Exodus Movement, Inc. (NYSE American: EXOD) has recently announced its unaudited financial results for the first quarter of 2025, showcasing impressive revenue growth and an increase in digital asset holdings. The company, known for being a leading self-custodial Bitcoin and cryptocurrency platform, reported a record-breaking revenue of $36.0 million for Q1, representing a 24% increase from the previous year.
The growth in revenue was attributed to the company’s continued focus on product innovation and the rising demand for self-custody solutions in the digital asset market. JP Richardson, CEO and co-founder of Exodus, emphasized the importance of self-custody as a key differentiator for the company’s success in the industry.
One of the highlights from the financial report was the company’s significant increase in Bitcoin holdings, which now stand at 2,011 BTC, valued at $166.0 million. In addition to Bitcoin, Exodus also holds 2,693 ETH valued at $4.9 million, as well as $62.8 million in USD Coin and Treasury bills, bringing the total digital assets, cash, and cash equivalents to $238.0 million.
Despite a 30% decline in monthly active users, Exodus was able to maintain a strong user base, with 1.8 million funded users by the end of the quarter. The exchange volume processed in Q1 reached $2.18 billion, indicating a robust level of activity on the platform.
Expenses for the company saw a significant increase, with technology, development, and user support costs up 39% to $14.9 million, and general and administrative costs rising by 79% to $14.3 million. As a result, Exodus reported a net loss of $12.9 million for the quarter, primarily due to a $28.8 million loss on digital assets.
Despite the net loss, James Gernetzke, CFO of Exodus, expressed optimism about the company’s future prospects. He highlighted the fact that Q1 marked the highest first-quarter revenue and the second-best revenue quarter on record for Exodus. Gernetzke emphasized that the company is well-positioned to expand within the industry and beyond in the future.
To further discuss the Q1 results, a webcast will be held on May 12 at 4:30 PM ET, which will be available for viewing on the Exodus Investors website. Overall, the financial results for Q1 2025 reflect Exodus’ continued growth and success in the digital asset market, positioning the company for further expansion and innovation in the future.