Exodus Movement (EXOD) Q1 2026 earnings summary

Executive summary

• Closed acquisitions of Monavate and Baanx in May 2026, marking a major strategic shift to a full-stack financial services model and expanding card and payments infrastructure capabilities.

• Q1 2026 revenue was $22.7 million, down 37% year-over-year, with net loss widening to $32.1 million from $12.9 million, mainly due to digital asset volatility and increased expenses.

• Launched Exodus Pay, now live in all 50 U.S. states, Canada, and parts of Europe, and announced XO Cash and AgentKit to expand digital payments and AI-driven capabilities.

• Became the official payments partner of the UFC, providing a major global distribution channel for Exodus Pay.

• Held inaugural Shareholder Summit to discuss expanded operations and new product features.

Financial highlights

• Q1 2026 revenue was $22.7 million, down 23% sequentially and 37% year-over-year; net loss was $32.1 million, up from $12.9 million in Q1 2025.

• Q1 swap volume was $1.18 billion, down 26% from Q4 2025.

• Technology, development, and user support expenses rose 9% year-over-year to $16.2 million; general and administrative expenses increased 8% to $15.5 million.

• Digital assets, cash, and cash equivalents totaled $122.6 million as of March 31, 2026.

• Net realized gains from digital asset exchanges were $40.4 million, but net unrealized losses from remeasurement were $76.8 million.

Outlook and guidance

• Integration of Monavate and Baanx is a top priority, with expectations that 40%+ of revenue will come from Monavate by 2027.

• Focus on scaling Exodus Pay, expanding payments-related revenue, and building a more durable, less crypto-dependent revenue model.

• Management expects continued volatility in digital asset prices and increased expenses as the platform grows.

• Further guidance and pro forma financials to be provided in upcoming quarters.

• Ongoing evaluation of acquisition targets and business expansion initiatives.