Exodus wallet posts 80% rise in Q2 revenue with $9.6M in losses
Helen Partz11 hours agoExodus wallet posts 80% rise in Q2 revenue with $9.6M in lossesExodus’ operating revenue in Q2 2024 was primarily driven by the wallet’s exchange aggregation service, which netted $19.9 million.840 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onCryptocurrency wallet Exodus has reported strong financial performance in the second quarter of 2024, with revenue surging 80% year-over-year (YoY) to $22.3 million.
While seeing significant YoY growth, Exodus also saw major losses in Q2 2024, posting a net loss of $9.6 million, compared to $1.9 million of income in Q2 2023.
“The loss in Q2 was due to lower digital asset prices causing the value of our large Bitcoin and other digital asset treasury to decrease and not due to unprofitable operations,” a spokesperson for Exodus told Cointelegraph.Exodus’ Q2 2024 financial highlights (unaudited). Source: Exodus
Exodus’ adjusted Q2 earnings before interest, taxes, depreciation, and amortization (EBITDA) also surged 43% from $4.1 million in Q2 last year to $5.8 million in Q2 2024.Exchange aggregation is Exodus’ primary source of revenue
According to Exodus’ unaudited Q2 2024 financial results, 89% of the company’s operating revenue was generated through the wallet’s exchange aggregation service, netting $19.9 million.
Exodus’ exchange aggregator is a tool that allows customers to exchange one crypto asset for another crypto asset without leaving the Exodus platform.
The aggregator relies on application programming interface (API) agreements with centralized cryptocurrency exchanges, allowing Exodus customers to place orders automatically routed to API providers to get the best possible price to swap between cryptocurrencies.
Exodus’ revenues from the exchange aggregator service surged nearly 94% compared to $11.6 million recorded in Q2 2023. Exodus’ Q2 2024 revenue by category. Source: Exodus
Among other Exodus revenue streams, fiat onboarding and offboarding contributed to 4.3% of the company’s operating revenue, generating $1 million in revenue. Other revenue sources included staking, consulting, and other services, which account for around 6% of all operating revenues.Exodus’ exchange provider processed volume is up 78% from last year
In addition to strong financials, Exodus has recorded operational milestones, with a monthly active user base reaching 1.5 million users in Q2 2024, compared to 1.2 million in Q2 2023.
Exchange provider processed volume was $1.05 billion in Q2 2024, up 78% from $0.59 billion in Q2 2023. Bitcoin (BTC), the TRC-20 Tether (USDT), the ERC-20 USDT and Ether (ETH) were the top assets traded in Q2 2024, accounting for 25%, 15%, 12% and 12% of volume, respectively.
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“In Q2, we delivered both high year-over-year revenue growth and operational excellence, which demonstrate the strength of our business model as well as the overall momentum of the digital asset market,” Exodus’ chief financial officer, James Gernetzke, stated. He added:“We believe the early traction of our B2B strategy will enable us to expand our footprint through our brand reputation and history of delivering a best-in-class digital wallet.”
Officially launched in 2016, Exodus is a self-custodial wallet that claims to support more than 100,000 digital assets inside its products. According to data from CryptoRank, Exodus was one of the top 10 crypto wallets in terms of downloads in July 2024, ranked 7 with 133,000 monthly downloads.
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