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Bitpanda Financial Results 2023: Revenue and earnings surge delivering rapid return to profitability


By Bitpanda

Bitpanda, Europe's leading crypto company, has reported its most significant quarters of growth to date, with revenue for Q1 FY ‘24 exceeding €100 million.

Growth strategy delivers results

In 2022 the wider market experienced a significant downturn, which led Bitpanda to rethink its long-term growth strategy. This meant a refocus on efficiency, and investing in products and services. The ambitious plan required significant investment and meant that Bitpanda did not generate a profit in 2022 for the first time since 2016.

The strategy is now delivering results.

Eric Demuth, CEO and founder of Bitpanda: “Today, Bitpanda is more cost-efficient than it has ever been and has the best possible setup to scale further. What we have built since 2022 is starting to bear fruit. We have built an infrastructure that can deliver results regardless of market sentiment, at a constant cost base. We can withstand long bear markets and scale significantly with high profit margins in bull markets. Bitpanda is in the best shape we have ever seen and 2024 could be the most profitable year in Bitpanda’s decade long history.”

The numbers

In just a single year, Bitpanda returned to profitability in FY ‘23 with revenues growing to €147.6 million and Earning Before Tax reported as €13.6 million.

But this is just the start. Already Q1 2024 is the company’s most profitable since it was founded, and the foundations have been laid to ensure Bitpanda continues to deliver for its users and investors. 

The context

Throughout 2022 and 2023 Bitpanda announced a series of milestones. This included the launch of several new products on its broker platform, the addition of several new licences with major regulators such as BaFin, a relaunch of its B2B focused whitelabel solution (Bitpanda Technology Solutions), and several industry leading partnerships with well known institutions such as Visa, N26, LBBW, and Raiffeisen.

The combined results have cemented Bitpanda’s position as the market leading European crypto company, and laid strong foundations for further sustainable growth in the years to come.

Jonas Larsen, CFO at Bitpanda: “Coming out of a challenging 2022 we worked hard on installing needed measures for the rapid return to profitability we achieved in 2023. Operational excellence and scalability initiatives and strict cost management combined with smart spending were major drivers along a steadily growing top line to ensure a significantly increased financial performance. I am confident in saying that 2024 has a great opportunity to be our best performing year in the company’s history”


This article does not constitute investment advice, nor is it an offer or invitation to purchase any digital assets.

This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein. *Bitpanda Stocks are contracts replicating an underlying stock or ETF. More information and the PRIIPs key information document (KID) are available at bitpanda.com.