Exodus Reports Third Quarter 2026 Results

Exodus expects approximately $30 million in annual cost reductions going into 2027 as it integrates Monavate and Baanx.

Rhea-AI Summary

Exodus (EXOD) reported third-quarter 2026 revenue of $32.5 million, with growth accompanied by a swing to a net loss. Revenue rose 7% from $30.3 million a year earlier. Net loss attributable to Exodus was $8.3 million, compared with net income of $17.0 million. General and administrative expenses increased 94% to $28.9 million, and payment processing expenses were $9.5 million versus none a year earlier.

Exodus expects acquisition-related cost initiatives to reduce combined annual costs by approximately $30 million going into 2027. Quarterly funded users increased 7.7% from Q2 to 1.4 million, while monthly active users remained unchanged at 1.4 million. Swap volume declined 3.4% sequentially to $1.1 billion. The payments business recorded 1.6 million active cards and $1.1 billion in gross transaction volume during the quarter. Results are unaudited.

4 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Exodus expects combined annual cost reductions of approximately $30 million going into 2027.
• Moderate pointRevenue rose 7% year over year to $32.5 million in Q3 2026.
• Moderate pointQuarterly funded users rose 7.7% from Q2 2026 to 1.4 million.
• Minor pointPartnership expenses fell 32% year over year to $3.1 million.

Negative

• Major pointNet loss of $8.3 million in Q3 2026 replaced net income of $17.0 million a year earlier.
• Moderate pointGeneral and administrative expenses increased 94% year over year to $28.9 million.
• Moderate pointPayment processing expenses reached $9.5 million in Q3 2026, versus none a year earlier.
• Moderate pointSwap volume declined 3.4% from Q2 2026 to $1.1 billion.
• Minor pointAdjusted EBITDA turned negative: a $3.919 million loss versus positive $5.850 million in Q3 2025.

4 minor points

• Minor pointTransaction expenses increased to $4.951 million from $1.339 million in Q3 2025.
• Minor pointRestructuring expenses were $3.208 million in Q3 2026, versus none a year earlier.
• Minor pointIntegration expenses were $923 thousand in Q3 2026, versus none a year earlier.
• Minor pointDigital asset services expenses rose 1% year over year to $12.5 million.

Key Figures

Revenue: $32.5 million (+7%) Net income (loss): $(8.3) million General and administrative expense: $28.9 million (+94%) +4 more

Revenue

$32.5 million (+7%)

Q3 2026 versus $30.3 million in Q3 2025

Net income (loss)

$(8.3) million

Q3 2026, versus $17.0 million net income in Q3 2025

General and administrative expense

$28.9 million (+94%)

Q3 2026 versus $14.9 million in Q3 2025

Adjusted EBITDA

$(3.9) million

Q3 2026, versus positive $5.9 million in Q3 2025

Quarterly funded users

1.4 million (+7.7%)

Q3 2026 versus 1.3 million in Q2 2026

Total swap volume

$1.1 billion (-3.4%)

Q3 2026 versus Q2 2026

Gross transaction volume

$1.1 billion

Processed in Q3 2026

Previous Earnings Reports

2 past events · Latest: Aug 10

Same Type 2 events

1. Aug 10

   Q2 earnings

   24h Move

   -4.0%

   Reported $26.2 million revenue and an $18.6 million net loss.

2. Nov 10

   Q3 earnings

   24h Move

   +1.1%

   Reported $30.3 million revenue and $17.0 million net income for Q3.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

self-custodial, adjusted ebitda, gaap

3 terms

self-custodial technical

"a leading self-custodial finance and payments platform"

Self-custodial describes a setup where an individual or entity holds and controls their own assets or credentials directly, rather than trusting a third party to store them. For investors, it means you have full control and responsibility—like holding the only key to a safe: greater autonomy and potentially lower counterparty risk, but also greater responsibility for secure storage, loss recovery, and personal security practices.

adjusted ebitda financial

"Adjusted EBITDA was a loss of $3.9 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gaap financial

"These amounts are not determined in accordance with GAAP"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Exodus advances consumer and enterprise payments strategy.

Third Quarter 2026 Revenue of $32.5 million.

OMAHA, Neb., Nov. 09, 2026 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial finance and payments platform, today announced its unaudited results for the third quarter ended September 30, 2026.

"This quarter, we made substantial progress bringing Exodus, Monavate and Baanx together, combining our teams and simplifying how we operate," said JP Richardson, CEO of Exodus. "We are building toward a financial system where anyone can receive money, invest it and spend it as easily as they send a message, while retaining control of their assets. Exodus started by giving people control over their crypto. Through Exodus Wallet and XO Suite, the enterprise platform we are building, we are extending that foundation into everyday financial activity, both in our own app and other companies' products. As AI agents begin to transact on behalf of people and businesses, they will need that same infrastructure, with clear permissions and spending limits. Our goal is to make Exodus a foundation for how people, businesses, and their agents use money."

Third Quarter 2026 Financial Highlights (Unaudited):

(In USD millions, except percentages)		Q3 2026		Q3 2025		% Change
Revenue		$32.5		$30.3		7%
Digital asset services expenses		12.5		12.4		1%
Partnership expenses		3.1		4.6		(32)%
Payment processing expenses		9.5		—		*
General and administrative		28.9		14.9		94%
NET (LOSS) INCOME ATTRIBUTABLE TO EXODUS MOVEMENT, INC.		$(8.3)		$17.0		(149)%

^{* Percentage variances not considered meaningful.}

Monavate Integration Update

As a product of the Company's cost savings initiatives and capitalizing on synergies from the acquisition of Monavate Holdings Limited, Monavate Ltd., Baanx.com Ltd, and Baanx US Corp., Exodus is on track to reduce combined annual costs by approximately $30 million going into 2027. These cost reductions enhance Exodus' operating leverage and provide greater financial flexibility to reinvest in strategic growth initiatives, including product innovation and expansion into new markets.

Third Quarter Operational and Other Financial Highlights

• Monthly Active Users ("MAUs"): 1.4 million MAUs at the end of Q3 2026, unchanged from 1.4 million as of Q2 2026.
• Quarterly Funded Users ("QFUs"): 1.4 million QFUs at the end of Q3 2026, up 7.7% from 1.3 million as of Q2 2026.
• Total Swap Volume: $1.1 billion in total swap volume for Q3 2026, down 3.4% from Q2 2026.
• Total Active Cards:1.6 million active cards during Q3 2026.
• Gross Transaction Volume: $1.1 billion processed in Q3 2026.
• (Loss) Net Income Attributable to Exodus Movement, Inc.: For the three months ended September 30, 2026, net loss was $8.3 million while the same period last year was net income of $17.0 million.
• Adjusted EBITDA: For the three months ended September 30, 2026, Adjusted EBITDA was a loss of $3.9 million while the same period last year was positive Adjusted EBITDA of $5.9 million.
  
  

NON-GAAP RECONCILIATION (unaudited)
	Three Months Ended September 30,
(in thousands)		2026				2025
Net (loss) income attributable to Exodus Movement, Inc.	$	(8,267	)		$	17,041
Interest income, net		153				(599	)
Tax expense (benefit)		775				3,265
Depreciation and amortization expense		1,635				853
EBITDA	$	(5,704	)		$	20,560
Stock based compensation expense		5,386				5,186
Staking and other income		(1,400	)			(264	)
(Gain) loss on digital assets, net		(11,377	)			(21,003	)
Loss (gain) on disposed investments		—				—
Impairment on other assets		—				—
Gain on debt extinguishment		—				—
Other loss, net		94				32
Transaction expenses		4,951				1,339
Integration expenses		923				—
Restructuring expenses		3,208				—
Adjusted EBITDA	$	(3,919	)		$	5,850

Non-GAAP Measures

The unaudited adjusted results should not be construed as an alternative to the reported results determined in accordance with GAAP. These financial measures are not based on any standardized methodology and are not necessarily comparable to similar measures presented by other companies. The Company believes that these non-GAAP financial measures provide useful information to both management and investors to increase comparability to prior periods by adjusting for certain items that may not be indicative of core operating measures and to better identify trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company compared to prior periods, when reviewed in conjunction with the Company's GAAP statements. These amounts are not determined in accordance with GAAP and therefore should not be used exclusively in evaluating the Company's business and operations.

Q3 2026 Webcast 

Exodus will host a webcast of its third quarter 2026 fiscal results beginning at 5:00 p.m. ET on November 9, 2026. To access the webcast, please use this link or, to participate via phone, please use one of the following numbers: 877-407-9038 or 201-493-6742.

About Exodus 

Founded in 2015, Exodus Movement, Inc. (NYSE American: EXOD) is pioneering self-custodial finance by giving people the tools to earn rewards, spend, manage, and swap digital assets across borders, all without giving up control. Exodus serves millions of users through its products built on a simple principle: your money should be yours. Exodus also powers crypto infrastructure and card/payment services for enterprise platforms serving millions of users through its enterprise product suite. Headquartered in Omaha, Nebraska, Exodus is financial software where ownership is the default. For more information, visit exodus.com.

Investor Contact
investors@exodus.com

Media Contact
Aubrey Strobel/Elena Nisonoff, Halcyon Communications
exodus@halcyonpr.xyz

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," "believes," "views," "estimates," or other comparable terminology.

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 11, 2026, 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much does Exodus expect to save from integrating Monavate and Baanx?

Exodus expects to reduce combined annual costs by approximately $30 million going into 2027. The company links that target to cost-saving initiatives and synergies from its acquisitions of Monavate Holdings, Monavate, Baanx.com and Baanx US.