10-Q · May 13, 2026
BitGo's Q1 2026 report shows robust revenue growth of 112.3% year-over-year, reaching $3.77 billion, despite a sequential decline. The company continues to expand its client base significantly, having grown from 3,921…
Earnings analysis · 10-Q
BTGO earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
BitGo produced strong reported revenue growth, with revenue of $4.329 billion, up 79.6% year over year, supported by higher digital-asset trading and Stablecoin-as-a-Service activity. However, profitability deteriorated…
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BitGo produced strong reported revenue growth, with revenue of $4.329 billion, up 79.6% year over year, supported by higher digital-asset trading and Stablecoin-as-a-Service activity. However, profitability deteriorated sharply: the company reported a $19.0 million net loss, $(0.16) diluted EPS, approximately 3.2% calculated gross margin, and negative $36.2 million of operating cash flow for the first half. Lower Assets on Platform and Assets Staked, persistent material control weaknesses, and digital-asset market and concentration risks outweigh the IPO-supported liquidity improvement. No numeric financial guidance was provided.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.16
- Segment
- One reportable segment: total revenue $4.329 billion, up 79.6% year over year from $2.410 billion. Digital assets sales revenue was $4.198 billion, up 84.3%; staking revenue was $64.7 million, down 28.8%; subscriptions and services revenue was $27.5 million, up 8.5%; Stablecoin-as-a-Service revenue was $38.8 million, up 148.0%.
What stood out
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Revenue growth accelerated
Total revenue increased 79.6% year over year to $4.329 billion from $2.410 billion, driven primarily by an 84.3% increase in digital assets sales revenue to $4.198 billion.
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Client base expanded
Client scale expanded to 5,833 clients as of June 30, 2026, versus 4,621 a year earlier, an increase of 1,212 clients or approximately 26.2%.
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Stablecoin service gained traction
Stablecoin-as-a-Service revenue rose 148.0% year over year to $38.8 million, while segregated stablecoin-holder cash increased to $4.635 billion from $3.314 billion at December 31, 2025.
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IPO strengthened liquidity
The January IPO generated $174.0 million of net proceeds. Cash and cash equivalents excluding restricted stablecoin reserves were $159.0 million at June 30, 2026, versus $106.3 million at December 31, 2025.
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Repurchase authorization added
Management authorized a $50.0 million share-repurchase program; no shares were repurchased during the quarter, leaving $50.0 million available at June 30, 2026.
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Financing funded cash build
Operating cash flow was negative $36.2 million for the first six months, but financing cash flow was positive $1.418 billion, including $1.321 billion of net stablecoin-holder deposits and $174.0 million of IPO proceeds.
What to watch
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Losses and EPS miss persisted
Net loss was $19.0 million, or $(0.16) per diluted share, versus net income of $38.3 million, or $0.28 diluted EPS for Class A stock, in the prior-year quarter. Operating loss also widened to $17.4 million from $3.7 million.
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Thin margins and staking decline
The calculated gross margin was approximately 3.2% because digital assets sales costs were $4.190 billion against $4.329 billion of revenue. Staking revenue declined 28.8% to $64.7 million, while staking fees were $60.8 million.
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Digital-asset market exposure
Assets on Platform fell 27.8% year over year to $65.2 billion from $90.3 billion, and Assets Staked declined to $11.9 billion from $25.6 billion, reflecting lower digital-asset prices and creating exposure to market-driven revenue volatility.
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Material control weaknesses remain
Disclosure controls were not effective because material weaknesses remained in IT general controls, segregation of duties, manual review controls, and qualified personnel. Management expects remediation efforts to continue during 2026.
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IPO-related litigation risk
A securities class action filed in June 2026 alleges violations related to the IPO registration statement and prospectus; the Company cannot estimate a loss range and has accrued $0 for the matter.
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Customer concentration increased
The largest customer represented 20.7% of quarterly revenue, while two customers represented 36.4% of total loan receivables at June 30, 2026, indicating customer and counterparty concentration.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that available cash, available borrowings, and cash collected from revenue should be adequate to meet liquidity needs for at least the next twelve months; future capital requirements depend on digital-asset prices, growth, headcount, product investment, and potential M&A.
Earlier filings 2
10-K · March 27, 2026
BitGo positions itself as an institutional digital-asset infrastructure platform focused on custody, staking, liquidity/prime services and infrastructure-as-a-service, emphasizing security, regulatory compliance and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.