• Exodus Records Solid Q2 with $12.4 Million Revenue
• Crypto Wallets Making a Comeback?
• Exodus Achieves Net Income of $1.9 Million Through Cost Reduction Efforts

Exodus Records Solid Q2 with $12.4 Million Revenue

Crypto wallet company Exodus achieved a revenue of $12.4 million in the second quarter, experiencing a 4% decline compared to the previous year, the company announced on Tuesday. Despite the revenue dip, Exodus recorded a net income of $1.9 million due to cost reductions of 6%. The general and administrative expenses represented 32.2% of the company’s revenue, lower than what was seen in Q2 of last year.

Crypto Wallets Making a Comeback?

Revenue related to fiat onboarding witnessed substantial growth, surging by 220% to $561,000 from the previous year. Exchange provider transactions in Q2 dropped by 12% compared to the same period in 2022, amounting to $591.5 million. Among the most traded assets were Bitcoin (BTC), Tether (USDT), and Ether (ETH). Exodus also holds 1,300 BTC on its balance sheet which makes it one of the world’s top corporate holders according to Buybitcoinworldwide.com.

Exodus Achieves Net Income of $1.9 Million Through Cost Reduction Efforts

Monthly active users experienced a decrease of 6% to 772,839 in Q2 while Exodus managed to streamline its costs resulting in a 6% reduction in expenses totaling $7.1 million for that quarter.. Administrative and marketing allocations were trimmed down by 65%, leading to $4 million in expenses which helped contribute significantly towards their net income goal for that quarter..

Large BTC Holdings

Along with its exchange aggregation business accounting for 11$6 million during this quarter, Exodus also holds significant amounts of cash and U.S Treasury bills along with 46$million worth of Bitcoin as part of their treasury holdings.. This makes them one among many other top corporate holders as mentioned before according to Buybitcoinworldwide website .

CEO Commentary

CEO & Co-Founder JP Richardson said that he is pleased with his team’s achievements during this quarter and are now firmly positioned as a leader in digital wallets space They launched Robinhood Connect which allows users purchase crypto directly from exodus using Robinhood cash & buying power . He also added that cost reduction efforts have been fruitful contributing significantly towards their financial goals .