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 for Q2 2024 was $5.8 million (26% margin), up from $4.1 million in Q2 2023, reflecting operational strength.

• Monthly active users reached 1.5 million in Q2 2024, up from 1.2 million a year ago, reflecting higher engagement and positive crypto sentiment.

• B2B strategy gained momentum with new partnerships, including Magic Eden and Ledger, and the launch of Passkeys Wallet.

Financial highlights

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

• Exchange aggregation accounted for about 89% of Q2 2024 revenue; processed volume was $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.

• Net loss of $9.6 million in Q2 2024, compared to net income of $1.9 million a year ago and $54.8 million in Q1 2024, mainly due to digital asset remeasurement.

• Digital assets and cash totaled $195 million as of June 30, 2024.

Outlook and guidance

• B2C remains the core revenue driver, but B2B partnerships and new product launches, such as Passkeys, are expected to expand growth.

• Continued investment in product innovation, security, and user experience to drive long-term growth.

• Expects to launch Magic Eden Mobile and further Passkeys partnerships in coming weeks.

• ExoPay fiat onboarding platform not yet live; licenses and partnerships underway for global rollout.

• Management expects continued increases in cloud infrastructure and human capital costs as the platform grows.