• Exodus posts $12.4M revenue and $1.9M net income in Q2 2023.
• Monthly active users decreased 6% to 772,839 while Bitcoin, Tether and Ether were the top assets traded in the quarter.
• The company reduced its headcount and cloud infrastructure expenses which boosted its results.
Exodus’ Q2 Financial Results
Exodus released its financial results for the second quarter of 2023, disclosing revenue of $12.4 million, a 4% decrease year-over-year. Net income amounted to $1.9 million with exchange aggregation business accounting for the majority of total revenue at $11.6 million. Fiat onboarding revenue rose 220% from 2022 to $561,000 while monthly active users decreased 6% to 772,839 from 817,972 last year.
Cost Reductions Strengthen Results
Despite the decline in revenue, Exodus’ results were strengthened by cost reductions of 6% year-over-year, to $7.1 million in the second quarter due to a reduction in headcount and cloud infrastructure expenditures as well as administrative and marketing allocations slashed by 65%, resulting in expenses of $4 million for the quarter. Total general and administrative expenses represented 32.2% of company revenue which was a significant decrease from 87.1% in Q2 2022.
Cash & Digital Assets Holdings
As of June 30th, Exodus held approximately $55 million USD in cash equivalents as well as U.S Treasury Bills and over 1,000 Bitcoin worth around 46$ million USD making it one of few public companies holding such an amount of BTC corporate treasury holdings .
Integrations During Quarter
In the second quarter Exodus rolled out an integration with Robinhood Connect allowing users purchase cryptocurrencies through buying power as well full support for Arbitrum & Optimism along with Matic Staking .
Conclusion
Overall Exodus had an overall good financial result despite a slight decline year-over-year due cost reductions that boosted their results , this coupled with their strong cash & digital asset holdings will contribute positively towards their future performance .