Thu, May 16, 10:04 AM (72 days ago)
Exodus Movement, Inc.'s quarterly report for the period ending March 31, 2024, reveals significant financial improvements. Operating revenues surged to $29.0 million, up 118% from $13.3 million in Q1 2023, driven by increased monthly active users and exchange-related activities. Gross profit rose to $18.4 million from $6.5 million. The company reported a net income of $54.8 million, a substantial increase from $0.8 million in the previous year. This was influenced by a $56.8 million gain on digital assets due to market price volatility. Cash flow from operations was $0.5 million, while investing activities generated $9.6 million, primarily from treasury bill transactions. Total assets grew to $225.4 million from $111.7 million, with digital assets valued at $141.5 million. Despite increased costs in general and administrative expenses, the company's financial health appears robust. Future operations may benefit from ongoing user growth and market conditions.