Cryptocurrency wallet company Exodus posted a $18.6 million loss in the second quarter, a turnaround from profit, with operating expenses skyrocketing 138% year-on-year.

August 11th, Cryptocurrency wallet company Exodus reported a Q2 revenue of $26.2 million, a 2% year-over-year increase, but a net loss of $18.6 million, compared to a profit of $37.7 million in the same period last year; general and administrative expenses increased by 138% year-over-year to $44.7 million.

The company stated that the quarterly performance includes partial contributions from the acquisitions of Monavate and Baanx; the month-end active users decreased to 1.4 million, a 6.7% decrease compared to the previous month, and the quarterly Swap trading volume was $11 billion, down 8.3% compared to the previous quarter. (AP News)