Exodus Reports 80% Revenue Growth in Q2 2024 Despite Significant Losses

According to Odaily, cryptocurrency wallet provider Exodus has reported its financial results for the second quarter of 2024, showing an 80% year-over-year increase in revenue, reaching $22.3 million. Despite this significant growth, the company also faced substantial losses, with a net loss of $9.6 million for the quarter. This contrasts with the second quarter of 2023, where the revenue was $1.9 million. A spokesperson for Exodus explained that the losses were primarily due to the decline in the value of Bitcoin and other digital assets held by the company, rather than unprofitable operations. Additionally, Exodus's adjusted EBITDA for the second quarter rose by 43%, from $4.1 million in the second quarter of last year to $5.8 million in the same period of 2024.