BitGo Q2 revenue rises to $4.329 billion, net loss $19 million

TechFlow reports, August 13, BitGo announced its second quarterly financial report since listing. The report shows BitGo's total revenue in the second quarter increased 79.6% year-over-year to $4.329 billion, up 14.7% quarter-over-quarter; customer count increased to 5,833, up 26.2% year-over-year. However, the company recorded a net loss of $19 million for the quarter, with an Adjusted EBITDA loss of $4.2 million, and has not yet achieved profitability.

The report shows BitGo's direct costs in the second quarter were $4.287 billion, close to the revenue scale. Its largest revenue source, Digital Asset Sales, contributed approximately $4.198 billion in revenue, but direct costs reached $4.190 billion, with quarterly gross profit of approximately $7.1 million, and an overall profit margin of 17 basis points, lower than 32 basis points in the first quarter.

In terms of operating metrics, BitGo's platform customer count reached 5,833 in the second quarter, with approximately 1.2 million users; Normalized Assets on Platform were $65.2 billion, up 31.4% year-over-year and 6.4% quarter-over-quarter; Normalized Assets Staked were $11.9 billion, up 36.1% year-over-year.

By business segment, Stablecoin-as-a-Service revenue was $38.8 million, up 148% year-over-year and 1.7% quarter-over-quarter; take rate rose to 8.0%, higher than 7.4% in the first quarter and 2.6% in the same period last year. In addition, BitGo stated it will cut costs and optimize investment priorities, expected to bring approximately $15 million in annualized cash savings, and authorized up to $50 million in stock buybacks. As of the end of the second quarter, the company held $159 million in cash and equivalents and 2,523 Bitcoin, with a fair value of approximately $147.7 million, and no corporate-level debt.