Thursday, February 15, 2024 11:13:40 PM
In 2023, we saw our operational rigor pay off. We achieved our financial goal,
launched new innovative products, strengthened our competitive position,
and doubled down on our efforts to create momentum for a workable
regulatory framework for crypto in the US.
For the full-year, we generated net income of $95 million and positive
Adjusted EBITDA in all four quarters, totaling nearly $1 billion - consistent
with our financial goal to generate positive Adjusted EBITDA in all market
conditions. We diversified our full-year 2023 total revenue base of $3.1 billion
by generating $1.4 billion in subscription and services revenue. Meanwhile,
our balance sheet strengthened as we increased our total $USD resources to
$5.7 billion while simultaneously reducing total debt by 12%.
Beyond the numbers, we accelerated product velocity. We launched Coinbase
International Exchange, eligible customers can now access derivative
products through Coinbase Financial Markets, launched Base, and we
acquired key licenses, registrations or launched operations in 6 new markets.
We have improved our existing product suite and laid important foundations
for future growth.
In 2024 Coinbase will focus on three main priorities. First, driving revenue
through improving our core trading and USDC. Second, driving utility in
crypto with experiments in payments using USDC and Base. Lastly, we will
continue to drive regulatory clarity for the industry. All told, Coinbase is a
fundamentally stronger company today than a year ago, and we are in a
strong financial position to capitalize on the opportunities ahead.
Much more information at link below:
https://s27.q4cdn.com/397450999/files/doc_financials/2023/q4/Shareholder-Letter-Q4-2023.pdf
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