It’s a tale of two halves for Exodus Movement when it comes to revenue growth. After the likes of Uniswap and Coinbase, Exodus Movement releases year-on-year growth information.
Exodus Movement, a self-custody wallet company, saw an 80% increase in second-quarter revenue, reaching $22.3 million year-over-year, according to the latest crypto news. However, rising costs led to a quarterly loss of nearly $10 million, compared to a $1.9 million profit in the same period last year.
With nearly a decade in business, Exodus was one of the first companies to offer digital wallets for Bitcoin and has since expanded to over 50 networks, adding features like NFT and staking support for Ethereum and Solana.
The company’s Chief Financial Officer, James Gernetzke, highlighted their growth potential and plans for strategic investments, driven by their growing B2B strategy.
Our strong Q2 performance reflects our leadership in product innovation and the overall growth of the digital asset market.”
Exodus generates most of its revenue from exchange services, including aggregation ($19.9 million), fiat onboarding ($1 million), staking ($500,000), and consulting ($500,000). In the second quarter, the company processed over $1 billion in crypto transaction volume.
Monthly active users increased to 1.5 million this quarter, compared to 1.2 million in the same period last year. The company’s treasury holds $70.7 million in cash and equivalents, along with $195.5 million in digital assets, including $121.3 million in Bitcoin and Ethereum.
This marks Exodus’ first financial report since its stock (ticker: EXOD) was uplisted on NYSE American in May. In Q1 2024, Exodus reported $29.1 million in revenue and 1.69 million monthly active users.
Exodus stock initially launched in 2021 under the ticker EXIT, raising $60 million through a listing on Overstock.com’s tZero platform. The stock was tokenized on the Algorand network, making it one of the first tokenized corporate stocks.
