Exodus Movement (EXOD) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $44.8 million, up 143% year-over-year, contributing to a full-year total of $116.3 million, driven by strong user growth and product innovation.

• Monthly active users grew to 2.3 million by Q4 2024, up from 1.4 million a year ago.

• Exchange provider processed volume in Q4 2024 was $2.33 billion, up 172% year-over-year, with 2024 total volume at $5.5 billion.

• XO Swap partnerships contributed 12% of Q4 revenue and showed strong momentum into 2025.

• Launched Passkeys wallet and expanded partnerships, ending 2024 with over 200,000 users.

Financial highlights

• 2024 revenue was $116.3 million, up from $71.5 million in 2023.

• Q4 2024 revenue was $44.8 million, a significant increase from $18.5 million in Q4 2023.

• Digital assets and cash holdings totaled $265 million at year-end, including $190.1 million in bitcoin and ether.

• Net gain on digital assets was $18.5 million in Q4 2024, up from $1.1 million in Q4 2023.

• Customer response time averaged under 60 minutes in Q4 2024.

Outlook and guidance

• Early Q1 2025 exchange provider processed volume reached $1.45 billion in two months, surpassing each of the first three quarters of 2024.

• XO Swap partnerships contributed 23% of Q1 2025 volume so far.

• Digital assets held as of February 28, 2025 included over 2,000 bitcoin and 2,660 ether.

• Management expects continued momentum in 2025 driven by product innovation and strategic initiatives.