Exodus Financial Results: Revenue Decline and Cost Reductions in Q2 2023
Exodus, the multichain wallet, has released its financial results for the second quarter of 2023, revealing a 4% decrease in revenue compared to the previous year. The company generated $12.4 million in revenue, with net income reaching $1.9 million. The majority of the revenue came from the exchange aggregation business, totaling $11.6 million. Fiat onboarding revenue experienced a significant growth of 220% from 2022, amounting to $561,000. However, the volume of exchange provider transactions in Q2 dropped by 12% compared to Q2 2022. Bitcoin, Tether, and EtherEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. More were the top assets traded during the quarter. Despite the decline in revenue, Exodus managed to reduce costs by 6% through measures like a reduction in headcount and cloud infrastructure expenditures. The company also decreased its administrative and marketing allocations by 65% in the quarter. Exodus currently holds $55 million in cash, cash equivalents, and U.S. Treasury Bills, as well as $46.2 million worth of Bitcoin in its corporate treasury.
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