Coinbase, issuing its first quarterly earnings report as a public company, reported Q1 results largely in line with its preliminary announcement made early last month. The U.S.’ largest cryptocurrency exchange boosted its year forecast range for active users, a key metric.For the Q1, COINBASE reported:
- Net income $771.5 million, preliminary $730 million to $800 million.
- Adjusted EBITDA $1.12 billion, preliminary $1.1 billion.
- Revenue $1.8 billion with $1.54 billion from transaction revenue and $56.4 million from Subscriptions and Services revenue, preliminary $1.8 billion.
- Transaction revenue from institutions increased eightfold from $10 million in Q1 2020 to $85 million in Q1 2021.
- Monthly Transaction Users (MTUs) 6.1 million, matching preliminary figure.
- Trading volume $335 billion; $120 billion from retail trading and $215 billion from institutional trading.
- The company boosted its year forecast range for MTUs to 5.5 million to 9 million, up from its earlier predicted range of 4 million to 7 million.
- Average net revenue per user has been $34 to $45 during the past two years, the company said. The low part of that range occurred in 2019.
Second-Quarter Forecast
Coinbase said it also expects all of its business metrics in Q2 to meet or exceed results in the first quarter. Second-quarter trading volume will “slightly” exceed Q1 trading volume if it persists at the same pace, the company said.
Coinbase expects $35 million in one-time expenses related to its direct listing. It also expects between $1.3 billion to $1.6 billion costs from its technology and its development expenses general and administrative expenses in the full year 2021.
