Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as inotched a year-on-year increase in revenue despite lower trading volumes.

The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement.

Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters.

Of the total revenue, $334.4 million came from subscription and services (mostly stablecoin and blockchain rewards), while $288.6 million came from transaction-based revenues.

Meanwhile, consumer trading volume came in at $11 billion, a fall from $26 billion in Q3 2022.

Institutional trading volumes came in at $65 billion, down from $78 million in Q2 and $133 million in Q3 2022.

These volumes have been trending downwards for five consecutive quarters.

Despite this, Coinbase said in a statement it was pleased with how the quarter played out:

“Q3 was a strong quarter for Coinbase. Amid multi-year low levels of volatility, we are pleased with our financial results.”

The exchange also produced a positive adjusted EBITDA for the third consecutive quarter — a sign that they’re building toward a “sustainable business” that can drive “long term growth,” it said.

Adjusted EBITDA stands for earnings before interest, taxes, depreciation and amortization and is a metric that provides analysts a means to make more meaningful comparisons to a variety of companies in the same industry.