI integration is also focused on making active traders better at taking advantage of opportunities in real time. With Vega, we segment customers into cohorts—active traders, investors, and beginners. Active traders use Vega on average about 16 to 17 times per month, and about 20% of those engagements result in a trade. The majority of inquiries are in-depth stock analysis, and then they make a trade. All the tools we're building are aligned with the removal of PDT to remove restrictions on how customers can generate ideas and act on them in real time.
Great. A quick follow-up: from an education standpoint, how quickly will this play out? Will it take a couple of quarters, a year? Would we see an inflection in June? How should we think about the implementation on June 4?
We're trying to maximize immediate impact with our marketing plans for PDT. We're using incentives to encourage consolidation of active trader balances from competitors to Webull. One: we're built for them; two: we're ready on day one; and three: we continue to roll out products that cater to active traders. We are positioned to take advantage immediately. That being said, I expect the larger impact to show up over time—probably a bigger Q3 impact rather than immediate material change in June. On our Q2 call, we'll have nearly one month of data to share, but expectations are that the effects will compound over the following quarters.
Operator instructions: Next question comes from Steven Chubak with Wolfe Research.
So maybe to start, Anthony, you outlined the future with more customers leveraging agentic tools. The expectation among most investors we've engaged with is that this could spur a meaningful uptick in trading activity, but there's also concern around the risk of third-party agentic tools gaining access to the platform. I wanted to get your perspective on how you might protect against things like rogue behavior or the potential risk of hallucinations in a world where these agentic tools are leveraged more readily.
As I mentioned earlier, access and being the infrastructure for new AI agentic platforms is important. There are many safety measures to consider, and we agree that security, safety and compliance are top priorities. We are a heavily regulated business and must protect customers—their success is our success. While we fully embrace investment in our MCP server and API infrastructure, we are also building risk controls, product safeguards, and customer education, including disclaimers and notifications so customers understand what an AI agent is doing in their accounts. We're working closely with regulators on proper frameworks and controls for this new way of trading. Regardless of the final regulatory outcomes, this will be a structural change to the business over the next two to three years, and competition will shift from simple smartphone UI to access to products, pricing, execution quality and integration with AI agentic platforms.
I appreciate that perspective, Anthony. For my follow-up, a question on the margin outlook: can you offer some perspective on how you're balancing investment spend and revenue growth? You noted you're not going to sacrifice near-term margin for long-term upside, but it might be helpful to outline how you expect OpEx to trend based on current investment plans and marketing budget, and how that informs incremental margins as some of these investments begin to bear fruit.
Sure. I'll take this question. Since we've been a public company, we've been profitable every single quarter on an adjusted non-GAAP basis, and we have been managing toward around a 40% profit margin excluding marketing. While that 40% margin excluding marketing is not a rigid rule, it demonstrates our commitment to profitability and discipline around operating expenses. Marketing has been and likely will continue to be a significant portion of revenue for a period of time—around 20% in the last two quarters. We have prepared marketing plans around the PDT rule, we have promotions around zero-commission offerings outside the U.S., and we have events coming up later this year tied to new products. We'll continue to invest in these strategic initiatives for customer acquisition and AUM growth. Over the next year or two, we expect revenue to accelerate with these tailwinds, and as revenue grows, marketing as a percentage of revenue should narrow even if absolute marketing spend remains steady or increases. That will drive expansion in operating margins over time.
Operator instructions: Our next question comes from Mike Grondahl with Northland Securities.
Anthony, could you talk a little bit about how Merit is ramping—how many stocks now are traded on your platform? And just give us a flavor for that.
Hi, Mike. Merit is progressing very well. A significant part of the near-10% institutional flow is driven by Merit and other institutional partners. We've expanded the number of symbols they route to us. Much of the order flow is regular session flow, which is more profitable in a take-rate scenario. We're also onboarding other institutional clients—nearing 200 institutional clients now onboarded to our platform. Merit was the largest in the first group we announced and it's a meaningful contributor, but the pipeline overall is very strong. The investments we made in B2B infrastructure through 2025 are now starting to bear fruit, and this is only Q1, which was a challenging market for trading volumes. We'll continue to see international allocation expand within our total trade volume.
That's great. 200 is a big number. Maybe second for H. C.—can you restate what you said about April and May, especially in relation to March, February and January? How were April and May trending?
Sure. We started releasing monthly metrics this quarter—we've placed them in the appendix section of the presentation. You can see our trading volumes are at all-time highs in April, and our market share is at an all-time high. That trend continued and actually accelerated into May. We'll be releasing monthly metrics a couple of weeks after the end of each month, so you won't need to wait until the next earnings call to see how we're trending.
Got it. And maybe lastly for Anthony—crypto: you said prediction markets were maybe ~2% of revenue. Is crypto anywhere on that scale?
In past commentary, I've highlighted crypto as a large opportunity. Across peers, crypto can represent 15% to 25% of product revenue. For us in Q1, crypto was roughly 2% of revenue—similar to prediction markets. We planned a March rollout of two important crypto products to level the playing field: true coin-in/coin-out wallet capabilities and staking. Those products were pushed back in timing because we diverted resources to build the MCP server to support agentic AI trading platforms. In retrospect, it was a prudent prioritization given the difficult macro environment for crypto. We still expect to roll out coin-in/coin-out and staking, which will allow us to better compete in crypto and increase revenue contribution. One anecdote: of all new accounts opened year-to-date, about 20% placed a crypto trade as their first trade after funding, which suggests an engaged customer base and a significant opportunity to grow crypto's share of revenue from ~2% toward peer levels over time once product enhancements are in place.
Operator instructions: The next question comes from Jose Valcourt with Compass Point Research & Trading.
You guys were approved for self-clearing. Now that you are approved, how would self-clearing help improve competitiveness for the B2B2C business? And how long will it take to start seeing benefits from those cost savings?
Becoming approved for U.S. self-clearing is a major milestone, and it took multiple years to get over the line with our regulator. The journey isn't over; we still need to onboard and get approvals from the DTCC for equities and the OCC for options settlement. I do not expect self-clearing to be operational for our own U.S. equities and options clearing until the end of the year—likely Q4. That said, having the ability to self-clear U.S. products is a game changer. It will allow us to better manage and reduce transaction and custody costs we currently pay to clearing firms for every trade. Lower clearing and custody costs will decrease our transaction costs and allow us to pass savings to customers, making us more competitive on pricing and better positioned to win B2B business.
Got it. That's very helpful. As a follow-up: you highlighted international expansion in your 2026 roadmap. How should we think about the rollout in Europe? Are you seeing similar B2B2C opportunities like those in Asia?
It's still early in Europe. Our first European broker-dealer, our Dutch broker-dealer, launched in September 2025, so operations there are relatively new and still being staffed. We're just starting to roll out across greater Europe. The B2B focus now is clearly on APAC, where Hong Kong serves as our hub, and the U.S., where St. Pete serves as a hub. Those are the two core B2B onboarding hubs for the Eastern and Western Hemispheres. I expect many European potential partnerships to come through the U.S. as we scale, so we'll have more updates as the business matures.
This concludes our question-and-answer session and today's conference call. Thank you for attending today's presentation. You may now disconnect.