Exodus’ profitability soars despite decline in revenues

Upland: Berlin is here!

exodus, listed Recently, a company whose main product is a self-custodial crypto wallet announced Financial results for the first quarter of 2023 showed revenues down 13% year over year to $13.3 million compared to the first quarter of 2022.

However, despite the decline in sales, the company’s adjusted EBITDA (earnings before interest, before tax, depreciation and amortization) fell from $0.60 million in Q1 2022 to $0.6 million in Q1 2023 at It rose to $3.5 million, the report said. press release.

Exodus Wallet Finances
Source: Exodus

These figures show that the company’s operating performance has improved significantly, resulting in improved profitability in the first quarter of 2023. Increased adjusted EBITDA, positive operating income, and positive net income all point to improved profitability for the company over the period, despite lower sales.

Exodus CEO and co-founder JP Richardson thanked the company’s 800,000 loyal customers.

“We are delighted that our 800,000 loyal customers have weathered the recession last year and are looking forward to brighter days ahead.”

Richardson attributed the company’s profitability in the first quarter to an increase in trading volume, volume and a “significant increase in Exodus downloads,” coupled with disciplined corporate spending.

Exodus’ most significant product success in Q1 2023 was the release of its dApp browser in Exodus Mobile. This browser allows the user to access his Web3 features directly from his mobile device. [and] Such as the “insurance” function.

Key operational and financial highlights of the first quarter 2023 report include a 12% year-over-year decrease in foreign exchange transaction volume processed to total $645.6 million.

Bitcoin, USDT and Ethereum were the most traded assets, accounting for 27%, 15% and 11% of trading volume respectively. In Q1 2023, monthly active users decreased 6% year-over-year to 821,566.

Additionally, the company recorded 660,143 downloads across Exodus Mobile, desktop and Web3 wallets, down 18% compared to Q1 2022.

As of March 31, 2023, Exodus held $101 million in digital assets and cash, including $41.3 million in Bitcoin and $41.3 million in cash, cash equivalents and Treasury bills. $54 million included.

The number of Exodus full-time equivalent team members has decreased by 28% year-over-year to a total of 195 members.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button