Exodus Reports 24% Revenue Growth Despite User Drop and Net Loss
Exodus Movement, Inc. (NYSE American: EXOD) has reported its financial results for Q1 2025, showing a significant increase in revenue despite a decline in monthly active users and a net loss due to digital asset fluctuations. The company's revenue grew by 24% year-over-year to $36.0 million, driven by continued product innovation and demand for self-custody solutions. Despite a 30% drop in monthly active users to 1.6 million, Exodus maintained 1.8 million funded users by the end of the quarter. Exodus' digital asset holdings include 2,011 BTC, valued at $166.0 million, and 2,693 ETH, valued at $4.9 million. The company also holds $62.8 million in USD Coin and Treasury bills, totaling $238.0 million in digital assets, cash, and cash equivalents. Notably, Exodus' bitcoin holdings increased by 70 BTC since December 31, 2024. The quarter saw a substantial increase in expenses, with technology, development, and user support up 39% to $14.9 million, and general and administrative costs up 79% to $14.3 million. This led to a net loss of $12.9 million, compared to a $54.8 million net income in Q1 2024, largely due to a $28.8 million loss on digital assets. Exodus processed a total exchange volume of $2.18 billion in Q1 2025. Despite the net loss and increased expenses, the company's leadership remains optimistic about its future growth opportunities, citing strong user numbers and continued demand for its services.
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