Revenue of $20.1 million, up 68% year-over-year in Q3
OMAHA, Neb., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (OTCQX: EXOD), (the "Company” or "Exodus”) the leading self-custodial cryptocurrency software platform, today announced its results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights (Unaudited)
| In USD millions, except percentages | Q3 2024 | Q3 2023 | % Change | ||||||
| Revenue | $20.1 | $12.0 | 68 | % | |||||
| Cost of Revenues | 11.3 | 7.7 | 46 | % | |||||
| Total Operating Expenses1 | 8.8 | 5.0 | 78 | % | |||||
| General and administrative | 8.5 | 4.6 | 84 | % | |||||
| Loss on digital assets, net1 | 0.4 | 0.4 | - | ||||||
| Loss from Operations | (0.1) | (0.7) | |||||||
| Operating Margin | <-1% | -6% | |||||||
| Net Income (Loss) | $0.8 | ($0.3) | |||||||
"In the third quarter, we achieved milestones that significantly expanded our partnership strategy and product innovation,” said JP Richardson, CEO and co-founder of Exodus.
"Our new partnership with Ledger and the expansion of our Magic Eden Wallet to mobile devices will enable us to reach new users. We also launched our Passkeys product for developers, making it easier for decentralized applications to onboard their users with a frictionless wallet experience. By removing the barriers and complexities of owning digital assets, we're helping the everyday consumer take part in the fast-growing digital asset market.”
"In Q3, we delivered both high year-over-year revenue growth and profitability, which demonstrates the strength of our business model as well as the growing adoption of the digital asset market,” said James Gernetzke, CFO of Exodus. "We are excited by the early momentum of our partnership strategy that can help drive efficient user acquisition and with our product innovation that we believe will continue to attract new users and decentralized applications to our platform.”
Third Quarter Operational and Other Financial Highlights
Revenue by category
| % of 2024 | % of 2023 | |||||||
| Revenue ($ millions) | Q3 2024 | Operating Revenue | Q3 2023 | Operating Revenue | ||||
| Exchange aggregation | $18.1 | 90.1 | % | $11.2 | 93.7 | % | ||
| Fiat on/off-boarding | 0.9 | 4.2 | % | 0.6 | 4.8 | % | ||
| Staking | 0.5 | 2.4 | % | 0.2 | 1.4 | % | ||
| Consulting | 0.3 | 1.5 | % | - | - | |||
| Other | 0.3 | 1.8 | % | <0.1 | 0.1 | % | ||
| Operating Revenues | $20.1 | 100.0 | % | $12.0 | 100.0 | % | ||
- Exchange provider processed volume was $0.96 billion in Q3 2024, up 69% from $0.57 billion in Q3 2023. Bitcoin, Tether (TRX Network), Tether (ETH Network), and Ethereum were the top assets traded in Q3 2024, at 26%, 17%, 12%, and 12% of volume, respectively.
- Monthly Active Users were 1.6 million in Q3 2024, compared to 1.1 million in Q3 2023.
- Digital assets and cash were $194.7 million, including $120.8 million in bitcoin and ethereum and $69.8 million in cash and cash equivalents, USDC, and treasury bills as of September 30, 2024.
Exodus will host a webcast of its third quarter 2024 fiscal results beginning at 5:00 PM (Eastern Time) on November 12, 2024. To access the webcast, please use this link. It will also be carried on the Company's website www.exodus.com.
Contact Exodus Customer Support
Contact Exodus Investor Relations
About Exodus
Exodus is a financial technology leader empowering individuals and businesses with secure, user-friendly crypto software solutions. Since 2015, Exodus has made digital assets accessible to everyone through its multi-asset crypto wallets prioritizing design and ease of use.
With self-custodial wallets, Exodus puts customers in full control of their funds, enabling them to swap, buy, and sell crypto. Its business solutions include Passkeys Wallet and XO Swap, industry-leading tools for embedded crypto wallets and swap aggregation.
Exodus is committed to driving the future of accessible and secure finance. Learn more at www.exodus.com or follow us on X at www.x.com/exodus_io.
Disclosure Information
Exodus uses the following as means of disclosing material nonpublic information and for complying with disclosure obligations under Regulation FD: websites exodus.com/investors and exodus.com/blog; press releases; public videos, calls and webcasts; and social media: Twitter (@exodus_io and JP Richardson's feed @jprichardson), Facebook, LinkedIn, and YouTube.
| Exodus Movement, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and par value) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 26,547 | $ | 11,376 | ||||
| Restricted cash and cash equivalents | 83 | - | ||||||
| U.S. dollar coin ($0 and $500 USDC restricted as of September 30, 2024 and December 31, 2023 respectively) | 5 | 517 | ||||||
| Treasury bills | 43,200 | 43,151 | ||||||
| Accounts receivable | 3,014 | 3,240 | ||||||
| Prepaid expenses | 3,232 | 1,440 | ||||||
| Other current assets | 771 | 5 | ||||||
| Total current assets | 76,852 | 59,729 | ||||||
| OTHER ASSETS | ||||||||
| Fixed assets, net | 379 | 317 | ||||||
| Digital assets | 124,867 | 35,010 | ||||||
| Software assets, net | 7,315 | 8,051 | ||||||
| Other long-term asset | 40 | - | ||||||
| Indefinite-lived assets | 2,096 | 1,945 | ||||||
| Other investments | 100 | 100 | ||||||
| Deferred tax assets | - | 6,567 | ||||||
| Total other assets | 134,797 | 51,990 | ||||||
| TOTAL ASSETS | $ | 211,649 | $ | 111,719 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 1,600 | $ | 1,061 | ||||
| Other current liabilities | 7,841 | 6,485 | ||||||
| Total current liabilities | 9,441 | 7,546 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Other long-term liabilities | 447 | 412 | ||||||
| Deferred tax liability | 10,607 | - | ||||||
| Total long-term liabilities | 11,054 | 412 | ||||||
| Total liabilities | 20,495 | 7,958 | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred stock | ||||||||
| $0.000001 par value, 5,000,000 shares authorized, no shares issued and outstanding | - | - | ||||||
| Class A Common Stock | ||||||||
| $0.000001 par value, 300,000,000 shares authorized, | - | - | ||||||
| 6,484,434 issued and outstanding as of September 30, 2024 | - | - | ||||||
| 4,320,005 issued and outstanding as of December 31, 2023 | - | - | ||||||
| Class B Common Stock | ||||||||
| $0.000001 par value, 27,500,000 shares authorized, | - | - | ||||||
| 20,337,375 issued and outstanding as of September 30, 2024 | - | - | ||||||
| 21,760,855 issued and outstanding as of December 31, 2023 | - | - | ||||||
| ADDITIONAL PAID IN CAPITAL | 125,642 | 122,558 | ||||||
| ACCUMULATED OTHER COMPREHENSIVE LOSS | (1,446 | ) | (1,477 | ) | ||||
| RETAINED EARNINGS (ACCUMULATED DEFICIT) | 66,958 | (17,320 | ) | |||||
| Total stockholders' equity | 191,154 | 103,761 | ||||||
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