{"id":51685,"date":"2023-06-09T11:56:40","date_gmt":"2023-06-09T15:56:40","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=51685"},"modified":"2023-06-27T05:19:27","modified_gmt":"2023-06-27T09:19:27","slug":"exodus-wallet-boosts-profitability-in-q1-2023","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/exodus-wallet-boosts-profitability-in-q1-2023\/","title":{"rendered":"Exodus Wallet Boosts Profitability In Q1 2023"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n

\"Exodus<\/figure>\n\n\n\n

Exodus reported a revenue of $19.4 million\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> in Q1 2023, a 12% decrease from Q1 2022. However, its adjusted EBITDA<\/use><\/svg><\/span><\/a> increased by 76% year-over-year to $9.7 million, resulting in an adjusted EBITDA margin of 50%. <\/p>\n\n\n\n

The company also recorded positive income from operations of $8.4 million and a net income of $7.6 million in Q1 2023.<\/p>\n\n\n\n

CEO and co-founder of Exodus, JP Richardson, expressed gratitude to the company\u2019s 800,000 loyal customers, stating,<\/p>\n\n\n\n

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\u201cWe\u2019re thrilled that our 800,000 loyal customers persevered through last year\u2019s downturn to reach the brighter days ahead.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Richardson attributed the company\u2019s profitability in Q1 to increased transactions, exchange volume, and \u201csignificantly more downloads of Exodus,\u201d <\/em>combined with disciplined corporate spending.<\/p>\n\n\n\n

The most significant product success for Exodus in Q1 2023 was the release of its dApp browser in Exodus Mobile. <\/use><\/svg><\/span><\/a><\/p>\n\n\n\n

The browser lets users access Web3 features directly from their mobile devices, including \u201cadvanced lending, borrowing, staking, and insurance\u201d <\/strong>capabilities.<\/p>\n\n\n\n

Key operational and financial highlights from the Q1 2023 report include:<\/p>\n\n\n\n