Coinbase sees FY22 adjusted EBITDA within negative $500M loss ‘guardrail’

In a regulatory filing, Coinbase Global disclosed that on January 10, the company announced certain preliminary unaudited financial and operating results for its year ended December 31, 2022. The company expects to report Average Annual MTUs, Average Transaction Revenue Per User, and Subscription and Services Revenue, as well as certain operating expenses – comprising Transaction Expenses, Sales and Marketing Expenses, and Technology and Development + General and Administrative Expenses – to be consistent with the Full-Year 2022 Outlook provided in its November 3, 2022 letter to shareholders, the filing stated. As a result, adjusted EBITDA for the full year ended December 31, 2022 is expected to be within the negative $500M loss guardrail that the company provided in the shareholder letter, Coinbase stated. The company further announced that it expects certain of its operating expenses – comprising Sales and Marketing Expenses, Technology and Development + General and Administrative Expenses, including stock-based compensation and excluding restructuring expenses and Other operating expenses, net – for the quarter ending March 31, 2023 to be approximately 25% lower than those operating expenses for the quarter ended December 31, 2022 as the result of ongoing cost management initiatives, including the plan.