Company: CRCL
Filing Date: 2025-08-12
Form Type: S-1
Source: 0001193125-25-178989
Chunk: 159

Company: Circle Internet Group, Inc.
Filing Date: 2025-08-12
Form: S-1
Chunk 159
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 new strategic distribution partner. Other Revenue.Other revenue increased by $17.0 million, or 251.8%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase of $12.8 million and $5.6 million in subscription and services revenue and transaction revenue, respectively, which were primarily driven by additional Integration Services performed, fund management fees, and redemption fees related to our Tokenized Funds and Circle stablecoins. In the three months ended March 31, 2025, we delivered a significant increase in Integration Services, which is the primary driver of the relatively larger increase as compared to the three months ended December 31, 2024. Net Reserve Margin.Over the 5 quarterly periods ended June 30, 2025, our Net Reserve Margin trended consistently and in line with drivers related to the RLDC Margin. Revenue and Reserve Income less Distribution and Other Costs.Revenue and Reserve Income Less Distribution and Other Costs increased by $69.0 million, or 38%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, which reflects the drivers for Total Revenue and Reserve Income and Distribution, Transactions and Other Costs noted above. 103

Non-GAAP financial measures Adjusted EBITDA To provide investors with additional information regarding our financial results, we have disclosed here and elsewhere in this prospectus Adjusted EBITDA, a non-GAAP financial measure that we calculate as net income (loss) from continuing operations excluding: depreciation and amortization expense; interest expense, net of amortization of discounts and premiums; interest income; income tax (benefit) expense; stock-based compensation expense; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; merger termination expenses; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, and embedded derivatives; (gains) losses on sale of long-lived assets; and foreign currency exchange loss. We have provided a reconciliation below of Adjusted EBITDA to net income (loss) from continuing operations, the most directly comparable GAAP financial measure. We present Adjusted EBITDA because it is a key measure used by our management and board of directors to monitor and evaluate