Exodus Movement reported an 80% YoY surge in revenue for Q2 financials to $22 million. However, the company also experienced increased expenses and costs, which resulted in a $10 million loss in the firm’s financial statements.
Self-custody wallet firm Exodus Movement reported a $10 million loss in its first quarterly filings after going public in May on the New York Stock Exchange American, a sister market of the New York Stock Exchange (NYSE). The company initially recorded an 80% uptick in year-over-year revenue, up to $22.31 million in the second quarter.
However, Exodus’ expenses and costs also increased significantly over the reported period, leading to a $10 million loss. The company had reported a $2 million profit in the same quarter the year before.
Exodus has $195 million in digital assets
Exodus reportedly has $195 million in digital assets under custody, of which $121.3 million are in Bitcoin and Ethereum. The company also reported having $70.7 million in cash and cash equivalents, which include U.S. Treasury bonds and stablecoins.
The financial statement also revealed that the custodial wallet’s adjusted Q2 earnings before depreciation, interest, taxes, and amortization (EBITDA) increased by 43% to $5.8 million from $4.1 million in Q2 last year.
Source: Exodus
In the press release, Exodus’ chief executive officer (CEO), JP Richardson, mentioned that the company’s Q2 financials mirror the leadership in “product innovation and overall growth of the digital assets market.”
The financial statements also revealed that 89% of the company’s revenue originated from the wallet’s exchange aggregation service. The income stream settled at nearly $20 million. The revenue stream from the wallet’s aggregator tool also increased by 94% from Q2 2023’s $11.6 million.
The wallet’s aggregator tool relies on application programming interface (API) agreements with centralized exchanges. The feature allows users to swap from one digital asset to another within the Exodus wallet at the best possible market prices and charges a fee for the service.
Other revenue streams for the company include fiat onboarding and offboarding, which netted the company 4.3% of its operating revenue. The company also offers consulting and staking, among other services, which yielded 6% of its operating revenue.
Exodus user count grows to 1.5 million active customers
Besides a surge in Q2 income from last year, the company also recorded a slight growth in monthly active users from 1.2 million in 2023 to 1.5 million in 2024. In Q2 2024, exchange providers processed $1.05 billion, a 78% increase from $0.59 billion in Q2 2023.
The most traded assets in Q2 2024 were Bitcoin BTC, the TRC-20 Tether USDT, the ERC-20 USDT, and Ether, which accounted for 25%, 15%, 12%, and 12% in volume, respectively.
Exodus officially launched one of Bitcoin’s first digital asset self-custody wallets over a decade ago. Over the years, the firm has expanded its reach to accommodate over 50 networks and added supporting technology for non-fungible tokens. The company also hosts staking services for users on Solana and Ethereum networks.
