Exodus Q1 Revenue Falls 37% to $22.7M; Pay Launches in All 50 States
Exodus reported preliminary Q1 revenue of $22.7 million, down from $36.0 million year-over-year, and recorded a $36.4 million net loss on digital assets due to market price movements. Exchange volume fell 22% to $1.18 billion, monthly active users held at 1.5 million, and Exodus Pay launched nationwide in April.
1. Q1 Financial Performance
Exodus reported preliminary first-quarter revenue of $22.7 million, down from $36.0 million year-over-year, and recorded a $36.4 million net loss on digital assets due to market-related price movements.
2. User Metrics and Trading Volume
Exchange-processed volume declined 22% sequentially to $1.18 billion, while monthly active users remained at 1.5 million and quarterly funded users fell to 1.4 million from 1.7 million at year-end.
3. Product Expansion with Exodus Pay
In April, Exodus launched its Pay product nationwide across all 50 U.S. states and various global markets, aiming to integrate payments, digital dollars, bitcoin and other assets into a single self-custodial wallet experience.
4. Balance Sheet and Asset Position
The company ended the quarter with $122.6 million in digital assets, cash and equivalents, including 628 bitcoin, 1,861 ether and $74.4 million in cash, equivalents and stablecoins to support platform durability.