Coinbase said total revenue for Q1 2026 was $1.4B, down 21% from the prior quarter, transaction revenue was $756M, and net loss was $(394)M.

1. 01

   Coinbase said total revenue for Q1 2026 was $1.4B, down 21% from the prior quarter, transaction revenue was $756M, and net loss was $(394)M.

2. 02

   The company said subscription and services revenue for Q1 was $584M, or 44% of net revenue, stablecoin revenue was $305M, and average USDC held in Coinbase products was $19B.

3. 03

   Coinbase said Adjusted EBITDA for Q1 was $303M, marking 13 consecutive quarters of positive results, and cash and cash equivalents at quarter-end were $10.2B. Adjusted EBITDA is a non-GAAP measure.

4. 04

   The company provided guidance for Q2 of subscription and services revenue of $565–$645 million and technology and development plus general and administrative expenses of $820–$870 million, and said it expects to recognize restructuring charges of approximately $50–$60 million in Q2.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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