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

Crypto wallet company Exodus published its Q1 report on June 8, reporting over $13 million in revenue and its active users remained largely consistent and only saw a small decline.

Exodus Movement Inc. said it saw $13.3 million in revenue in Q1 2023. That amount represents a 13% decrease from Q1 2022 when it saw $15.4 in revenue.

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

“We’re thrilled that our 800,000 loyal customers persevered through last year’s downturn …in [Q1] we saw more transactions, more exchange volume, and significantly more downloads.”

Though Richardson reported growth compared to an unspecified period, the company’s year-over-year statistics indicate a small decline in those categories. Exodus’s monthly active users fell 6% from 875,275 to 821,566, its download count fell 18% from 805,294 to 660,143, and its exchange provider volume fell 12% to $645.6 million.

Richardson said the quarter was profitable due to restrained spending. Exodus reported $800,000 in net income in Q1 2023, as opposed to a $3.4 million net loss in Q1 2022.

The company reported $101 million in digital assets, which includes $41.3 million in Bitcoin and $54 million in cash and cash equivalents and Treasury bills.

Exodus provides a self-custodied cryptocurrency wallet that supports multiple cryptocurrencies. The company collects money from exchange integrations, meaning that, unlike some other wallet providers, it earns and reports revenue.