Exodus Wallet has released its Q1 2023 financial results, revealing a decline in revenue but a boost in adjusted EBITDA due to increased transactions and disciplined spending. The company also launched its dApp browser in Exodus Mobile, enabling users to access Web3 features from their mobile devices.
Exodus reported a revenue of $19.4 million in Q1 2023, a 12% decrease from Q1 2022. However, its adjusted EBITDA increased by 76% year-over-year to $9.7 million, resulting in an adjusted EBITDA margin of 50%.
The company also recorded positive income from operations of $8.4 million and a net income of $7.6 million in Q1 2023.
CEO and co-founder of Exodus, JP Richardson, expressed gratitude to the company’s 800,000 loyal customers, stating,
“We’re thrilled that our 800,000 loyal customers persevered through last year’s downturn to reach the brighter days ahead.”
Richardson attributed the company’s profitability in Q1 to increased transactions, exchange volume, and “significantly more downloads of Exodus,” combined with disciplined corporate spending.
The most significant product success for Exodus in Q1 2023 was the release of its dApp browser in Exodus Mobile.
The browser lets users access Web3 features directly from their mobile devices, including “advanced lending, borrowing, staking, and insurance” capabilities.
Key operational and financial highlights from the Q1 2023 report include:
- Processed exchange volume totaled $645.6 million, a 12% year-over-year decrease. Bitcoin, USDT, and Ethereum were the top assets traded, accounting for 27%, 15%, and 11% of the volume, respectively.
- Monthly active users decreased by 6% year-over-year to 821,566.
- Downloads across Exodus Mobile, desktop, and the Web3 wallet totaled 660,143, an 18% decrease compared to Q1 2022.
- Digital assets and cash held by the company amounted to $101 million as of March 31, 2023, including $41.3 million in Bitcoin and $54 million in cash, cash equivalents, and Treasury bills.
- Full-time equivalent team members decreased by 28% year-over-year to 195.
Exodus Wallet is one of the market’s most popular and trusted cryptocurrency wallets, supporting over 150 digital assets and offering users full control over their private keys.
The company is also known for its innovative approach to regulation and compliance, having conducted the first-ever SEC-approved public offering of digital securities in April 2022.
Visit the Exodus website for more information.
