Exodus (NYSE: EXOD) Q1 2026 revenue $22.7M and $36.4M crypto loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Exodus Movement, Inc. reported preliminary unaudited results for the first quarter of 2026, with revenue of approximately $22.7 million versus $36.0 million in the first quarter of 2025, reflecting weaker trading activity in a challenging digital asset market.
The company recorded a preliminary net loss on digital assets of about $36.4 million, mainly from market price movements. Its exchange provider processed $1.18 billion in volume in Q1 2026, down 22% from Q4 2025, while Exodus Pay launched across all 50 U.S. states in April 2026.
Exodus reported 1.5 million monthly active users as of March 31, 2026, unchanged from December 31, 2025, and 1.4 million quarterly funded users, down 18% from 1.7 million. Digital assets, cash, and cash equivalents totaled $122.6 million, including 628 Bitcoin, 1,861 Ether, and $74.4 million in cash, cash equivalents, and stablecoins.
Positive
- None.
Negative
- Revenue and asset-related losses under market pressure: Preliminary Q1 2026 revenue declined to $22.7 million from $36.0 million a year earlier, and Exodus recorded an approximate $36.4 million net loss on digital assets, reflecting the impact of softer digital asset markets on both operations and holdings.
Insights
Exodus shows weaker trading-driven revenue but maintains a sizable digital asset and cash position while expanding products.
Exodus reports preliminary Q1 2026 revenue of $22.7 million, down from $36.0 million a year earlier, highlighting sensitivity to lower digital asset trading activity. It also logged a preliminary net loss on digital assets of $36.4 million, driven by market price movements.
Operationally, its exchange provider processed $1.18 billion in volume, a 22% decline from Q4 2025, and quarterly funded users fell 18% to 1.4 million. However, monthly active users held at 1.5 million and full-time team members rose slightly to about 220, suggesting continued investment in the platform.
The company ended the quarter with $122.6 million in digital assets, cash, and cash equivalents, including $42.8 million in Bitcoin and $74.4 million in cash, cash equivalents, and stablecoins, providing liquidity as it rolls out initiatives such as Exodus Pay across all 50 U.S. states and pursues planned acquisitions like Monavate.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Preliminary Q1 2026 revenue: $22.7 million
Q1 2025 revenue comparator: $36.0 million
Net loss on digital assets: $36.4 million
+5 more
8 metrics
Preliminary Q1 2026 revenue
$22.7 million
First quarter 2026
Q1 2025 revenue comparator
$36.0 million
First quarter 2025
Net loss on digital assets
$36.4 million
Quarter ended March 31, 2026
Exchange provider processed volume
$1.18 billion
Q1 2026, down 22% from Q4 2025
Digital assets, cash and equivalents
$122.6 million
As of March 31, 2026
Bitcoin holdings
628 BTC valued at $42.8 million
As of March 31, 2026
Cash, equivalents and stablecoins
$74.4 million
As of March 31, 2026
Monthly active users
1.5 million
As of March 31, 2026; unchanged from December 31, 2025
Key Terms
preliminary unaudited, self-custodial cryptocurrency platform, exchange provider processed volume, monthly active users, +1 more
5 terms
preliminary unaudited financial
"today announced its preliminary unaudited results for the first quarter ended March 31, 2026"
Preliminary unaudited means reported financial figures are an early, draft version that have not yet been checked and signed off by an independent auditor. Think of it like a first draft of a school report: it gives a useful snapshot of performance but may contain errors or adjustments before it becomes final. Investors care because numbers can change after review, so preliminary unaudited results carry more uncertainty when valuing a company or making trading decisions.
self-custodial cryptocurrency platform financial
"Exodus Movement, Inc. ... "Exodus", a leading self-custodial cryptocurrency platform"
exchange provider processed volume financial
"Exchange provider processed volume - $1.18 billion in Q1 2026, down 22% from Q4 2025"
monthly active users financial
"Exodus monthly active users - 1.5 million as of March 31, 2026"
Monthly active users are the number of unique individuals who engage with a product or service at least once within a month. This measure helps gauge how many people regularly use or rely on it, similar to counting how many customers visit a store each month. Investors look at this number to assess the popularity, growth, and overall health of a platform or service.
stablecoins financial
"$74.4 million in cash and cash equivalents and stablecoins as of March 31, 2026"
Stablecoins are a type of digital currency designed to maintain a steady value, often linked to traditional currencies like the dollar or euro. They function like digital cash that offers the convenience of online transactions while avoiding the large price swings common with other cryptocurrencies. This stability makes them useful for investors and users who want a reliable way to store and transfer value without exposure to sudden market changes.
Earnings Snapshot
Revenue: $22.7 million
Q1 2026
Revenue
$22.7 million
vs. $36.0 million in Q1 2025
Net loss on digital assets
$36.4 million
Exchange provider processed volume
$1.18 billion
down 22% from Q4 2025
Digital assets, cash and equivalents
$122.6 million
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 5/1/2026
______________________
(Exact name of Registrant as Specified in Its Charter)
______________________
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| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
Registrant’s Telephone Number, Including Area Code: 833 -992-2566
(Former Name or Former Address, if Changed Since Last Report)
______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 1, 2026, Exodus Movement, Inc. (the "Company") issued a press release announcing preliminary unaudited financial and operating results for the quarter ended March 30, 2026. The preliminary results presented in the press release are based on currently available information, are subject to the completion of the Company’s financial closing procedures and quarterly review, and may change materially as a result of the completion of such procedures and review.
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
| Exhibit numbers | Description | |||||||
| 99.1 | Press release dated May 1, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXODUS MOVEMENT, INC. | |||||||||||
| Date: | May 1, 2026 | By: | /s/ James Gernetzke | ||||||||
| James Gernetzke, Chief Financial Officer | |||||||||||
Exhibit 99.1
May 1, 2026
Exodus Reports Preliminary First Quarter 2026 Results
First Quarter 2026 Revenue of $22.7 million
Exodus Pay launches in all 50 states in April 2026
OMAHA, Neb., May 1, 2026 (GLOBE NEWSWIRE) – Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial cryptocurrency platform, today announced its preliminary unaudited results for the first quarter ended March 31, 2026.
These results are based on currently available information, are subject to the completion of the Company’s financial closing procedures and quarterly review, and may change materially.
Exodus continues to execute on its long-term strategy of expanding beyond its core exchange business, with a focus on building a more comprehensive financial platform rooted in self-custody. During the quarter and subsequent period, the Company advanced key initiatives designed to diversify revenue streams and reduce reliance on market-driven trading activity, including the April 2026 launch of Exodus Pay across all 50 U.S. states and various global markets
“We spent a decade building a wallet that millions of people trust with their crypto,” said JP Richardson, Co-Founder and CEO of Exodus. “Now, we are creating the last financial app you will ever need, letting anyone pay with digital dollars, Bitcoin, and other borderless digital assets without ever leaving self-custody.”
Selected Financial Highlights (Preliminary)
•Revenue of approximately $22.7 million for the first quarter of 2026, compared to $36.0 million in the first quarter of 2025
•Net loss on digital assets of approximately $36.4 million during the quarter, primarily reflecting market-driven price movements
B2B Infrastructure and Revenue Drivers
B2B swap partners generated exchange revenue representing 15% of the quarterly total revenue. XO Swap’s share of exchange volume has grown steadily since launch, reflecting demand for best-execution routing across liquidity sources.
Exhibit 99.1
First Quarter Operational and Other Financial Highlights
•Exchange provider processed volume - $1.18 billion in Q1 2026, down 22% from Q4 2025. Bitcoin, Tether (TRX Network), Tether (ETH Network), ETH, and USDC (ETH Network) were the top assets traded in Q1 2026, at 29%, 14%, 11%, 9%, and 7% of volume, respectively.
•Exodus monthly active users - 1.5 million as of March 31, 2026, unchanged from 1.5 million as of December 31, 2025.
•Exodus quarterly funded users - 1.4 million at end of Q1 2026, down 18% from 1.7 million as of December 31, 2025.
•Digital assets, cash, and cash equivalents - $122.6 million, including 628 units of Bitcoin valued at $42.8 million, 1,861 units of Ether valued at $3.9 million, and $74.4 million in cash and cash equivalents and stablecoins as of March 31, 2026.
•Full-time equivalent team members - approximately 220 as of March 31 2026 up 5 from December 31, 2025.
•Customer response time - average response time of less than 60 minutes in Q1.
Market and Strategic Positioning
During the first quarter, the Company continued to operate in a challenging digital asset market environment, with lower trading activity levels impacting revenue. In response, Exodus remains focused on strengthening the resilience of its business model by expanding into adjacent products and services that are less dependent on market volatility.
The Company believes that its strong balance sheet and planned acquisitions position it to succeed through market cycles, including strategic initiatives such as the acquisition of Monavate and the continued rollout of Exodus Pay.
“While market conditions impacted activity levels during the quarter, we are focused on building a more durable and diversified platform,” said James Gernetzke, Chief Financial Officer of Exodus. “We believe our product expansion and capital position enable us to continue executing on our long-term strategy regardless of near-term market conditions.”
Investor Contact
investors@exodus.com
Media Contact
Aubrey Strobel/Elena Nisonoff
exodus@halcyonpr.xyz
Exhibit 99.1
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: exodus.com/investors and exodus.com/blog, and social media platforms including X, Facebook, LinkedIn, and YouTube.
Information Regarding Preliminary Results
The Company’s results for the quarter ended March 31, 2026 are preliminary and subject to the completion of the Company’s financial closing procedures and review. Accordingly, the Company’s actual results may differ materially from the selected preliminary financial and operating metrics presented herein.
These preliminary results have been prepared by management based on currently available information and are subject to change as the Company completes its financial closing procedures and its independent registered public accounting firm completes its review. These preliminary results should not be viewed as a substitute for the Company’s full financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), and undue reliance should not be placed on them.
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, our preliminary financial information, including digital asset holdings, exchange provider processed volumes and our fiscal quarter end results, management statements regarding management’s confidence in our products, services, business trajectory and plans, including the acquisition of Monavate, and expectations regarding demand for our products, and our ability to deliver higher transaction volumes. 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
What were Exodus Movement (EXOD) preliminary Q1 2026 revenues?
Exodus reported preliminary Q1 2026 revenue of about $22.7 million. This compares with $36.0 million in the first quarter of 2025, indicating lower trading-driven activity amid a challenging digital asset market environment.
How large was Exodus Movement (EXOD) net loss on digital assets in Q1 2026?
Exodus recorded a preliminary net loss on digital assets of approximately $36.4 million in Q1 2026. Management attributes this primarily to market-driven price movements in its digital asset holdings during the quarter.
What trading volume did Exodus process in Q1 2026?
Exodus’ exchange provider processed $1.18 billion in volume in Q1 2026. This represented a 22% decline from Q4 2025, reflecting reduced trading activity in the broader digital asset market.
How many users did Exodus Movement (EXOD) have at March 31, 2026?
Exodus reported 1.5 million monthly active users as of March 31, 2026, unchanged from December 31, 2025. Quarterly funded users were 1.4 million, down from 1.7 million at December 31, 2025.
What was Exodus Movement (EXOD) liquidity and digital asset position in Q1 2026?
As of March 31, 2026, Exodus held $122.6 million in digital assets, cash, and cash equivalents. This included 628 Bitcoin valued at $42.8 million, 1,861 Ether valued at $3.9 million, and $74.4 million in cash, cash equivalents, and stablecoins.
What is Exodus Pay and where is it available?
Exodus Pay is a payments feature enabling spending of digital assets from self-custody. It launched across all 50 U.S. states in April 2026, and Exodus indicates it is expanding into various global markets as part of its broader platform strategy.