Exodus Q1 2025: Record Revenue and Growing Bitcoin Holdings
Exodus Movement, Inc. (NYSE American: EXOD), a leading self-custodial Bitcoin and cryptocurrency platform, announced unaudited financial results for the first quarter of 2025, showcasing record-setting revenue and a notable increase in digital asset holdings. The company reported $36.0 million in revenue, up 24% from $29.1 million in Q1 2024, marking its strongest first quarter ever. CEO and co-founder JP Richardson attributed the growth to continued product innovation and rising demand for self-custody solutions. "Exodus continues to offer innovative solutions that capitalize on the growing market for digital assets," he said. "Meanwhile, our focus on self-custody remains a difference-maker."
Digital Asset Holdings: Bitcoin Reaches 2,011 BTC
As of March 31, 2025, Exodus held 2,011 BTC, an increase of 70 BTC since December 31, 2024. These bitcoin holdings are valued at $166.0 million, comprising the bulk of the company's $238.0 million in digital assets, cash, and cash equivalents. The company also holds 2,693 ETH valued at $4.9 million, as well as $62.8 million in USD Coin and Treasury bills. The steady accumulation of bitcoin underscores management's conviction in the long-term value of digital assets and aligns with the platform's self-custody ethos.
User Metrics and Expense Trends
Monthly active users declined 30% year-over-year to 1.6 million, primarily reflecting broader market headwinds and seasonal fluctuations. However, Exodus maintained a strong user base with 1.8 million funded users by quarter end, indicating sustained engagement from active depositors. The platform processed $2.18 billion in exchange volume during Q1. On the cost side, technology, development, and user support expenses rose 39% to $14.9 million, while general and administrative expenses surged 79% to $14.3 million, reflecting investments in product enhancements and infrastructure.
Net Loss and Management Outlook
Exodus posted a net loss of $12.9 million in Q1 2025, compared to a net income of $54.8 million in the same period last year. The swing was largely driven by a $28.8 million impairment loss on digital assets, a non-cash charge that reflects the volatile nature of cryptocurrency prices. Despite the loss, leadership remains confident. CFO James Gernetzke stated, "Q1 saw our highest first quarter revenue and second best revenue quarter on record. With an abundance of opportunities at our doorstep, Exodus is well-positioned to expand within our industry and beyond, well into the future." A webcast to discuss Q1 results will be held at 4:30 PM ET on May 12, available at exodus.com/investors.