Exodus Reports First Quarter 2025 Results

Rhea-AI Summary

Exodus (NYSE: EXOD) reported its Q1 2025 results with revenue reaching $36.0 million, marking its highest Q1 in history and representing a 24% increase from Q1 2024. However, the company recorded a net loss of $12.9 million, compared to a net income of $54.8 million in Q1 2024, primarily due to a $28.8 million loss on digital assets. The platform's operational metrics showed mixed results, with monthly active users declining 30% to 1.6 million and funded users dropping 5% to 1.8 million compared to Q4 2024. Exchange provider processed volume reached $2.18 billion, down 7% from previous quarter. As of March 31, 2025, Exodus held $238.0 million in digital assets and cash, including 2,011 Bitcoin valued at $166.0 million, 2,693 Ether at $4.9 million, and $62.8 million in cash equivalents.

Positive

• Revenue reached $36.0 million, highest Q1 in company history (+24% YoY)
• Strong balance sheet with $238.0 million in digital assets and cash
• Maintained customer service excellence with response times under 60 minutes
• Significant Bitcoin holdings of 2,011 units valued at $166.0 million

Negative

• Net loss of $12.9 million compared to $54.8 million profit in Q1 2024
• Substantial loss on digital assets of $28.8 million
• Monthly active users declined 30% to 1.6 million from Q4 2024
• Exchange provider processed volume decreased 7% from previous quarter
• Operating expenses increased significantly: G&A up 79% and tech development up 39%

Insights

Financial Analyst

Exodus posted record Q1 revenue but swung to a $12.9M loss due to $28.8M digital asset losses despite operational growth.

Exodus delivered $36.0 million in Q1 2025 revenue, marking a 24% year-over-year increase and their strongest first quarter historically. This revenue achievement came despite a 30% decline in monthly active users to 1.6 million and a 5% drop in quarterly funded users to 1.8 million compared to Q4 2024.

The company's financial performance reveals significant cost expansion that bears watching. Technology and development expenses increased 39% to $14.9 million, while general and administrative costs surged 79% to $14.3 million. These accelerating expenses suggest substantial investments in platform development but are outpacing revenue growth.

Most critically, Exodus reported a $12.9 million net loss compared to a $54.8 million profit in Q1 2024 - a dramatic 124% reversal. This swing was primarily driven by a $28.8 million loss on digital assets versus a $56.8 million gain last year, highlighting the inherent volatility in cryptocurrency holdings as a component of their business model.

The balance sheet remains strong with $238 million in digital assets, cash and equivalents, including 2,011 Bitcoin valued at $166 million. Exchange trading volume reached $2.18 billion, though this represents a 7% sequential decline from Q4. The company maintains operational efficiency with customer response times averaging under 60 minutes and a stable workforce of approximately 210 employees.

The contrast between record revenue performance and significant bottom-line losses illustrates the complexities of evaluating cryptocurrency platforms, where operational success can be overshadowed by digital asset valuation fluctuations that create substantial earnings volatility.

First Quarter 2025 Revenue of $36.0 million; Highest Q1 in History

OMAHA, Neb., May 12, 2025 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial cryptocurrency platform, today announced its unaudited results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights (Unaudited)

In USD millions, except percentages	Q1 2025			Q1 2024			% Change
Revenue	$	36.0		$	29.1			24	%
Technology, development and user support		14.9			10.7			39	%
General and administrative		14.3			8.0			79	%
Loss (gain) on digital assets, net		28.8			(56.8	)		(151	%)
Net (loss) income		(12.9	)		54.8			(124	%)

“Exodus continues to offer innovative solutions that capitalize on the growing market for digital assets,” said JP Richardson, CEO and co-founder of Exodus. “Meanwhile, our focus on self-custody remains a difference-maker.”

First Quarter Operational and Other Financial Highlights

• Exchange provider processed volume - $2.18 billion in Q1 2025, down 7% from Q4 2024. Bitcoin, Tether (TRX Network), Solana, Tether (ETH Network), ETH, and XRP were the top assets traded in Q1 2025, at 16%, 11%, 11%, 9%, 8%, and 8% of volume, respectively.
• Exodus monthly active users - 1.6 million at end of Q1 2025, down 30% from 2.3 million as of December 31, 2024.
• Exodus quarterly funded users - 1.8 million at end of Q1 2025, down 5% from 1.9 million as of December 31, 2024.
• Digital assets, cash, and cash equivalents - $238.0 million, including 2,011 units of Bitcoin valued at $166.0 million, 2,693 units of Ether valued at $4.9 million, and $62.8 million in cash and cash equivalents, USD Coin (USDC), and Treasury bills as of March 31, 2025.
• Full-time equivalent team members - approximately 210 as of March 31 2025, unchanged from the prior quarter.
• Customer response time - average response time of less than 60 minutes in Q1.

“Q1 saw our highest first quarter revenue and second best revenue quarter on record.” said James Gernetzke, CFO of Exodus. “With an abundance of opportunities at our doorstep, Exodus is well-positioned to expand within our industry and beyond, well into the future.”

Q1 2025 Webcast 

Exodus will host a webcast of its preliminary first quarter 2025 fiscal results beginning at 4:30PM (Eastern Time) on May 12, 2025. To access the webcast, please use this link. It will also be carried on the Company’s website exodus.com/investors. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website, and a replay of the video webcast will be available following the live event for at least 90 days thereafter.

Investor Contact
investors@exodus.com

Disclosure Information

Exodus may use its website and the following social media outlets as distribution channels of material nonpublic information about the Company. Financial and other important information regarding the Company is routinely accessible through and posted on the following: websites exodus.com/investors and exodus.com/blog, and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “should,” “intend,” “believe,” “expect,” “likely,” “believes,” “views”, “estimates”, or other comparable terminology. Forward-looking statements in this document include, but are not limited to, our preliminary financial information, including digital asset holdings, exchange provider processed volumes and our fiscal quarter end results, management statements regarding management’s confidence in our products, services, business trajectory and plans, expectations regarding demand for our products; and our ability to deliver higher transaction volumes. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025, as well as in our other reports filed with the SEC from time to time. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

FAQ

What was Exodus (EXOD) revenue in Q1 2025?

Exodus reported revenue of $36.0 million in Q1 2025, representing a 24% increase from Q1 2024 and marking its highest first quarter revenue in company history.

Why did Exodus (EXOD) report a net loss in Q1 2025?

Exodus reported a net loss of $12.9 million primarily due to a $28.8 million loss on digital assets and increased operating expenses, with G&A costs up 79% and technology development costs up 39% year-over-year.

How many Bitcoin does Exodus (EXOD) hold as of Q1 2025?

As of March 31, 2025, Exodus held 2,011 Bitcoin valued at $166.0 million, as part of its total digital assets and cash position of $238.0 million.

What was Exodus (EXOD) user growth in Q1 2025?

Exodus experienced a decline in users during Q1 2025, with monthly active users dropping 30% to 1.6 million and funded users decreasing 5% to 1.8 million compared to Q4 2024.

What were the most traded assets on Exodus (EXOD) platform in Q1 2025?

The top traded assets were Bitcoin (16%), Tether on TRX Network (11%), Solana (11%), Tether on ETH Network (9%), ETH (8%), and XRP (8%).