Not revenue. In 2021 COIN earned 3.62B profit on 7.84B revenue. People are acting like COIN is one of these companies that has never made money. Last year they had a $14.50 EPS.

2021 Fiscal Year https://finance.yahoo.com/quote/COIN/key-statistics?p=COIN

Of course past results are not indicative of the future, but in 2020 and 2021 COIN had positive earnings.