Exodus Movement (EXOD) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $30.3 million, a 51% year-over-year increase, driven by higher digital asset prices, exchange aggregation, and staking growth.

• Net income for Q3 2025 was $17.0 million, up from $0.8 million in Q3 2024, marking a 2,025% increase.

• The company completed the acquisition of Grateful, a stablecoin-focused payments platform, to expand merchant and consumer payment capabilities, with rollout in Argentina and Uruguay next month.

• Strategic focus is on building an all-in-one financial app integrating crypto, stablecoins, and traditional payment rails for global utility.

• The company reached a proposed $2.47 million settlement with OFAC regarding past compliance matters.

Financial highlights

• Q3 2025 revenue: $30.3 million (up 51% YoY); nine-month revenue: $92.2 million (up 29% YoY).

• Q3 2025 net income: $17.0 million; nine-month net income: $41.8 million.

• Swap volume totaled $1.75 billion, an 82% increase from the prior year quarter; B2B swaps contributed $496 million (28% of volume).

• Gross margin benefited from $21.0 million net gain on digital assets in Q3 2025.

• Quarterly funded users reached 1.8 million, up 6% sequentially and 20% year-over-year; monthly active users were 1.5 million, flat sequentially and down 6% year-over-year.

Outlook and guidance

• The Grateful acquisition is expected to accelerate payment product rollouts and provide flexibility for targeted launches in new regions.

• Management expects continued growth in digital asset adoption and platform expansion, with increased expenses in cloud infrastructure, human capital, and marketing.

• Sufficient liquidity and digital assets to fund operations and growth for the foreseeable future.

• Exploring a potential Bitcoin dividend for Class A shareholders, pending board and charter amendment approval.

• Emphasis on liquidity, capital management, and growth catalysts, including partnerships.