Exodus posts $18.6 million net loss in Q2 as administrative costs jump 138%

Crypto wallet company Exodus reported second-quarter revenue of $26.2 million, up 2% from a year earlier, but swung to a net loss of $18.6 million after posting a $37.7 million profit in the same period last year. The company’s general and administrative expenses rose 138% year over year to $44.7 million. Exodus said its quarterly results included partial contributions from the acquisitions of Monavate and Baanx. User and trading metrics also weakened during the period, with month-end monthly active users falling to 1.4 million, down 6.7% from the previous quarter, while quarterly Swap volume came in at $1.1 billion, down 8.3% quarter over quarter. The figures were cited by AP News and relayed by BlockBeats on Aug. 11.