Exodus Records Solid Q2 with $12.4 Million Revenue – Crypto Wallets Making a Comeback?
Crypto wallet company Exodus recorded a revenue of $12.4 million in the second quarter, experiencing a 4% decline compared to the previous year, the company announced on Tuesday.
Despite the revenue dip, Exodus achieved a net income of $1.9 million, a significant outcome that was influenced by cost reductions of 6% year-over-year.
Exodus attributed a significant portion of its total revenue to its exchange aggregation business, accounting for $11.6 million during the quarter.
At the same time, revenue related to fiat onboarding witnessed substantial growth, surging by 220% to $561,000 from the previous year.
However, the volume of exchange provider transactions in Q2 dropped by 12% compared to the same period in 2022, amounting to $591.5 million.
Among the most traded assets were Bitcoin (BTC), Tether (USDT), and Ether (ETH), contributing 27%, 16%, and 12% of the trading volume, respectively, the company said.
While monthly active users experienced a decrease of 6% to 772,839 in Q2, down from 817,972 in the previous year, Exodus managed to streamline its costs, the report revealed.
The company's efforts resulted in a 6% reduction in expenses, totaling $7.1 million in Q2.
Exodus also significantly trimmed down administrative and marketing allocations by 65%, leading to $4 million in expenses.
As a result of these efforts, the general and administrative expenses represented 32.2% of the company's revenue, notably lower than what was seen in Q2 of last year.
Exodus holds $55 million in cash, cash equivalents, and U.S. Treasury bills, along with $46.2 million worth of Bitcoin in its treasury.
Exodus ranks as one of the world’s top corporate holders of BTC with 1,300 BTC on its balance sheet, according to Buybitcoinworldwide.com.
In a
Read more on cryptonews.com
