Robinhood disclosed a significant surge in its first-quarter performance, with $36 billion in crypto notional trading volume, marking a 224% increase year over year.

Record net revenues of $618 million were reported, up by 40% compared to the previous year. Transaction revenues amounted to $329 million, including $126 million from its crypto business, showing a 232% surge year over year. The company achieved a first-quarter net income of $157 million, a notable improvement from a net loss of $511 million in the same period last year, with diluted earnings per share (EPS) at $0.18.

Assets related to user cryptocurrencies reached $26.2 billion, aligning with liabilities and stockholder equity. Despite external expectations, Robinhood exceeded forecasts, although its stock (HOOD) experienced slight fluctuations.

During the earnings call, executives addressed the Wells Notice issued against Robinhood Crypto by the US SEC, affirming their commitment to regulatory compliance and consumer access to crypto assets, reiterating their belief that the listed assets are not securities and assuring users that services will remain unaffected.