Exodus Movement, Inc. (EXOD) Q1 2026 Earnings Call Transcript – Image for illustrative purposes only (Image credits: Pexels)
Exodus Movement reported sharply lower results for the first quarter of 2026, with revenue declining to $22.7 million from $36.0 million a year earlier. The company recorded a net loss of $32.1 million, more than double the prior-year figure, largely due to a $36.4 million loss on digital assets. Despite the downturn, Exodus closed two acquisitions that position it to expand beyond trading into payments and cards.
Revenue Decline Driven by Lower Trading Volumes
Exchange aggregation fees, the largest revenue source, dropped 40.8 percent year over year as user transaction volumes slowed. Non-exchange revenue, including fiat onboarding and staking, rose modestly but could not offset the broader contraction. Processed volume through the exchange provider reached $1.18 billion, down 22 percent from the fourth quarter of 2025. Bitcoin remained the top traded asset, accounting for 29 percent of volume.
Acquisitions Signal Shift Toward Payments Infrastructure
Exodus completed the purchase of Monavate and Baanx shortly after the quarter ended. The deals, structured through debt settlement and staged payments, add on-chain payments and card capabilities to the self-custodial platform. Management highlighted the moves as a way to diversify beyond crypto trading amid volatile market conditions. The acquisitions are expected to begin contributing to results in the second half of the year.
User Metrics Hold Steady While Liquidity Strengthens
Monthly active users remained at 1.5 million, unchanged from the end of 2025. Quarterly funded users fell 18 percent to 1.4 million. Cash and cash equivalents rose to $72.9 million, while digital assets at fair value stood at $48.2 million. Total liquidity, including stablecoins, reached $122.6 million by March 31.
Outlook Centers on New Capabilities and Cost Discipline
The company plans to launch Exodus Pay across all 50 states in April 2026, extending its reach into everyday payments. Operating expenses rose modestly, with technology and development costs up 9 percent and general and administrative expenses up 8 percent. Analysts project sequential revenue growth in the second quarter as the acquisitions integrate. The earnings call on May 12 provided further detail on execution timelines and capital allocation priorities.
