Exodus Movement's Q1 2025 Earnings Call: Unpacking Gross Margin and Partnership Contradictions

Gross margin expectations, partnership strategy and impact on core business are the key contradictions discussed in Exodus Movement's latest 2025Q1 earnings call.



Revenue Growth and Partnership Success:
- Exodus reported a record revenue of $36 million for Q1 2025, up 24% year-over-year.
- This growth was driven by successful partnerships, such as the Ledger partnership, and the strength of its XO Swap product.

XO Swap Performance:
- XO Swap contributed 30% of Q1 swap volume, up from 19% in Q4 2024.
- The increase was due to new partnerships and a successful promotional campaign by one of its partners.

Market Share and User Activity:
- Monthly active users (MAU) were 1.6 million, down 30% sequentially and 6% year-over-year.
- The decrease was attributed to macroeconomic headwinds and market fatigue, particularly in March.

Bitcoin and Crypto Holdings:
- Exodus holds over 2,000 Bitcoins on its balance sheet, with 2,011 Bitcoins as of March 2025.
- The company's Bitcoin treasury strategy has been a long-term commitment, aligning with its mission-driven approach.