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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 have suggested 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.

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Podcast: China reaches EV tipping point, Tesla retreats, some slack with tax credit, and more

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Podcast: China reaches EV tipping point, Tesla retreats, some slack with tax credit, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss China reaching the EV tipping point, Tesla’s retreat in Europe, EV buyers receiving some tax credit relief, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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Cadillac is the luxury EV leader, but will it last without the $7,500 tax credit?

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Cadillac is the luxury EV leader, but will it last without the ,500 tax credit?

Cadillac is back and selling a surprising number of electric vehicles in the US. With a full lineup of electric SUVs, Cadillac now claims to be the leading luxury EV brand in the US. Can it keep it up even after the $7,500 federal tax credit expires?

After launching seven new electric vehicles this year, GM claimed that Cadillac became the leading luxury EV brand by market share. However, that doesn’t include Tesla due to its “pricing structure.”

Cadillac is coming off its best first-half sales since 2008, selling more vehicles across all 50 states. Nearly one in four Cadillacs sold in the US this year were EVs.

GM’s luxury brand is now selling more electric vehicles than some of its biggest rivals, including Porsche, Audi, Mercedes-Benz, Rivian, and Volvo.

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According to the latest data from Cox Automotive, Cadillac sold over 11,700 EVs in Q2, up 62% compared to last year. Through the first six months of the year, it has sold nearly 20,000 electric vehicles. In comparison, Porsche has sold almost 7,200 EVs in the US, Mercedes sold about 8,000, and Audi has sold just over 11,500.

Cadillac-EV-tax-credit
2026 Cadillac Optiq EV (Source: Cadillac)

With an electric SUV in nearly every segment, including the entry-level Optiq, a midsize Lyriq, a three-row Vistiq, and the even larger Escalade IQ and IQL models, Cadillac is seeing an influx of buyers from other brands.

Cadillac prepares for the EV tax credit to expire

Around 70% of Cadillac’s EV buyers are from other brands, according to GM, and about 10% are former Tesla drivers. With big policy changes coming under the Trump administration, Cadillac, like the entire industry, will likely face some hurdles.

The administration already raised tariffs on imported vehicles and other auto parts, and at the end of September, the $7,500 federal EV tax credit is set to expire.

Cadillac-EV-tax-credit
2026 Cadillac Vistiq electric SUV (Source: GM)

In response to the changes, many automakers are shifting back to hybrid and gas-powered vehicles. Cadillac is no exception.

“They’ll have to have both for a number of years now,” according to Sam Fiorani, the vice president of AutoForecast Solutions. Fiorani explained (via The New York Times) that “The gas-powered vehicles make the money, and the EVs bring them a new market.”

Cadillac-EV-tax-credit
Cadillac ESCALADE IQL electric SUV (Source: Cadillac)

Cadillac was initially expected to have an all-EV lineup by the end of the decade. Thanks to the policy changes, Cadillac could continue offering hybrid and ICE vehicles for several more years.

Fiorani said that although GM planned to retire the gas-powered Escalade, it’s now due for a refresh that will be sold “well into the next decade.”

Cadillac-EV-tax-credit
Cadillac LYRIQ luxury trim (Source: Cadillac)

Earlier this year, Cadillac’s global vice president, John Roth, said during a media briefing that the company was in a better position than most with the policy changes.

All Cadillac vehicles are built in the US, except the Optiq, which is built in Mexico. According to Roth, the policy changes will have “very limited impact, if you will, on the Cadillac brand.” If anything, Roth said, it could be an opportunity for the luxury automaker.

If you’re looking to get ahead of the $7,500 EV tax credit expiration, we can help you get started. Check out our links below to find Cadillac’s electric SUVs in your area.

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Australia Post begins largest electric van pilot in its history

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Australia Post begins largest electric van pilot in its history

Australia Post is advancing its commitment to achieve Net Zero emissions across its operations by 2050 with the introduction of 36 new Mercedes-Benz eVito electric vans, expanding its existing fleet of over 5,000 EVs already in active service.

With an efficient 60 kWh battery and 85 kW (about 115 hp) electric motor, Mercedes’ eVito electric van is ideally suited to the sort of stop-and-go work of a delivery vehicle. What’s more the company’s factory upfit program, Merceds-Benz Vans Courier Solutions, makes it easier than ever for delivery and contractor fleets to spec out their vans exactly the way they need them.

And, even though the eVito’s 60 kWh battery is rated to “just” 261 km (162 miles), the sort of low-speed, high-regen duty cycle Australia Post is going to be putting it through should mean drivers see much better real world range than that — which is precisely the sort of information this 36 van pilot is meant to uncover.

“This is our largest electric van trial to date,” explains Australia Post Chief Sustainability Officer, Richard Pittard. “It’s a meaningful step forward as we continue building a modern, sustainable delivery network that meets the evolving needs of our customers while reducing our environmental impact.”

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Australia Post currently operates more than 3,600 three-wheeled electric delivery vehicles (EDVs), 1,500 e-bikes, nearly 200 UBCO DUTY electric motorcycles, and several Mitsubishi eFUSO electric box vans at its larger logistics centers.

The new eVito vans, once deployed at scale, will operate primarily in highly populated metro areas, where their positive impact on local air quality will be felt by the greatest number of people, and their respiratory health, as well.

Electrek’s Take


Mercedes eVito; via Australia Post.

This kind of deployment should be exciting to EV enthusiasts for a number of tried-and-true reasons, but this one is particularly exciting to Americans because we have an Administration actively pretending that electric postal vehicles aren’t ready for prime time. The success of programs like this one from Australia Post are just more egg in the face of these anti-EV clowns, and few things make me happier.

You can check out the official Mercedes-Benz Vans Australia eVito specs and measurements in the detailed brochure, below, then scroll on down to the comments and let us know what you think of MB’s baby Sprinter.

Mercedes eVito Specs


SOURCE | IMAGES: Australia Post.


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