Crypto Wallet Exodus Sees Significant Revenue Growth

Exodus, the cryptocurrency wallet service, saw a notable surge in revenue for Q2 2024, reporting an 80% increase year-over-year to $22.3 million.

However, the company also experienced a significant financial setback with a net loss of $9.6 million, reversing the $1.9 million profit from the same period last year.

Adjusted EBITDA rose 43% to $5.8 million, up from $4.1 million in Q2 2023. The bulk of Exodus’ revenue, 89%, came from its exchange aggregation service, which saw nearly 94% growth, reaching $19.9 million. This service enables users to trade cryptocurrencies directly within the wallet using APIs to secure competitive rates.

Other revenue sources, such as fiat transactions, staking, and consulting, contributed a smaller share of total earnings.

Exodus also reported operational growth, with its user base expanding to 1.5 million and transaction volumes through its platform increasing by 78% to $1.05 billion. Key traded assets included Bitcoin, Tether, and Ethereum.

CFO James Gernetzke highlighted the impressive revenue and operational improvements, emphasizing confidence in their B2B strategy and market momentum.

Exodus, a self-custodial wallet launched in 2016, continues to be a leading player in the crypto wallet space, ranking seventh in downloads with 133,000 monthly installs as of July 2024.