Webull Corporation (BULL) reports third-quarter earnings Thursday after the bell, and the big question is simple: did bringing back crypto trading actually move the needle?

The investment platform relaunched cryptocurrency trading in August after putting it on pause, and CEO Anthony Denier wasn't shy about calling it "a major catalyst" during last quarter's earnings call. Now we get to see if he was right.

What the Street Expects

Analysts are projecting revenue of $135.58 million for the third quarter, which would represent continued growth from the $117.37 million Webull posted in Q1 and $131.49 million in Q2. On the earnings front, Wall Street expects two cents per share in profit, an improvement from the six-cent loss in Q1 and somewhere between the four-cent gain in Q2.

For context, Webull is still a fresh public company, having completed its SPAC merger and started trading in April 2025. So each earnings report is still helping investors understand the business model and growth trajectory.

Why Crypto Matters This Quarter

The timing of the crypto relaunch means Q3 should capture at least some impact from the return of digital asset trading. Denier previously highlighted strong user demand for cryptocurrency features, so the question isn't whether customers want it but whether it's translating into meaningful revenue.

There's definitely reason for optimism based on what competitors are reporting. Coinbase (COIN) just posted transaction revenue up 37% quarter-over-quarter in Q3, while Robinhood (HOOD) saw overall transaction revenue surge 129% year-over-year, powered by cryptocurrency trading revenue that jumped 300% year-over-year. If Webull is capturing even a fraction of that momentum, it could show up nicely in the results.

Beyond Crypto: AI and International Growth

Cryptocurrency isn't the only story investors should watch. Webull recently unveiled Vega, an AI-powered decision tool designed to help customers make smarter trading choices. Denier discussed the platform at a recent fintech conference, and any color on early customer adoption could signal how Webull plans to differentiate itself in a crowded market.

The company has also been expanding internationally, with 14 broker-dealers operating worldwide. Denier shared that international growth is actually outpacing U.S. growth, which he described as "extremely exciting." Given that Webull has deliberately targeted sophisticated investors rather than first-time traders, the international opportunity could be significant.

Last quarter, Webull posted revenue growth of 46% year-over-year, with trading-related revenue climbing 63% year-over-year. Investors will be looking to see if that momentum held through Q3.

Stock Performance

Webull (BULL) shares were trading down 3.59% at $8.09 on Wednesday, hovering near the bottom of its 52-week range of $7.99 to $79.56. The stock is down 37.9% year-to-date in 2025, so a strong earnings report with positive crypto momentum could provide a much-needed catalyst.

Thursday's report should offer clarity on whether the crypto relaunch is delivering the jolt Webull needs.