Exodus Movement, Inc. (NYSE American: EXOD) is a self-custodial cryptocurrency platform that allows users to manage their digital assets. The company recently reported its first quarter 2025 financial results, indicating a significant increase in revenue compared to the same quarter last year.

For Q1 2025, Exodus generated $36 million in revenue, marking a 24% increase from $29.1 million in Q1 2024. This is the highest first quarter revenue and the second-best revenue quarter recorded in the company’s history. Total processed exchange volumes for the quarter were $2.18 billion, reflecting a year-over-year growth of 62%, but a 7% decrease from the previous quarter.

Operating revenue was primarily driven by its XO Swap product, which accounted for approximately 30% of Q1 volume and 17% of overall revenue. Monthly active users decreased to 1.6 million, down 30% sequentially and 6% year-over-year. Quarterly funded users totaled 1.8 million, a 5% decrease sequentially but a 6% increase year-over-year.

Exodus reported a net loss of $12.9 million, compared to a net income of $54.8 million in the same period last year. General and administrative expenses increased by 79% year-over-year to $14.3 million, while technology, development, and user support costs rose by 39% to $14.9 million.

Cash and liquid assets amounted to $238 million, including 2,011 Bitcoin valued at approximately $166 million. The company continues to adopt ASU 2023-08, recording its digital assets at fair value, reflecting current market conditions.

In summary, Exodus reported higher revenue and significant exchange volume through XO Swap, despite a decline in user activity metrics and a net loss in this quarter.