Exodus Sees Revenue Decline Amid Cryptocurrency Market Volatility

Exodus, a self-custodial cryptocurrency wallet maker, has reported a decline in revenue for the first quarter of this year. The company's Q1 revenue fell 37% to $22.7 million compared to the same period last year.

The decrease in revenue was accompanied by a net loss of $32.1 million for the quarter ended March 31, up from a $12.9 million loss in the previous year. This increase in losses can be attributed in part to a net loss on cryptocurrency holdings, which grew to $36.4 million.

Exodus' quarterly funded users fell by 18% to 1.4 million, while exchange provider processed volume declined by 26% to $1.18 billion. However, the company's monthly active users remained unchanged at 1.5 million.