Exodus Movement, Inc. (Exodus Wallet: EXIT), the leading non-custodial cryptocurrency software platform, today announced financial results for the quarter ended June 30, 2021.
JP Richardson, CEO and co-founder of Exodus, said, “Exodus has had an impressive start to 2021, executing complex events for the first time, including our public offering, while surpassing numerous company records. In May, we conducted the first ever public offering directly inside a cryptocurrency wallet, using only cryptocurrency for shares represented on the Algorand blockchain. We were fully subscribed for $75M and had to turn potential investors away, of which we are excited to welcome back once trading begins on September 14.”
“In Q2, we achieved our greatest number of monthly active users, our most fiat onboarded and our highest quarterly revenue to date,” said James Gernetzke, CFO of Exodus. “We are continuing to focus on driving long-term user and revenue growth by investing in product development and marketing talent to drive these initiatives.”
Results for the Second Quarter 2021
- Revenue for the second quarter came in at $27.7 million, demonstrating a 17% increase sequentially and growth of over 651% year-over-year.
- Exchange Providers processed $1.6 billion of volume, up 777% from Q2 2020. Bitcoin and Ethereum continue to be the top assets traded at 21% and 14% of volume, respectively.
- Monthly active users increased to 832,384 on June 30, 2021, up 12% sequentially from 745,012 on March 31, 2021 and 320% year-over-year from 198,400 on June 30, 2020.
Second Quarter Business Highlights
- The average dollars per transaction increased to $1,213, up 22% sequentially and more than two times the transaction amount last year.
- Fiat onboarding grew 34% and staked assets increased 23% compared to Q1 2021. Both contributed approximately 1% of the total Q2 revenue.
- Full-time equivalent employees (FTEs) grew to 176 at the end of June, up from 141 at the end of March 2021.
- For Q2, adjusted EBITDA was $14.5 million, or 52.3% of revenue, compared to $15.9 million, or 67.2% of revenue in Q1 2021. The decrease reflects the intentional increase in product development, marketing and G&A expenses to drive long-term growth.
- 97.7% of total revenue this quarter was derived from the exchange aggregation business.
- In June, our first response time to customers dropped to a median of 8 minutes.
“The recent crypto bull run proved our technology’s ability to scale,” said Richardson. “Since conducting our public offering, we have prioritized our upcoming launch of our shares to be traded on tZERO, with Algorand as our blockchain.”
“Exodus is executing marketing strategies to actively scale and drive growth,” said Gernetzke. “To further increase our user base, we plan to continuously grow our brand awareness and integrate fiat onboarding systems for customers from legacy financial systems. We will also drive more staking and earn yield opportunities for our users by adding an ever increasing set of assets; this increases the ways users can grow wealth. Finally, we will add new products, currencies, and applications to the platform.”