Exodus Movement, Inc. (tZERO: EXOD), the self-custodial cryptocurrency software platform, announced its fiscal 2023 results “for the first quarter ended March 31, 2023.”
The company “reported first quarter revenue of $13.3 million, a decrease of 13% year-over-year from Q1 2022.”
JP Richardson, CEO and co-founder of Exodus, said:
“We’re thrilled that our 800,000 loyal customers persevered through last year’s downturn to reach the brighter days ahead. In the first quarter we saw more transactions, more exchange volume, and significantly more downloads of Exodus. This positive turn of events led to yet another profitable quarter when combined with our disciplined corporate spending.”
As noted in the update:
“Our biggest product success in Q1 was the release of our Web3 dApp browser in Exodus Mobile. Exodus empowers customers to explore all that Web3 has to offer in the palm of their hands. In those hands, their phone is an on-chain powerhouse containing the most advanced lending, borrowing, staking, insurance, and other capabilities that decentralized finance has to offer.”
First Quarter Operational and Other Financial Highlights:
- Exchange provider processed volume – $645.6 million in Q1 2023, down 12% from Q1 2022. Bitcoin, USDT, and Ethereum were the top assets traded in Q1 2023, at 27%, 15%, and 11% of volume, respectively.
- Exodus monthly active users – 821,566 in Q1 2023, down 6% from the 875,275 MAUs in Q1 2022.
- Adjusted EBITDA – $3.5 million in Q1 2023, up from $0.6 million in Q1 2022.
- Downloads – 660,143 downloads across Exodus Mobile, desktop, and the Web3 wallet, down 18% from 805,294 in Q1 2022.
- Digital assets and cash – $101 million, including $41.3 million in bitcoin and $54.0 million in cash, cash equivalents and Treasury bills as of March 31, 2023.
- Full-time equivalent team members– 195 full-time equivalents, a decrease of 75, or 28% from the prior year period.
- Customer response time – average response time of less than sixty minutes to human support.
As mentioned in the announcement, Exodus is on a mission “to help half the world exit the traditional finance system.”
Founded in 2015, Exodus is “a multi-asset software wallet that removes the geek requirement and keeps design a priority to make cryptocurrency and digital assets easy for everyone.”
Available for desktop, mobile and browser, Exodus allows users “to secure, manage and exchange cryptocurrencies like Bitcoin, Ethereum, and more across an industry-leading 10,000+ asset pairs from a beautiful, easy-to-use wallet.”
The self-custodial functionality is “encrypted locally on users’ own devices, ensuring privacy, security and complete control over their wealth.”