Exodus Reports Full Year 2022 Results, Revenue Drops by 47% Versus Year Prior

Exodus Movement (tZERO: EXOD), a company that offers a self-custodial cryptocurrency platform, has announced full 2022 results. According to the company, revenue for the year sank by 47%, dropping to $50.6 million in comparison to $95.8 million during 2021. The net loss for 2022 was $23.1 million compared to a net loss the year prior of $21.9.  While the cost of revenues inched higher during the year, operating expenses increased by 64% in 2022.

JP Richardson, CEO and co-founder of Exodus, missed the following statement on the results.

“We went to work in 2022, delivering beautifully-designed and easy-to-use products for our customers. The browser-based Exodus Web3 wallet offers the first multi- and cross-chain experience for our customers to navigate Web3. Customers can now buy or sell crypto in-app and swap almost 300 supported assets. We introduced custom tokens and a new mobile experience that made our product even easier to use. These additions bring Exodus closer to achieving our vision: to help the world exit traditional finance. Happy users are vital to the success of Exodus, and we are committed to providing world-class service. This year we expect to expand the Exodus product offering and create a platform where customers can self-custody all their digital assets in one app.”

Exodus said that the full-year 2022 exchange volume of $2.55 billion was down 54% from the previous year.

Monthly active users declined as well, going from 914,912 in Q4 2021 to 741,813 in Q4 2022, down 19%.

Exodus reported $79.2 million on its balance sheet, including $26.0 million in Bitcoin and Ethereum and $52.5 million in USD and Treasury bills, as of December 31, 2022.

Exodus issued securities under Reg A+ in 2021. The company closed its funding round in May 2021, raising $75 million in gross proceeds – the maximum amount currently allowed under the exemption.

Shares in Exodus trade on both tZERO as well as Securitize.

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