Exodus Movement (EXOD) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $36.0 million, up 24% year-over-year, marking the highest first quarter and second-best quarter overall.

• Exchange volume hit $2.17 billion, up from $1.35 billion year-over-year, with 30% driven by ExoSwap/XO Swap partnerships.

• Net loss was $12.9 million, compared to net income of $54.8 million in the prior year, mainly due to digital asset losses and higher expenses.

• Monthly active users were 1.6 million, down 30% sequentially and 6% year-over-year, while quarterly funded users reached 1.8 million, up 6% year-over-year.

• Maintains a strong balance sheet with $238 million in digital and liquid assets, including 2,011 Bitcoin and no debt.

Financial highlights

• Q1 2025 revenue was $36.0 million, up from $29.1 million in Q1 2024.

• Exchange provider processed $2.17 billion in volume, up 62% year-over-year but down 7% sequentially.

• Technology, development, and user support expenses increased 39% to $14.9 million.

• Net loss: $(12.9) million, down from net income of $54.8 million last year.

• Digital and liquid assets totaled $238 million at quarter-end, with 2,011 Bitcoin held.

Outlook and guidance

• Expects continued growth from ExoSwap partnerships, industry consolidation, and expansion opportunities.

• Anticipates regulatory clarity in the U.S. to accelerate mainstream digital asset adoption.

• Ongoing evaluation of acquisition opportunities and elevated transaction-related expenses.

• Sufficient liquidity is anticipated for the next twelve months and beyond.