KBW maintained its Market Perform rating and $12 price target on BitGo (NYSE: BTGO) on Thursday after the crypto infrastructure firm reported Q1 2026 net revenue of $48.9 million, up 9% year over year, and posted an EBITDA loss as operating expenses exceeded KBW’s estimate.
KBW raised its 2026 net revenue estimate to $226.9 million from $218.0 million but cut its EBITDA forecast to a $14.7 million loss from an earlier $11.1 million profit estimate
BitGo’s Q1 revenue came in roughly on target with KBW’s $48.8 million estimate, but costs exceeded KBW’s estimate. Total cash operating expenses were $55.9 million, compared with KBW’s $48.3 million estimate, driven by higher compensation and benefits of $29.6 million, general and administrative costs of $20.3 million, and interest expense of $6.0 million. KBW-defined EBITDA was a loss of $6.9 million, missing KBW’s $0.5 million profit estimate and the $3.1 million consensus.
BitGo’s management-reported adjusted EBITDA loss was $1.7 million, which reflected $3.0 million in add-backs for legal, professional, and other one-time charges tied to its IPO and strategic initiatives, along with a $2.0 million gain on disposal of assets. GAAP operating loss was $19.9 million. Management expects Q2 revenue to be broadly in line with Q1, supported by stable crypto sales and staking alongside modest growth in subscriptions and stablecoin services, according to KBW.