Exodus Movement reports Q1 2025 financial results, highlighting revenue growth but notable losses and decreased user engagement.
Quiver AI Summary
Exodus Movement, Inc. has released its unaudited financial results for the first quarter of 2025, reporting a 24% increase in revenue to $36 million compared to the previous year. However, the company experienced a significant net loss of $12.9 million, a sharp decline from the $54.8 million income reported in Q1 2024, largely due to a net loss on digital assets. Exchange volume decreased by 7% from the previous quarter, and the number of monthly active users fell by 30% to 1.6 million. Despite these challenges, the company's CEO stated that Exodus continues to innovate within the growing digital asset market. The CFO highlighted the quarter's record revenue figures, expressing confidence in the company's future opportunities. A webcast discussing the results is scheduled for later in the day.
Potential Positives
- Revenue for Q1 2025 reached $36.0 million, marking a 24% increase compared to Q1 2024, demonstrating strong growth for the company.
- The company achieved its highest first quarter revenue and the second-best revenue quarter on record, indicating positive financial momentum.
- Exodus maintains a significant value of digital assets and cash, totaling $238.0 million, providing a strong financial foundation.
- Management expressed confidence in the company's ability to expand and capitalize on opportunities in the digital asset market.
Potential Negatives
- Net loss of $12.9 million in Q1 2025 compared to a net income of $54.8 million in Q1 2024, representing a significant decline in profitability.
- Monthly active users dropped by 30%, from 2.3 million at the end of Q4 2024 to 1.6 million in Q1 2025, indicating potential challenges in user engagement and retention.
- Exchange processed volume decreased by 7% compared to the previous quarter, suggesting weakening market activity or competitiveness.
FAQ
What were Exodus' Q1 2025 revenue figures?
Exodus reported revenue of $36.0 million for Q1 2025, a 24% increase from $29.1 million in Q1 2024.
How many active users did Exodus have in Q1 2025?
Exodus had 1.6 million monthly active users at the end of Q1 2025, a 30% decrease from 2.3 million in Q4 2024.
What is Exodus' focus in the cryptocurrency market?
Exodus emphasizes innovative self-custody solutions to capture the growing market for digital assets.
When will Exodus host its Q1 2025 earnings webcast?
The Q1 2025 earnings webcast will take place on May 12, 2025, at 4:30 PM Eastern Time.
What digital assets does Exodus hold as of March 31, 2025?
As of March 31, 2025, Exodus held $238.0 million in digital assets, including Bitcoin, Ether, and cash equivalents.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
OMAHA, Neb., May 12, 2025 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial cryptocurrency platform, today announced its unaudited results for the first quarter ended March 31, 2025.
First Quarter 2025 Financial Highlights (Unaudited)
| In USD millions, except percentages | Q1 2025 | Q1 2024 |
% Change
|
||||||
| Revenue | $ | 36.0 | $ | 29.1 | 24 | % | |||
| Technology, development and user support | 14.9 | 10.7 | 39 | % | |||||
| General and administrative | 14.3 | 8.0 | 79 | % | |||||
| Loss (gain) on digital assets, net | 28.8 | (56.8 | ) | (151 | %) | ||||
| Net (loss) income | (12.9 | ) | 54.8 | (124 | %) | ||||
“Exodus continues to offer innovative solutions that capitalize on the growing market for digital assets,” said JP Richardson, CEO and co-founder of Exodus. “Meanwhile, our focus on self-custody remains a difference-maker.”
First Quarter Operational and Other Financial Highlights
- Exchange provider processed volume - $2.18 billion in Q1 2025, down 7% from Q4 2024. Bitcoin, Tether (TRX Network), Solana, Tether (ETH Network), ETH, and XRP were the top assets traded in Q1 2025, at 16%, 11%, 11%, 9%, 8%, and 8% of volume, respectively.
- Exodus monthly active users - 1.6 million at end of Q1 2025, down 30% from 2.3 million as of December 31, 2024.
- Exodus quarterly funded users - 1.8 million at end of Q1 2025, down 5% from 1.9 million as of December 31, 2024.
- Digital assets, cash, and cash equivalents - $238.0 million, including 2,011 units of Bitcoin valued at $166.0 million, 2,693 units of Ether valued at $4.9 million, and $62.8 million in cash and cash equivalents, USD Coin (USDC), and Treasury bills as of March 31, 2025.
- Full-time equivalent team members - approximately 210 as of March 31 2025, unchanged from the prior quarter.
- Customer response time - average response time of less than 60 minutes in Q1.
“Q1 saw our highest first quarter revenue and second best revenue quarter on record.” said James Gernetzke, CFO of Exodus. “With an abundance of opportunities at our doorstep, Exodus is well-positioned to expand within our industry and beyond, well into the future.”
Q1 2025 Webcast
Exodus will host a webcast of its preliminary first quarter 2025 fiscal results beginning at 4:30PM (Eastern Time) on May 12, 2025. To access the webcast, please use this link . It will also be carried on the Company’s website exodus.com/investors . Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website, and a replay of the video webcast will be available following the live event for at least 90 days thereafter.
Investor Contact
[email protected]
Disclosure Information
Exodus may use its website and the following social media outlets as distribution channels of material nonpublic information about the Company. Financial and other important information regarding the Company is routinely accessible through and posted on the following: websites exodus.com/investors and exodus.com/blog , and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “should,” “intend,” “believe,” “expect,” “likely,” “believes,” “views”, “estimates”, or other comparable terminology. Forward-looking statements in this document include, but are not limited to, our preliminary financial information, including digital asset holdings, exchange provider processed volumes and our fiscal quarter end results, management statements regarding management’s confidence in our products, services, business trajectory and plans, expectations regarding demand for our products; and our ability to deliver higher transaction volumes. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025, as well as in our other reports filed with the SEC from time to time. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
