- Exodus Movement, a provider of self-custody wallets, reported a roughly $10 million quarterly loss as opposed to a nearly $2 million profit during the same period previous year.
- The company, according to CFO James Gernetzke, has a long runway, with assets of $121.3 million in ETH and BTC.
- This is the company’s first financial report following its May NYSE American listing.
Exodus Movement, a provider of self-custody wallets, announced an 80% increase in second-quarter sales to $22.3 million over the previous year. But the company’s cost of revenue also went up, and it reported a roughly $10 million quarterly loss as opposed to a $1.9 million profit in the same quarter last year.
JP Richardson, CEO and co-founder of Exodus, stated in a statement, “Our strong Q2 performance reflects our leadership in product innovation and the overall growth of the digital asset market.”
The organization, which has been around for about ten years, introduced one of the earliest bitcoin digital wallets. Since then, it has included NFT and staking functionality for networks such as Ethereum and Solana, and it has grown to over 50 networks.
James Gernetzke, Chief Financial Officer, stated that the company has a “long runway for growth” and intends to strategically invest in its product. He pointed out that the free software company’s revenue comes from a growing B2B approach.
Exchange services, such as aggregation ($19.9 million in revenue), fiat onboarding ($1 million), staking ($500,000), and consultation ($500,000), are the main sources of income for Exodus Movement. In the second quarter, Exodus handled more than $1 billion worth of cryptocurrency transactions for exchanges.
Additionally, the number of monthly active users increased to 1.5 million this quarter from 1.2 million during the same time previous year.
The majority of Exodus’ treasury is made up of digital assets. It has around $195.5 million in digital assets, including $121.3 million in bitcoin and Ethereum tokens, and $70.7 million in cash and cash equivalents, such as Treasurys and stablecoins.
Since its shares (ticker: EXOD) was uplisted on NYSE American, a branch of the New York shares Exchange, in May, Exodus has released its first quarterly financial statement. Exodus reported $29.1 million in revenue and 1.69 million monthly active users in the first quarter of 2024 in its preliminary analysis.
The shares of Exodus, formerly known as EXIT, began trading in 2021 after the company raised $60 million through a listing on tZero, the digital securities section of Overstock.com. One of the first and only tokenized company equities, its common stock was tokenized on the proof-of-stake Algorand network by Securitize.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
