In this photo illustration, the Coinbase logo is displayed on a smartphone screen.
Rafael Henrique | SOPA Images | Lightrocket | Getty Images
Coinbase reported user numbers that fell short of analysts’ estimates even as fourth-quarter earnings and revenue beat projections. The stock rose more than 2% in extended trading after dropping 4.8% during the day.
Here’s how the company did:
Earnings: Loss of $2.46 per share, vs. loss of $2.55 per share as expected by analysts, according to Refinitiv.
Revenue: $629 million, vs. $590 million as expected by analysts, according to Refinitiv.
Revenue plunged nearly 75% from a year earlier as the so-called crypto winter continued to drag on the price of cryptocurrencies. The company also reported a (non-adjusted) net loss of $557 million, a year after Coinbase generated net income of $840 million during the peak of crypto adoption.
Coinbase’s user base continues to shrink. The company said it had 8.3 million monthly transacting users (MTUs) during the fourth quarter, down from 8.5 million the prior period. Analysts were expecting 8.22 million, according to StreetAccount. Trading volume fell 9% to $145 billion from the previous quarter.
Transaction revenue fell 12% to $322 million from the previous quarter, which was below the $327 million consensus among analysts polled by StreetAccount.
For Q1 2023, the company projected subscription and services revenue of $300 million to $325 million, as well as restructuring expenses of about $150 million. Diversifying its revenue streams away from just trading fees has been a big priority for the company, with subscription and services taking center stage. Traction in products such as Staking, Earn, and Custody generated over $200 million in the fourth quarter.
Coinbase has gone through two major rounds of layoffs since June 2022 in an effort to pare back spending to preserve cash. The exchange cut 20% of its staff last month, following an 18% reduction of its workforce in 2022.
Prior to Tuesday’s after-hours moves, the stock was up more than 75% in 2023, following 2022’s plunge in crypto prices coupled with a retreat from the riskiest equities. This year bitcoin, the most popular cryptocurrency, has risen more than 48%.
Coinbase Chief Financial Officer Alesia told CNBC that markets have rebounded in the current quarter compared to Q4 2022, and that “market conditions have really evolved, even in a single month.” Haas noted that Coinbase generated $120 million in transaction fee revenue in January, adding that retail has come back to the market.
“We’re seeing what we’ve seen always in crypto,” Haas said in a call with CNBC. “It’s overall volatility and market conditions that drive trading activity and that these idiosyncratic events have changed that longer-term dynamic that we’ve seen.”
Coinbase’s business could also be impacted by possible SEC actions that would govern certain types of cryptocurrency tokens and crypto services as securities. Tweets by CEO Brian Armstrong and Chief Legal Officer Paul Grewal havesuggested the company would fight any such action in court.
Crypto exchange Kraken, for example, recently ended its staking services as part of a settlement with the SEC over allegations that the platform sold unregistered securities.
Many centralized exchanges like Kraken and Gemini offer customers the option to stake their tokens in order to earn yield on their digital assets that would otherwise sit idle on the platform. With crypto staking, investors typically vault their crypto assets with a blockchain validator, which verifies the accuracy of transactions on the blockchain. Investors can receive additional crypto tokens as a reward for locking away those assets.
But on a call with CNBC, Haas insisted that Coinbase’s staking product was “not a security.” Haas added that staking was less than 3% of net revenue, so it was not a material source of net revenue at this time — but an “important part of the ecosystem” that the platform plans to grow.
Executives will discuss the results on a conference call starting at 5:30 p.m. ET.
Mack Trucks and Terex Utilities have announced plans to reveal the next generation of their zero-emissions utility bucket trucks at Work Truck Week in Indiana later this month – and it looks fantastic!
Co-developed by Terex Utilities and Mack Trucks on a Mack MD7 Electric Class 7 chassis, the new Terex bucket truck is a zero-emission utility capable of traveling longer distances and hauling more cargo wherever it’s needed to upgrade, or even restore power where it’s needed.
To make it work, Terex installed an Optima HR55 aerial device that draws power from a HyPower SmartPTO (Power Take Off) from Viatec. The SmartPTO replaces a conventional, mechanical PTO that’s powered by an internal combustion generator. In so doing, it avoids a loud idling engine while reducing utility workers’ exposure to toxic exhaust fumes and the heavy particulate emissions matter with idling diesels (even with Tier V standards).
“Our collaboration with Mack Trucks represents continued progress in zero-emissions utility vehicles,” explains Tyler Schwingler, Terex Utilities product marketing manager. “By combining our industry-leading Optima HR55 aerial device with Mack’s innovative MD7 Electric chassis, we’re providing utility companies with a solution that doesn’t compromise on performance or capability while supporting their sustainability goals.”
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In addition helping meet the company’s ESG goals, the Mack MD Electric is also equipped with the advanced 3rd Eye digital platform, which integrates AI-driven camera systems to enhance safety and productivity. With up to six HD cameras that display a real-time, 460-degree view on a 7-inch in-cab monitor. The bird’s-eye view all but eliminates blind spots when reversing and moving through high-traffic job sites.
“This electric bucket truck represents the next natural step in our commitment to sustainable transportation solutions,” says George Fotopoulos, vice president of E-mobility at Mack Trucks. “Our lightweight electric chassis provides the capability to handle more demanding applications, and when combined with Terex’ expertise in utility equipment, we’re delivering a solution that pushes the boundaries of what’s possible in zero tailpipe emissions utility vehicles.”
Terex will be bringing its new Mack MD Electric-based utility bucket truck to this year’s Work Truck Week at the Indianapolis Convention Center March 8-11.
The International is a fine truck, of course – but the Mack MD Electric raises the bar a bit with more range than the eMV and more rear axle capacity than anything else in its class. The MD also has enough commonality with its HD cabs and chassis that parts availability seems to be top of the class. Pair that with parent company Volvo’s global reputation for quality and progressive ideologies and, well … let’s just say we all have our favorites.
Officially dubbed the Tadano eGR-1000XLL-1 EVOLT, the big mobile crane ships with six lithium ion battery packs offering up to 226 kWh of power. Tadano says that’s good enough for up to seven hours of continuous operation in a single spot, or or up five hours of continuous operation and five-and-a-half miles of driving before it runs out of juice.
Re-juicing (?) the big crane is achieved with a standard CCS/J1772 DC fast charger with speeds up to 150 kW. That’s enough, Tadano says, to fully charge the eGR-1000XLL-1’s batteries in under two hours, or overnight on an 80A 220/240V AC charger … but all that is besides the point.
Grid-connected power for 24/7 use
eGR-1000XLL1 EVOLT graphic; via Tadano.
The EVOLT’s real superpower isn’t its big battery or 100-ton lifting capacity. Instead, it’s the crane’s ability to operate 24/7 when it’s on grid power. If the job site loses power or power has to be shut down as part of regular operations, the crane can keep things moving under battery power for up to seven hours. It can even be connected to mobile charging stations if seven hours isn’t enough, or driven a few miles back to grid power to be charged up.
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And, with 4x4x4 drive, those few miles don’t have to be paved … or even cleared, probably, making the big Tadano perfect for disaster recovery efforts.
“We are very confident in the investment we’ve made in this crane,” said Dean Barley, president and CEO at Tadano America of the 100-ton-capacity machine. “This crane has been tested and retested. We wanted to make sure that the first fully electric rough terrain (RT) crane in North America meets all the requirements of the market.”
Speaking of health risks, swinging up to 100 tons of material around can be dangerous work. That’s where Tadano’s Lift Visualizer and AML Crane Control safety systems come into play:
LIFT VISUALIZER The eGR-1000XLL-1 also offers Lift Visualizer to enhance safety and efficiency. This feature utilizes a suspended load monitoring camera, allowing operators to monitor suspended loads directly from above. Particularly useful in blind spots such as rooftop work, the Lift Visualizer pulls critical lift information from the AML control system and displays it on the video screen, including radius, capacities and load, among others, to improve efficiency and safety for the operator.
AML CRANE CONTROL The AML Control System delivers dependable crane control and monitoring solutions, ensuring safe and efficient performance during crane operations. This system incorporates the latest advancements from Tadano rough terrain cranes, featuring an enhanced operator interface, a broad range of functionalities and the renowned reliability and ease of use characteristic of Tadano products. The system facilitates time and cost savings through straightforward on-board diagnostics, improved settings and easily adjustable lifting limits.
In addition to offering the ability for construction crews to bid on work they simply couldn’t get without an electric option, the company says its new EVOLT models will reduce operating costs on an annual basis by about 35% compared to the diesel-powered version of the same crane. That estimate includes costs of fuel and electricity, as well as maintenance and downtime costs at an estimated 1,200 engine hours per year.
You can check out the full specs on the eGR-1000XLL-1 EVOLT, below, then let us know what you think of Tadano’s latest HDEV in the comments.
Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.
These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.
The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.
Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:
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No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
Backup power: EV batteries can be used as backup power sources during outages.
Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.
Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”
“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.
The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.
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