Company: CRCL
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001193125-25-070481
Chunk: 158

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 158
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 it is useful to exclude non-cashcharges, such as depreciation and amortization, stock-based compensation expense, and change in fair value of various financial instruments from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax expense, interest income, interest expense, and non-routineitems as these items are not components of our core business operations. Adjusted EBITDA has limitations as a financial measure, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

| • |     | Although depreciation and amortization are non-cash charges, the assets being                                                                                                                 
 depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures; |

| • |     | Adjusted EBITDA does not reflect stock-based compensation and related taxes. Stock-based compensation has been, and will           
 continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy; |

| • |     | Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital; |

| • |     | Adjusted EBITDA excludes one-time 
 non-routine items; and            |

| • |     | Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its 
 usefulness as a comparative measure.                                                                               |

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss), and our other GAAP results. 112

The following table reconciles Adjusted EBITDA to net income (loss) from continuing operations, the most closely comparable GAAP financial measure, for the periods indicated (in thousands):

|                                                                                                      |     | Year ended December 31, 
 2024                    |         |   |     | 2023 |         |   |     | 2022 |          |   |
|:-----------------------------------------------------------------------------------------------------|:----|:------------------------|--------:|:--|:----|:-----|--------:|:--|:----|:-----|---------:|:--|
|                                                                                                      |     | -in thousands           |         |   |     |      |         |