Exodus Reports High Customer Loyalty Despite Q1 Revenue Drop
- Exodus sees Q1 revenue drop to $13M while maintaining high customer loyalty.
- Revenue declined by 13% compared to Q1 2022, although the quarter was profitable due to restrained spending.
- The company reported $101 million in digital assets, which includes $41.3 million in Bitcoin and $54 million in cash and cash equivalents and Treasury bills.
Exodus, the cryptocurrency wallet company, published their Q1 report. According to the report, the company achieved over $13 million in revenue.
Despite this, it’s worth noting that the revenue for the same period in 2022 was $15.4 million. Although this indicates a 13% decrease, CEO JP Richardson pointed out that the company still had high usage rates and loyal customers, with 800,000 active users persevering through last year’s downturn. However, the company’s year-over-year statistics show a small decline in several categories. For instance, there was a 6% drop in monthly active users, from 875,275 to 821,566. Similarly, the download count fell 18% from 805,294 to 660,143. The exchange provider volume also decreased by 12% to $645.6 million.
Despite the aforementioned decline, Richardson stated that the quarter was still profitable, thanks to restrained spending. In Q1 2023, the company reported $800,000 in net income, whereas it had a $3.4 million net loss in the same period in 2022. Furthermore, the report showed that Exodus had $101 million in digital assets, including $41.3 million in Bitcoin and $54 million in cash and cash equivalents and Treasury bills.
Exodus is known for providing a self-custodied cryptocurrency wallet that supports multiple cryptocurrencies. Unlike some other wallet providers, Exodus earns and reports revenue through exchange integrations. It’s worth noting that the revenue for Q1 2023 was still impressive, despite the slight decline, and the company’s loyal customers have played a significant role in this achievement.
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