Exodus Reports Third Quarter 2025 Results

Rhea-AI Summary

Exodus (NYSE American: EXOD) reported third quarter 2025 results on November 10, 2025, with Q3 revenue of $30.3 million (up 51% year‑over‑year) and net income of $17.0 million versus $0.8 million in Q3 2024. The company announced the acquisition of Grateful, a stablecoin payments orchestrator, and will host a Q3 webcast on November 10, 2025.

Key operational metrics: exchange processed volume of $1.75 billion (up 82% YoY), quarterly funded users 1.8 million (up 20% YoY), monthly active users 1.5 million (down 6% YoY), and $314.7 million in digital and liquid assets as of September 30, 2025.

Positive

• Revenue +51% YoY to $30.3 million
• Net income of $17.0 million versus $0.8 million prior year
• Exchange processed volume +82% YoY to $1.75 billion
• Quarterly funded users +20% YoY to 1.8 million
• Digital and liquid assets totaling $314.7 million as of Sept 30, 2025
• Acquisition of Grateful to add stablecoin payments capabilities

Negative

• Monthly active users down 6% YoY to 1.5 million
• General and administrative expenses +75% YoY to $14.9 million
• Technology, development and user support expenses +50% YoY to $17.0 million
• Large swing in digital asset results: $21.0 million net gain in Q3 2025 vs $0.4 million loss in Q3 2024

Insights

Financial analyst

Q3 2025 shows materially higher revenue and net income driven by digital-asset gains and an acquisition; monitor integration and user trends.

Revenue rose to $30.3 million in Q3 2025, a 51% increase year-over-year, and reported net income was $17.0 million. The income swing largely reflects a $(21.0) million net gain on digital assets and a substantial rise in operating costs: technology and support at $17.0 million and G&A at $14.9 million. Exchange processed volume increased to $1.75 billion, up 82% year-over-year, while funded users increased 20% to 1.8 million and monthly active users declined 6% to 1.5 million.

The company announced acquisition of Grateful to add stablecoin payments orchestration; this is a strategic revenue-adjacent move that may expand merchant capabilities. Key dependencies include the sustainability of digital-asset gains, successful technical and commercial integration of Grateful, and reversal or continuation of the user/mix trends. Watch quarterly updates for realized gains or losses on digital assets, integration milestones for Grateful, funded user growth and MAU stabilization over the next several quarters.

Third Quarter 2025 Revenue of $30.3 million; Net Income of $17.0 million

OMAHA, Neb., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial cryptocurrency platform, today announced its unaudited results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights (Unaudited)

In USD millions, except percentages	Q3 2025			Q3 2024			% Change
Revenue		$30.3			$20.1		51	%
Technology, development and user support		17.0			11.3		50	%
General and administrative		14.9			8.5		75	%
(Gain) loss on digital assets, net		(21.0	)		0.4		(5,350	%)
Net income		17.0			0.8		2,025	%

In addition, the company announced earlier today that it has acquired Grateful, a stablecoin payments orchestrator for merchants enabling lower fees, instant access to funds and yields on balances.

“The logical next step in the revolution of stablecoins and digital asset-backed finance is to expand the benefits of stablecoin-based payments to both consumers and merchants, especially in underserved emerging markets,”  said JP Richardson, CEO and co-founder of Exodus. “Through our acquisition of Grateful, we are acquiring a team whose technology and ethos aligns with our mission to place control of commerce and payments back in the hands of the public.”

Third Quarter Operational and Other Financial Highlights

• Exchange provider processed volume - $1.75 billion in Q3 2025, up 82% from Q3 2024 and up 27% from Q2 2025. Bitcoin, Tether (TRX Network), Tether (ETH Network), ETH, USDC, and SOL were the top assets traded in Q3 2025, at 16%, 13%, 13%, 11%, 6%, and 6% of volume, respectively.
• Exodus monthly active users - 1.5 million at end of Q3 2025, a decrease of 6% from 1.6 million as of September 30, 2024.
• Exodus quarterly funded users - 1.8 million at end of Q3 2025, an increase of 20% from 1.5 million as of September 30, 2024.
• Digital assets and liquid assets - $314.7 million, including 2,123 units of Bitcoin valued at $242.4 million, 2,770 units of Ether valued at $11.5 million, and $50.8 million in cash and cash equivalents, USD Coin (USDC), and Treasury bills as of September 30, 2025.
• Full-time equivalent team members - approximately 210 as of September 30 2025, unchanged from the prior quarter.
• Customer response time - average response time of less than 60 minutes in Q3.

“As we look to meaningfully expand our services and grow our user base, particularly in emerging markets such as Latin America, Grateful is a logical partner and acquisition,” added James Gernetzke, CFO of Exodus. “We’re excited to rapidly integrate their products into our overall technology stack.”

Q3 2025 Webcast 

Exodus will host a webcast of its third quarter 2025 fiscal results beginning at 8:30 AM (Eastern Time) on November 10, 2025. To access the webcast, please use this link. It will also be carried on the Company’s website exodus.com/investors. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website, and a replay of the video webcast will be available following the live event for at least 90 days thereafter.

Upcoming Conferences
Exodus plans to attend the following events:
Tuesday, November 11th - Cantor Crypto & AI/Energy Infrastructure Conference (Miami, FL)
Thursday, November 13th - KBW Fintech Payments Conference (New York, NY)

Investor Contact
investors@exodus.com

Media Contact
Ryan Dicovitsky/Diana Bost, Dukas Linden Public Relations
exodus@dlpr.com

Disclosure Information

Exodus may use its website and the following social media outlets as distribution channels of material nonpublic information about the Company. Financial and other important information regarding the Company is routinely accessible through and posted on the following: websites exodus.com/investors and exodus.com, and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “should,” “intend,” “believe,” “expect,” “likely,” “believes,” “views”, “estimates”, or other comparable terminology.

Forward-looking statements in this document include, but are not limited to, management statements regarding management’s confidence in our products, services, business trajectory and plans and expectations regarding demand for our products and the demand for and wide adoption and use of cryptocurrencies, regional adoption of blockchain technology, and integration of acquisitions. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025, as well as in our other reports filed with the SEC from time to time.

All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

FAQ

What were Exodus (EXOD) Q3 2025 revenue and net income?

Exodus reported Q3 2025 revenue of $30.3 million and net income of $17.0 million on Nov 10, 2025.

How did Exodus exchange volume perform in Q3 2025 (EXOD)?

Exchange processed volume was $1.75 billion in Q3 2025, up 82% year‑over‑year.

What user metrics did Exodus report for Q3 2025 (EXOD)?

Exodus had 1.5 million monthly active users (down 6% YoY) and 1.8 million quarterly funded users (up 20% YoY) as of Sept 30, 2025.

What cash and digital assets did Exodus (EXOD) hold at Sept 30, 2025?

Exodus reported $314.7 million in digital assets and liquid assets, including 2,123 BTC valued at $242.4 million and $50.8 million in cash/USDC/Treasury bills.

What is the strategic impact of Exodus acquiring Grateful (EXOD)?

The acquisition adds a stablecoin payments orchestrator to enable merchant payments with lower fees, faster access to funds and yields on balances.

When will Exodus (EXOD) host its Q3 2025 earnings webcast?

Exodus will host its Q3 2025 webcast on November 10, 2025 at 8:30 AM ET, with replay available for at least 90 days.