Exodus Movement, Inc. reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company achieved operating revenues of $20.1 million for the third quarter, a 68% increase from $12.0 million in the same period of 2023. For the nine months, revenues reached $71.5 million, up 89% from $37.7 million year-over-year. This growth was primarily driven by a substantial increase in exchange aggregation revenue, which accounted for 90.1% of total operating revenues in Q3 2024, reflecting a 62% increase compared to the previous year.

Gross profit also saw remarkable improvement, with Q3 gross profit rising to $8.8 million, a 107% increase from $4.2 million in Q3 2023. For the nine-month period, gross profit surged to $38.7 million, up 142% from $16.0 million. The company reported net income of $843,000 for Q3 2024, a significant turnaround from a net loss of $251,000 in Q3 2023. For the nine months, net income soared to $46.0 million, compared to $2.4 million in the same period last year.

Exodus's total assets increased to $211.6 million as of September 30, 2024, up from $111.7 million at the end of 2023, largely due to a rise in digital assets, which reached $124.9 million, compared to $35.0 million at year-end 2023. Total liabilities also increased to $20.5 million from $8.0 million, while stockholders' equity rose to $191.2 million from $103.8 million.

The company reported a notable increase in monthly active users (MAUs), which grew to 1.6 million, a 40% increase year-over-year, attributed to positive consumer sentiment in the cryptocurrency market. Strategic initiatives included enhancing app features and expanding business-to-business partnerships.

Operating expenses for the nine months ended September 30, 2024, decreased significantly to $13.6 million from $14.3 million in the previous year, reflecting improved operational efficiency. However, general and administrative expenses rose by 75% to $11.0 million, indicating increased investment in human capital and cloud infrastructure.

Exodus also faced challenges, including a net cash used in operating activities of $6.8 million for the nine months, contrasting with a net cash provided of $2.9 million in the same period of 2023. The company recognized realized gains from digital asset exchanges of $5.1 million and unrealized gains of $34.1 million during the nine months.

As of September 30, 2024, Exodus held $26.5 million in cash and cash equivalents, a significant increase from $12.4 million at the same time last year. The company continues to focus on its core business of providing self-custodial digital asset wallets while navigating the complexities of the digital asset market.