Exodus Movement (EXOD) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose 68% year-over-year to $20.1 million, with net income of $0.8 million and profitability achieved.

• Exchange aggregation accounted for over 90% of revenue, with non-exchange sources contributing the remainder.

• Monthly active users grew to 1.6 million year-over-year, though declined sequentially from Q2.

• Strategic partnerships expanded, including Ledger and Magic Eden, and product innovation such as Passkeys enhanced user onboarding.

• Focus remains on user growth, B2B partnerships, and making digital asset ownership easier.

Financial highlights

• Q3 2024 operating revenues were $20.1 million, up 68% year-over-year; nine-month revenue reached $71.5 million.

• Gross profit for Q3 2024 was $8.8 million, up 107% year-over-year.

• Net income for Q3 2024 was $0.8 million, compared to a net loss of $0.3 million in Q3 2023.

• Digital and liquid assets totaled $194.7 million at quarter-end, with no debt.

• Exchange provider processed $961.9 million in volume, up 69% year-over-year, but down sequentially.

Outlook and guidance

• Management expects continued growth through partnerships, product innovation, and increased investment in infrastructure and personnel.

• Cash and liquidity are expected to be sufficient to fund operations for the next twelve months.

• Confident in completing NYSE American uplisting after ongoing SEC review.