Early Access

10-QPeriod: Q3 FY2024

Coinbase Global, Inc. Quarterly Report for Q3 Ended Sep 30, 2024

Filed October 30, 2024For Securities:COIN

Summary

Coinbase Global, Inc. reported a strong third quarter for 2024, demonstrating significant year-over-year growth across key financial metrics. Total revenue reached $1.21 billion, a substantial increase from $674 million in Q3 2023, driven primarily by a surge in transaction revenue, which nearly doubled to $572.5 million, reflecting increased trading volumes. Subscription and services revenue also showed robust growth, up 66% to $556.1 million, indicating successful diversification. The company achieved net income of $75.5 million, a significant turnaround from a net loss of $2.3 million in the same quarter last year. This profitability was supported by a strong operating income of $170 million, compared to an operating loss of $80 million in Q3 2023. The positive financial performance was further bolstered by a 215% increase in Adjusted EBITDA to $449 million. Coinbase's balance sheet remains strong, with cash and cash equivalents and USDC totaling over $8.5 billion, providing ample liquidity. The company also announced a new $1 billion share repurchase program, signaling confidence in its financial position and commitment to shareholder returns.

Financial Highlights

44 data points
Beta

Revenue

$1.21B

Net Income

$75.50M

0.1% Net Margin

EPS (Diluted)

$0.28

Total Assets

$290.56B

Cash & Equivalents

$7.72B

Free Cash Flow

$696.54M

Financial Statements
Beta
Revenue$1.21B
R&D Expenses$377.44M
Operating Expenses$1.04B
Operating Income$169.51M
Net Income$75.50M
EPS (Basic)$0.30
EPS (Diluted)$0.28
Shares Outstanding (Basic)248.83M
Shares Outstanding (Diluted)267.44M

Key Highlights

  • 1Total revenue increased by 79% year-over-year to $1.21 billion for Q3 2024.
  • 2Net income turned positive at $75.5 million, a significant improvement from a net loss of $2.3 million in Q3 2023.
  • 3Transaction revenue nearly doubled, rising 98% to $572.5 million, driven by a 143% increase in total trading volume.
  • 4Subscription and services revenue grew 66% year-over-year to $556.1 million, highlighting revenue diversification.
  • 5Adjusted EBITDA surged by 152% year-over-year to $449 million, demonstrating improved operational efficiency.
  • 6The company ended the quarter with a robust liquidity position, holding $7.72 billion in cash and cash equivalents and $871.4 million in USDC.
  • 7Coinbase announced a new $1 billion share repurchase program, underscoring financial strength and shareholder value focus.

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