Exodus Movement, Inc. Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Exodus Q4 2024 Earnings Summary

  • Revenue: Q4 2024 revenue was $44.8 million, up 143% year-over-year and 123% sequentially from Q3 2024. Full-year 2024 revenue reached $116.3 million, marking record performance.
  • Exchange Aggregation Strength: Exchange aggregation revenues accounted for 92% of total revenue for the year. Of this, 93% came from Exodus’ own users, and 7% from XO Swap partnerships.
  • XO Swap Launch & Adoption: The new B2B2C swap aggregator, XO Swap, contributed 12% of Q4 revenue. Exodus now has 11 partners signed, 5 of which have integrated. Strong momentum continues into Q1 2025, with 23% of volumes attributed to XO Swap so far.
  • Other Product Launches:
    • Passkeys Wallet: Launched in 2024 to provide frictionless, self-custodial crypto access with over 200,000 users by year-end.
    • XO Pay: Designed to simplify fiat onboarding. Seamless user experience remains the focus with future integrations expected.
  • User Growth: Monthly active users reached 2.3M in Q4, up from 1.4M in Q4 2023 and 1.6M in Q3 2024.
  • Exchange Volume: $2.3 billion in Q4 2024, up 169% year-over-year and 139% sequentially. Early Q1 2025 volume is $1.45B (Jan–Feb), already exceeding entire Q1–Q3 2024 levels.

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Greg McNiff: Welcome everyone to Exodus' Fourth Quarter 2024 Earnings Conference Call. I'm your host, Greg McNiff, and joining us today are Exodus Co-Founder and CEO, JP Richardson; and Exodus CFO, James Gernetzke. During today's call, we may make forward-looking statements. The Company cautions investors that any forward-looking statements involve risks and uncertainties and are 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 under forward-looking statements in our earnings press release, and our most recent registration statement on Form 10-K 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. Please visit our social media accounts, X or Reddit, to submit your questions for the quarter for our investor relations team after our call. And with that, let's go to JP for the review of Exodus' preliminary fourth quarter and full year 2024 results. JP Richardson: Hi, everyone. Thank you for joining us today. Our unaudited Q4 results represent yet another strong quarter for Exodus, as we continue executing on our strategy to bridge traditional finance and block chain technology. We delivered record revenue while introducing innovations designed to make digital asset ownership frictionless and accessible to

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