Exodus Movement Reports Q1 Decline in Revenue, Loses $7.2 Million

Exodus Movement (tZERO: EXOD, Securitize Markets: EXOD) has reported its Q1 earnings and the digital asset firm says revenue declined to $15.4 million a drop of 35% year over year. Exodus described the performance as “in line with market trends.” Exodus is a digital asset platform providing a non-custodial crypto wallet that enables users to purchase digital assets including NFTs.

JP Richardson, CEO and co-founder of Exodus, issued the following statement on the report:

“Our business is well-positioned to weather volatility in today’s crypto market. First-quarter 2022 performance was consistent with our closest peers and the market downturn. We recorded total revenue of  $15.4 million, down 35% from Q1 of last year. That said, we ended the quarter with over $120 million in liquid assets. In all operating environments, we are customer-focused and relentless when it comes to delivering new products that help people exit traditional finance.”

“The upcoming launch of our new brand embodies the next evolution of Exodus. We believe self-custody and Web3 is the future, and Exodus is the leading self-custodial platform that will give customers access to Web3 via our multi-chain browser extension. We expect the release of other exciting products, including additional on-ramps and NFT enhancements, to complement the browser extension launching on May 17. Exodus is well-positioned to be the go-to app for all things Web3 by the end of 2022.”

Exodus highlighted several events during the quarter:

  • Exchange provider processed volume – $730 million in Q1 2022, down 49% from $1.4 billion in Q1 2021. Bitcoin and Ethereum continue to be the top assets traded at 22% and 14% of volume, respectively in Q1 2022.
  • Exodus monthly active users – MAUs grew to 875,275 as of quarter-end, up 11% from the 786,561 MAUs on March 31, 2021.
  • Adjusted EBITDA5 – ($0.6) million in Q1 2022, down from $15.8 million in Q1 2021.
  • Digital assets and cash6 – $123.3 million, including $59.2 million in bitcoin and $51.9 million in USD and USDC as of March 31, 2022.
  • Full-time equivalent employees – approximately 270 at Q1 2022, an increase of approximately 130 from Q1 2021.

Exodus was the first issuer to hit the maximum amount allowable under Reg A+ raising $75 million from over 6800 individual investors. Exodus reported that it initially raised approximately $60 million in the first five days of offering the securities. Exodus has since listed its securities on two leading blockchain based securities marketplaces – tZERO and Securitize.

Exodus’ shareholder letter is available here.

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