On-Chain Metrics & Transparency - Stablecoins offer real-time visibility into user metrics, unlike centralized exchanges (CEXs) [1] - Circle's business has a stronger on-chain presence compared to Coinbase [1] Competitive Landscape - The report highlights a comparison between Circle and Coinbase, focusing on the accessibility of user metrics [1]

Q2 2025 Financial Performance - Revenue reached $1.1 billion, a 21% year-over-year increase[6] - Bookings totaled $1.4 billion, demonstrating a 51% year-over-year growth[6] - Average Daily Active Users (DAUs) grew to 111.8 million, up 41% year-over-year[6] - Hours Engaged increased to 27.4 billion, a 58% year-over-year rise[6] - Net loss was $(280) million[8] - Net cash provided by operating activities was $199 million, a 32% year-over-year increase[8] - Free cash flow was $177 million, a 58% year-over-year increase[8] Q3 and Fiscal Year 2025 Guidance - Q3 2025 revenue is projected between $1.11 billion and $1.16 billion, representing a 21% to 26% year-over-year increase[63] - Q3 2025 bookings are expected to range from $1.59 billion to $1.64 billion, indicating a 41% to 45% year-over-year growth[63] - Full year 2025 revenue is forecasted between $4.39 billion and $4.49 billion, a 22% to 25% year-over-year increase[64] - Full year 2025 bookings are projected between $5.87 billion and $5.97 billion, reflecting a 34% to 37% year-over-year growth[64]

Q1 2025 Results - Revenue reached $1035 million, a 29% year-over-year growth[5] - Bookings totaled $1207 million, reflecting a 31% year-over-year increase[5] - Average Daily Active Users (DAUs) were 978 million, up 26% year-over-year[5] - Hours Engaged amounted to 217 billion, a 30% year-over-year growth[5] - Net loss was $(216) million[7] - Net cash provided by operating activities was $444 million[7] - Free cash flow reached $427 million, showing an 86% year-over-year growth[7] - Adjusted EBITDA was $58 million, a 123% year-over-year increase[7] Q2 2025 Guidance - Revenue is projected to be between $1020 million and $1045 million, a 14%-17% year-over-year increase[64] - Bookings are expected to range from $1165 million to $1190 million, indicating a 22%-25% year-over-year growth[64]