Exodus Movement (EXOD) Q2 2026 earnings summary

Executive summary

• Completed strategic acquisitions of Monavate and Baanx in May 2026, transforming the business into a diversified payments and fintech platform and expanding payment processing and card issuance services.

• Revenue for Q2 2026 was $26.2 million, up 2% year-over-year, with $5 million contributed by acquired entities and offset by a decline in Web3 services.

• Net loss for Q2 2026 was $18.6 million, compared to net income of $37.7 million in Q2 2025, primarily due to increased expenses and digital asset losses.

• Announced a restructuring plan in July 2026, including a 25% workforce reduction, expected to yield $9–$13 million in annualized savings.

• Integration efforts focused on aligning operations, technology, and teams to support the payments business and future profitability.

Financial highlights

• Q2 2026 revenue: $26.2 million ($21.2 million from legacy/Web3 business, $5 million from Monavate); non-GAAP revenue would be ~$29 million.

• Net loss: $18.6 million; adjusted EBITDA loss: $6.7 million; EBITDA loss: $21.5 million, reflecting transaction and restructuring costs.

• Monavate processed $1.8 billion in gross transaction volume year-to-date, with Q2 accounting for $900 million and a 60% quarter-over-quarter increase in core client volume.

• Monthly active users and swap volume held steady at 1.4 million and $1.13 billion, respectively, from Q1 to Q2, though sequential declines were noted in some user metrics.

• Digital asset losses of $7.0 million in Q2 2026, compared to a $52.5 million gain in Q2 2025.

Outlook and guidance

• Focused on completing integration, restoring Monavate’s card issuance in Europe and the U.S., and converting a diversified revenue base and leaner cost structure into sustainable profitability.

• Full run-rate of $10–$13 million in annualized operating expense savings expected by Q4, with $2.5–$3.5 million quarterly reduction starting in Q3.

• Restructuring plan expected to be substantially complete by end of Q4 2026, with full cost savings realized in 2027.

• Management expects existing cash, stablecoins, and digital assets to be sufficient to fund operations and growth.

• Near-term growth opportunities centered on deepening relationships with 1.4 million active users and expanding enterprise payments.