Exodus Reports Third Quarter 2024 Results
Exodus Movement reported strong Q3 2024 financial results with revenue of $20.1 million, up 68% year-over-year. The company achieved profitability with net income of $0.8 million, compared to a net loss of $0.3 million in Q3 2023. Exchange aggregation remained the primary revenue driver at 90.1% of operating revenue. Monthly Active Users increased to 1.6 million, up from 1.1 million in Q3 2023. Exchange provider processed volume grew 69% to $0.96 billion. The company's digital assets and cash position stood at $194.7 million, including $120.8 million in bitcoin and ethereum, and $69.8 million in cash equivalents.
Exodus Movement ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato di 20,1 milioni di dollari, in aumento del 68% rispetto all'anno precedente. L'azienda ha raggiunto la redditività con un utile netto di 0,8 milioni di dollari, a fronte di una perdita netta di 0,3 milioni di dollari nel terzo trimestre del 2023. L'aggregazione degli scambi è rimasta il principale motore di fatturato, rappresentando il 90,1% del fatturato operativo. Gli Utenti Attivi Mensili sono aumentati a 1,6 milioni, rispetto ai 1,1 milioni del terzo trimestre del 2023. Il volume elaborato dal fornitore di scambi è cresciuto del 69%, raggiungendo 0,96 miliardi di dollari. La posizione complessiva di attività digitali e liquidità dell'azienda si attestava a 194,7 milioni di dollari, compresi 120,8 milioni in bitcoin ed ethereum, e 69,8 milioni in equivalenti di cassa.
Exodus Movement informó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos de 20,1 millones de dólares, un aumento del 68% en comparación con el año anterior. La compañía alcanzó la rentabilidad con un ingreso neto de 0,8 millones de dólares, en comparación con una pérdida neta de 0,3 millones de dólares en el tercer trimestre de 2023. La agregación de intercambios siguió siendo el principal generador de ingresos, representando el 90,1% de los ingresos operativos. Los Usuarios Activos Mensuales aumentaron a 1,6 millones, desde 1,1 millones en el tercer trimestre de 2023. El volumen procesado por el proveedor de intercambios creció un 69%, alcanzando los 0,96 mil millones de dólares. La posición de activos digitales y efectivo de la compañía se situó en 194,7 millones de dólares, incluidos 120,8 millones en bitcoin y ethereum, y 69,8 millones en equivalentes de efectivo.
엑소더스 무브먼트는 2024년 3분기 재무 결과가 강력하며 매출 2010만 달러를 기록했다고 보고했으며, 이는 전년 대비 68% 증가한 수치입니다. 회사는 0.8백만 달러의 순이익을 내며 수익성을 달성했으며, 이는 2023년 3분기의 0.3백만 달러의 순손실과 비교됩니다. 거래 집계는 운영 수익의 90.1%를 차지하는 주요 수익원으로 남아 있습니다. 월간 활성 사용자는 160만 명으로 증가했으며, 이는 2023년 3분기의 110만 명에 비해 증가한 수치입니다. 거래 제공업체가 처리한 거래 규모는 69% 증가하여 9.6억 달러에 달했습니다. 회사의 디지털 자산 및 현금 보유액은 1억 9470만 달러이며, 이 중 1억 2080만 달러는 비트코인 및 이더리움, 6980만 달러는 현금 등가물입니다.
Exodus Movement a rapporté de solides résultats financiers pour le troisième trimestre 2024 avec un chiffre d'affaires de 20,1 millions de dollars, en hausse de 68 % par rapport à l'année précédente. L'entreprise a atteint la rentabilité avec un bénéfice net de 0,8 million de dollars, contre une perte nette de 0,3 million de dollars au troisième trimestre 2023. L'agrégation d'échanges est restée le principal moteur de revenu, représentant 90,1 % des revenus d'exploitation. Les utilisateurs actifs mensuels ont augmenté pour atteindre 1,6 million, contre 1,1 million au troisième trimestre 2023. Le volume traité par le fournisseur d'échange a augmenté de 69 %, atteignant 0,96 milliard de dollars. La position d'actifs numériques et de liquidités de l'entreprise s'élevait à 194,7 millions de dollars, comprenant 120,8 millions de dollars en bitcoin et ethereum, et 69,8 millions de dollars en équivalents de liquidités.
Exodus Movement berichtete über starke finanzielle Ergebnisse im 3. Quartal 2024 mit Einnahmen von 20,1 Millionen Dollar, was einem Anstieg von 68 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte Rentabilität mit einem Nettogewinn von 0,8 Millionen Dollar, im Vergleich zu einem Nettoverlust von 0,3 Millionen Dollar im 3. Quartal 2023. Die Austauschaggregierung blieb der Hauptumsatztreiber mit 90,1 % des Betriebsergebnisses. Die monatlich aktiven Nutzer stiegen auf 1,6 Millionen, von 1,1 Millionen im 3. Quartal 2023. Das von dem Börsenanbieter bearbeitete Volumen wuchs um 69 % auf 0,96 Milliarden Dollar. Die digitalen Vermögenswerte und die Liquiditätsposition des Unternehmens beliefen sich auf 194,7 Millionen Dollar, einschließlich 120,8 Millionen Dollar in Bitcoin und Ethereum sowie 69,8 Millionen Dollar in liquiden Mitteln.
- Revenue grew 68% YoY to $20.1 million
- Achieved profitability with $0.8M net income vs $0.3M loss in Q3 2023
- Exchange processed volume increased 69% YoY to $0.96 billion
- Monthly Active Users grew 45% to 1.6 million
- Strong balance sheet with $194.7M in digital assets and cash
- Operating expenses increased 78% YoY to $8.8M
- General and administrative expenses rose 84% YoY to $8.5M
- Recorded $0.4M loss on digital assets
Revenue of
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 | 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 | <- | - | |||||||
| Net Income (Loss) | ( | ||||||||
“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 | 90.1 | % | 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, up69% from$0.57 billion in Q3 2023. Bitcoin, Tether (TRX Network), Tether (ETH Network), and Ethereum were the top assets traded in Q3 2024, at26% ,17% ,12% , and12% 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.
Q3 2024 Webcast
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
support@exodus.com
Contact Exodus Investor Relations
investors@exodus.com
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 ( | 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 | ||||||||
| - | - | |||||||
| Class A Common Stock | ||||||||
| - | - | |||||||
| 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 | ||||||||
| - | - | |||||||
| 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 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 211,649 | $ | 111,719 | ||||
| Exodus Movement, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (In thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | |||||||||||||
| OPERATING REVENUES | $ | 20,117 | $ | 11,980 | $ | 71,485 | $ | 37,730 | ||||||||
| COST OF REVENUES | 11,333 | 7,738 | 32,804 | 21,730 | ||||||||||||
| GROSS PROFIT | 8,784 | 4,242 | 38,681 | 16,000 | ||||||||||||
| OPERATING EXPENSES (INCOME) | ||||||||||||||||
| General and administrative | 8,466 | 4,598 | 25,575 | 14,585 | ||||||||||||
| Loss (gain) on digital assets, net | 370 | 357 | (39,197 | ) | (285 | ) | ||||||||||
| Total operating expense (income) | 8,836 | 4,955 | (13,622 | ) | 14,300 | |||||||||||
| (Loss) income from operations | (52 | ) | (713 | ) | 52,303 | 1,700 | ||||||||||
| OTHER INCOME | ||||||||||||||||
| Staking and other income | 146 | - | 701 | - | ||||||||||||
| Unrealized (loss) gain on investments | (133 | ) | (171 | ) | (219 | ) | 18 | |||||||||
| Loss on disposal of fixed assets | (36 | ) | - | (36 | ) | - | ||||||||||
| Interest income | 1,026 | 811 | 2,668 | 1,715 | ||||||||||||
| Total other income | 1,003 | 640 | 3,114 | 1,733 | ||||||||||||
| Income (loss) before income taxes | 951 | (73 | ) | 55,417 | 3,433 | |||||||||||
| INCOME TAX BENEFIT (EXPENSE) | (108 | ) | (178 | ) | (9,393 | ) | (1,042 | ) | ||||||||
| NET INCOME (LOSS) | $ | 843 | $ | (251 | ) | $ | 46,024 | $ | 2,391 | |||||||
| OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||
| Foreign currency translation adjustment | (637 | ) | 121 | 31 | (129 | ) | ||||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | 206 | $ | (130 | ) | $ | 46,055 | $ | 2,262 | |||||||
| Net income (loss) per share | ||||||||||||||||
| Basic net income (loss) per share of common stock - Class A | $ | 0.03 | $ | (0.01 | ) | $ | 1.74 | $ | 0.09 | |||||||
| Basic net income (loss) per share of common stock - Class B | $ | 0.03 | $ | (0.01 | ) | $ | 1.74 | $ | 0.09 | |||||||
| Diluted net income (loss) per share of common stock - Class A | $ | 0.03 | $ | (0.01 | ) | $ | 1.44 | $ | 0.08 | |||||||
| Diluted net income (loss) per share of common stock - Class B | $ | 0.03 | $ | (0.01 | ) | $ | 1.44 | $ | 0.08 | |||||||
| Weighted average number of shares and share equivalents outstanding | ||||||||||||||||
| Weighted average number of shares used in basic computation - Class A | 6,396 | 4,060 | 5,314 | 3,804 | ||||||||||||
| Weighted average number of shares used in basic computation - Class B | 20,337 | 21,799 | 21,161 | 21,799 | ||||||||||||
| Weighted average number of shares used in diluted computation - Class A | 9,840 | 4,060 | 8,733 | 7,291 | ||||||||||||
| Weighted average number of shares used in diluted computation - Class B | 22,485 | 21,799 | 23,314 | 23,799 | ||||||||||||
| Exodus Movement, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) | |||||||
| Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net income | $ | 46,024 | $ | 2,391 | |||
| Adjustments to reconcile net income to | |||||||
| Net cash (used in) provided by operating activities | |||||||
| Depreciation and amortization | 3,862 | 3,353 | |||||
| Deferred tax expense | 6,752 | - | |||||
| Gain on digital assets, net | (39,197 | ) | (285 | ) | |||
| Staking and other income | (701 | ) | - | ||||
| Unrealized loss on investments | 219 | (18 | ) | ||||
| Loss on disposal of assets | 36 | - | |||||
| Stock based compensation | 5,252 | 4,682 | |||||
| Accrued interest income | (1,824 | ) | (889 | ) | |||
| Other operating activities settled in digital assets and USDC | (23,774 | ) | (9,614 | ) | |||
| Change in operating assets and liabilities: | |||||||
| Accounts receivable | (89 | ) | - | ||||
| Prepaid expenses | (1,610 | ) | 1,460 | ||||
| Other current assets | (765 | ) | 16 | ||||
| Other long-term asset | (40 | ) | - | ||||
| Accounts payable | 549 | 708 | |||||
| Other current liabilities | (1,532 | ) | 1,118 | ||||
| Other long-term liabilities | 35 | - | |||||
| Net cash (used in) provided by operating activities | (6,803 | ) | 2,922 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
| Purchases of domain names | (151 | ) | - | ||||
| Purchases of fixed assets | (228 | ) | (25 | ) | |||
| Purchase of treasury bills | (73,262 | ) | (69,273 | ) | |||
| Redemption of treasury bills | 74,819 | 58,795 | |||||
| Purchases of digital assets | (2,534 | ) | - | ||||
| Disposal of digital assets held | 26,097 | - | |||||
| Net cash provided by (used in) investing activities | 24,741 | (10,503 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Repurchase of shares to pay employee withholding taxes | (2,684 | ) | (515 | ) | |||
| Exercise of stock options | - | 1 | |||||
| Net cash used in financing activities | (2,684 | ) | (514 | ) | |||
| Change in cash and cash equivalents, and restricted cash and cash equivalents | 15,254 | (8,095 | ) | ||||
| Cash and cash equivalents, and restricted cash and cash equivalents | |||||||
| Beginning of period | 11,376 | 20,494 | |||||
| End of period | 26,630 | 12,399 | |||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||
| Non-cash issuance of stock | $ | 10 | $ | 20 | |||
| Non-cash capitalized software costs settled in digital assets | |||||||
| (including stock based compensation of | $ | (2,959 | ) | $ | (3,930 | ) | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||
| Cash paid for income taxes | $ | (4,300 | ) | $ | (918 | ) | |
Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined by the federal securities laws. All forward-looking statements are based upon our current expectations and various assumptions and apply only as of the date made. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs and projections will be achieved. Forward-looking statements are generally identified by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “forecast,” as well as variations of such words or similar expressions. Forward-looking statements in this document include, but are not limited to, quotations from management regarding confidence in our products, services, business trajectory and plans, and certain business metrics.
Forward-looking statements include statements concerning:
- our business plans and strategy;
- projected profitability, performance or cash flows;
- future capital expenditures;
- our growth strategy, including our ability to grow organically and through mergers and acquisitions (“M&A”);
- anticipated financing needs;
- business trends;
- our capital allocation strategy;
- liquidity and capital management; and
- other information that is not historical information.
There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements, including those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Amendment No. 4 to our Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”) on October 10, 2024 (the “Form 10"), as well as in our other reports filed with the SEC from time to time. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
__________________
1 Includes digital assets marked to market under new GAAP guidelines, specifically ASU 2023-08.
FAQ
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