Exodus Movement Reports Strong Revenue Growth

Exodus Movement, a self-custody wallet company, announced an 80% year-over-year increase in second-quarter revenue, now at $22.3 million. Despite this, the company incurred a quarterly loss of nearly $10 million, compared to a $1.9 million profit in the same quarter last year.

CEO’s Statement

JP Richardson, CEO and co-founder of Exodus, stated, “Our strong Q2 performance reflects our leadership in product innovation and the overall growth of the digital asset market.”

Business Expansion

Having operated for nearly a decade, Exodus launched one of the first digital wallets for Bitcoin and has since expanded to over 50 networks, adding NFT and staking support for platforms such as Ethereum and Solana.

Future Growth

CFO James Gernetzke emphasized the company’s potential for growth, stating they plan to make strategic investments in product development. The company’s B2B strategy is also reportedly expanding, contributing to their revenue stream.

Revenue Sources

Exodus primarily generates revenue from exchange services, which include:
– Aggregation: $19.9 million
– Fiat Onboarding: $1 million
– Staking: $500,000
– Consulting: $500,000

In the second quarter, Exodus processed over $1 billion in crypto transaction volume.

User Growth

Monthly active users rose to 1.5 million, up from 1.2 million in the same period last year.

Financial Position

Exodus holds approximately $70.7 million in cash and cash equivalents—mainly stablecoins and Treasurys—alongside $195.5 million in digital assets, which includes $121.3 million in Bitcoin and Ethereum tokens.

Stock Uplisting

This report marks Exodus’s first quarterly financial statement since its stock (ticker: EXOD) was uplisted on NYSE American in May. In the preliminary review, the company reported $29.1 million in revenue with 1.69 million monthly active users in the first quarter of 2024.

Exodus’s stock began trading as EXIT in 2021 after raising $60 million through its listing on Overstock.com’s tZero platform, becoming one of the few tokenized corporate stocks.