Exodus Movement (EXOD) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue grew 80% year-over-year to $22.3 million, driven by product innovation, exchange aggregation, and increased user activity in the digital asset market.

• Net loss for Q2 2024 was $9.6 million, compared to net income of $1.9 million in Q2 2023, mainly due to digital asset remeasurement and market volatility.

• Adjusted EBITDA reached $5.8 million (26% margin), up from $4.1 million in Q2 2023, reflecting operational strength.

• Monthly active users grew to 1.5 million, up from 1.2 million a year ago, reflecting higher engagement and positive crypto sentiment.

• B2B strategy gained early momentum, with new partnerships and product launches such as Passkeys Wallet and Magic Eden integration.

Financial highlights

• Q2 2024 revenue was $22.3 million, up 80% year-over-year but down from $29.1 million in Q1 2024.

• Net loss of $9.6 million in Q2 2024, compared to net income of $1.9 million in Q2 2023 and $54.8 million in Q1 2024.

• Adjusted EBITDA totaled $5.8 million (26.1% of revenue), down from 32.8% in the prior year and 45.4% in Q1.

• Exchange provider process volumes reached $1.05 billion, up 78% year-over-year.

• Gross profit for Q2 2024 was $11.5 million, up from $5.3 million in Q2 2023.

Outlook and guidance

• Management expects B2C to remain the core revenue driver, with B2B partnerships and new product launches anticipated to expand growth.

• Plans to continue investing in technology, product offerings, and marketing while maintaining operational discipline.

• Cash and liquidity sources are expected to fund operations for at least the next twelve months.