Exodus Movement, Inc. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $26 million in Q2 2025, a 16% increase year-over-year (Q2 2024 revenue: ~$22.4 million).
  • Swap Volume: $1.38 billion for the quarter.
  • Revenue Composition: 91% from exchange aggregation; XO Swap contributed 15% of volume and 10% of revenue.
  • Costs:
    • Marketing & event spend: $7.3 million (not expected to repeat at this level in Q3).
    • M&A efforts: $1.2 million.
    • Legal settlement accrual with OFAC: $2.6 million (subject to approval in Q3).
    • Profit from partial sale of Magic Eden token rights: $2 million (initial investment: $400k).
  • Users:
    • Monthly active users declined 6% sequentially and flat YoY.
    • Quarterly funded users: 1.7 million, down 6% sequentially, up 13% YoY.
  • New Products and Partnerships:
    • XO Pay launched in May 2025 as the first self-custodial wallet with native on-ramping.
    • XO Swap: 2 new partnerships activated; total active partners now 9, 14 signed.
    • New integration with MetaMask announced, bringing XO Swap’s Bridge functionality to MetaMask users.

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Elizabeth Shores: Okay. Let's roll. Hi, everyone, and welcome to Exodus's Second Quarter 2025 Earnings Call. I'm your host, Elizabeth Shores. And with us today are Exodus' Co-Founder and CEO, JP Richardson; and CFO, James Gernetzke. Now during today's call, we may make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may vary materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described in forward-looking statements in our earnings press release and our most recent Form 10-Q filed with the Securities and Exchange Commission available on the Investor Relations portion of our website. We do not undertake any obligation to update forward-looking statements. And you can feel free to visit our social media accounts on X or Reddit to submit any questions you may have about the quarter for our Investor Relations team after our call. So with that, our CEO will discuss the quarter. Take it away, JP. Jon Paul Richardson: Thanks, Elizabeth, and thank you, everyone, for joining us today. Q2 was an energizing quarter. We're building tools people love, expanding our reach and living our mission every day. Exodus posted $26 million of revenue this quarter. That's 16% year-over-year growth, driven by continued use and adoption of our products. We released an update to Exodus Mobile th

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