News · The Block
Crypto wallet provider Exodus posts wider Q1 loss as revenue falls 37%
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Self-custody crypto wallet company Exodus Movement reported wider losses in the first quarter of this year, with revenue declining amid a broader market pullback.
Key facts
- The firm posted a net loss of $32.1 million in the quarter, compared to a $12.9 million net loss a year earlier
- Exodus generated $22.7 million in revenue in Q1, down 37% year over year, according to its earnings report released Monday
- Exodus also pointed out that its business-to-business swap partners generated $257 million in volume during the quarter, accounting for 22% of the quarterly total
- Exodus' shares dropped 4.9% in after-hours trading on Monday after closing the regular session down 5.75%
Summary
Exodus generated $22.7 million in revenue in Q1, down 37% year over year, according to its earnings report released Monday. The firm posted a net loss of $32.1 million in the quarter, compared to a $12.9 million net loss a year earlier. Exodus also pointed out that its business-to-business swap partners generated $257 million in volume during the quarter, accounting for 22% of the quarterly total. "XO Swap's share of exchange volume has grown steadily since launch, reflecting demand for best-execution routing across liquidity sources," said the company.