BitGo Q2 revenue jumps on higher asset sales
BTGO•Outlook and result drivers
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Company did not provide specific financial guidance for the current quarter or full year
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DIGITAL ASSET SALES - Revenue growth was mainly driven by higher digital asset sales activity, though margins fell due to lower spreads and product mix changes
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UNREALIZED DIGITAL ASSET LOSSES - Net loss was primarily due to an $18.8 mln unrealized loss on digital assets, compared with a $55.8 mln unrealized gain in the prior-year period
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COST REDUCTIONS - Company sharpened investment priorities and expects about $15 mln in annualized cash savings from operating model changes
Key details and analyst coverage
| Metric | Actual | Consensus Estimate |
|---|---|---|
| Q2 Revenue | $4.33 bln | |
| Q2 Loss Per Share | $0.16 | |
| Q2 Net Loss | $19 mln | |
| Q2 Adjusted EBITDA | -$4.20 mln |
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
- The average consensus recommendation for the business support services peer group is "buy"
