Exodus Movement (EXOD) Q4 2025 earnings summary

Executive summary

• Achieved record full-year 2025 revenue of $121.6 million, up 5% year-over-year, with a strategic shift from speculation-driven revenue to payments and B2B infrastructure, highlighted by the launch of Exodus Pay and key acquisitions including W3C and Grateful.

• Exchange provider processed volume for 2025 was $6.9 billion, up 21% from 2024, with XO Swap and B2B partnerships driving vertical integration and revenue diversification.

• Monthly active users at year-end were 1.5 million, down 35% year-over-year but steady sequentially; funded users were 1.7 million, down 11% year-over-year.

• Investments in AI and infrastructure are expected to drive future growth, with AI agents seen as a new customer class for wallet services.

• Announced acquisition of W3C Corp, enabling global credit card issuance and stablecoin settlement for users and B2B partners.

Financial highlights

• Full-year revenue grew 5% to $121.6 million, with Q4 revenue at $29.5 million, down 34% year-over-year due to a tough comparison and declining digital asset prices.

• Full-year swap volume rose 21% to $6.89 billion; Q4 swap volume was $1.59 billion, down 32% year-over-year.

• Staking revenue doubled to over $4 million, with Solana staking improvements as a key driver.

• Fiat onboarding revenue increased 28% year-over-year.

• Cash, treasury bills, and digital assets totaled approximately $167 million at year-end.

Outlook and guidance

• 2026 is positioned as the year when investments in infrastructure and product development begin to impact top-line results, with management focused on integrating W3C and expanding the payments stack.

• Exchange aggregation remains the primary revenue driver, accounting for 76% of 2025 revenue, with non-exchange aggregation contributing 9%.

• Exodus Pay will focus on mainstream payments and align launches with major cultural moments.

• Preliminary Q1 2026 metrics show monthly active users rising to 1.6 million and processed volume at $435 million in February 2026.

• The company is confident in closing the W3C acquisition in 2026 and expects further revenue diversification from B2B partnerships.