10-Q · August 12, 2026
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…
BTGO earnings analysis
10-Q · Filed November 9, 2026 · Our reading of the company's report
The latest report
BitGo delivered positive diluted EPS of $0.36, but Q3 revenue fell 50.9% year over year to $2.852 billion and missed the supplied consensus estimate of $4.336 billion by approximately 34%. Operating results remained…
Read full summary
BitGo delivered positive diluted EPS of $0.36, but Q3 revenue fell 50.9% year over year to $2.852 billion and missed the supplied consensus estimate of $4.336 billion by approximately 34%. Operating results remained weak, with a $19.2 million operating loss and a $4.3 million Adjusted EBITDA loss, while reported net income was supported by $71.5 million of unrealized digital-asset gains. Client count and stablecoin services grew, but Assets on Platform declined 42.4%, cash flow from operations was negative $54.7 million for the first nine months, and material weaknesses and executive turnover add execution risk.
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
- $0.36
- Operating margin
- -0.7%
- Segment
- Single reportable operating segment: total revenue $2.852 billion for Q3 2026; revenue categories were digital assets sales $2.720 billion, staking $68.2 million, subscriptions and services $25.6 million, Stablecoin-as-a-Service $37.4 million, and interest income $0.8 million.
What stood out
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Revenue contracted sharply
Q3 revenue was $2.852 billion, down 50.9% from $5.810 billion in Q3 2025 and down from $4.33 billion in Q2 2027 based on the supplied quarterly history. Digital assets sales revenue fell 52.0% year over year to $2.720 billion due to lower trading activity and a shift toward lower-margin stablecoin transactions.
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EPS positive, core operations loss-making
Diluted EPS was $0.36 versus a diluted loss of $0.16 in the prior quarter and $0.15 in Q3 2025. However, Q3 operating loss was $19.2 million, or a negative 0.7% operating margin, and Adjusted EBITDA was a loss of $4.3 million.
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Earnings benefited from crypto gains
Net income was $44.1 million versus $22.7 million in Q3 2025, but included $71.5 million of unrealized digital-asset appreciation and $7.4 million of gains on digital-asset disposals. Without these other-income items, operating profitability remained negative.
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Client base grew despite asset declines
Client count increased to 6,640 from 4,988 year over year, while Assets on Platform declined 42.4% to $59.9 billion and Assets Staked declined to $10.5 billion from $28.6 billion. Management attributed the asset declines primarily to lower digital-asset prices.
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Stablecoin service continued to scale
Stablecoin-as-a-Service revenue increased 52.5% year over year to $37.4 million, while related sponsor fees rose 46.0% to $34.5 million. Nine-month Stablecoin-as-a-Service revenue was $114.3 million, up 184.7%.
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Liquidity strengthened after IPO
Cash and cash equivalents excluding restricted stablecoin reserves rose to $143.2 million from $106.3 million at December 31, 2025, while restricted stablecoin cash increased to $4.417 billion from $3.314 billion. The IPO generated $174.0 million of net proceeds, partially offset by $24.7 million of share repurchases.
What to watch
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Senior leadership turnover
Management said the CFO and COO each informed the company of their intention to resign during Q3 2026. The company is searching for a new CFO and stated that leadership transitions may impair execution and remediation of internal-control weaknesses.
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Material weaknesses remain
Disclosure controls were not effective at September 30, 2026 because material weaknesses remained in IT general controls, segregation of duties, manual reviews, third-party IT controls, and qualified personnel. Management expects remediation efforts to continue during 2026, but the weaknesses remained unremediated in this filing.
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Material litigation exposure
Falcon Digital Management and DWF MaaS filed an English commercial-court claim alleging token sales before contractual lock-up expirations; the stated primary claim amount is approximately $141 million. Separately, a securities class action related to the IPO remains pending, with an amended complaint due November 30, 2026 and no loss accrued.
Management's outlook
The 10-Q provides no quantitative revenue or EPS guidance. Management stated that available cash and cash collected from revenue are expected to meet liquidity needs for at least the next twelve months, while future capital requirements will depend on digital asset prices and volatility, growth, client acquisition, headcount, product investment, and potential M&A.
Earlier filings 3
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…
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.
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