Exodus sees first quarter revenue drop to $13 million, but reports high customer loyalty
Crypto wallet company Exodus publishes its Q1 report June 8Reporting over $13 million in revenue, its active users remained largely stable and saw only a small drop.
Exodus Movement Inc said it sees revenue of $13.3 million in the first quarter of 2023.
The company also reported higher utilization rates. CEO JP Richardson said:
“We are thrilled that our 800,000 loyal customers have persevered through last year’s downturn… In (Q1) we saw more transactions, more exchange volume and significantly more downloads.”
Although Richardson reported growth compared to an unspecified period, the company’s year-over-year figures indicate a small decline in those categories. Exodus’ monthly active users fell 6% to 875,275 from 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, while Q1 2022 had a net loss of $3.4 million.
The company reported $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-protected cryptocurrency wallet that supports multiple cryptocurrencies. extorts money from the company exchange integrationWhich means that, unlike some other wallet providers, it generates and reports income.
