Exodus sees Q1 revenue drop to $13M but reports high customer loyalty

Cryptocurrency wallet company Exodus has released its first quarter report. June 8reported revenue of over $13 million, with active user numbers largely stable and only showing a slight decline.

Exodus Movement Inc. announced revenue of $13.3 million for the first quarter of 2023. This amount is down 13% from Q1 2022, when revenue was $15.4.

The company also reported high usage rates. CEO JP Richardson said:

“We are very pleased that our 800,000 loyal customers survived last year’s recession. [Q1] We saw more transactions, more exchange volume, and significantly more downloads. “

Richardson reported growth relative to an unspecified period, but the company’s year-over-year statistics show slight declines in these categories. Exodus Monthly Active Users Decline 6% from 875,275 to 821,566, Downloads Decline 18% from 805,294 to 660,143, Exchange Provider Trading Volume Declines 12% to $645.6 Million I was.

Richardson said the company was profitable in the quarter as spending was restrained. Exodus reported a net profit of $800,000 in the first quarter of 2023, compared to his $3.4 million net loss in the first quarter of 2022.

The company reports $101 million in digital assets, including $41.3 million in Bitcoin and $54 million in cash and cash equivalents and Treasury bills.

Exodus offers a self-stored cryptocurrency wallet that supports multiple cryptocurrencies.the company collects money from exchange integrationIn other words, it earns and reports earnings unlike other wallet providers.

Post Exodus reports that revenue fell to $13 million in the first quarter, but CryptoSlate was the first to show high customer loyalty.

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