Exodus sees Q1 revenue drop to $13M but reports high customer loyalty
The crypto wallet company said that 800,000 users persisted during the crypto winter.
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.