Exodus Movement swings to $8.3M loss in Q3 2026
Revenue rose 7% year over year, while Exodus reported an $8.3 million net loss and said it was on track to cut combined annual costs by approximately $30 million going into 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Exodus Movement, Inc. reported Q3 2026 revenue of $32.5 million, up 7% from $30.3 million in Q3 2025. Net loss attributable to Exodus was $8.3 million, versus net income of $17.0 million a year earlier; adjusted EBITDA was a loss of $3.9 million, compared with positive adjusted EBITDA of $5.9 million. General and administrative expenses were $28.9 million, up from $14.9 million, while partnership expenses were $3.1 million, down from $4.6 million.
At the end of Q3, Exodus reported 1.4 million monthly active users, unchanged from Q2 2026, and 1.4 million quarterly funded users, up 7.7% from 1.3 million. Q3 total swap volume was $1.1 billion, down 3.4% from Q2, and gross transaction volume was $1.1 billion. The company said it was on track to reduce combined annual costs by approximately $30 million going into 2027, citing cost savings initiatives and synergies from its acquisitions.
1 point · 0 major0 major · 2 points
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.
Positive
- Moderate pointRevenue increased 7% to $32.5 million year over year.
Negative
- Moderate pointNet result shifted from $17.0 million income to an $8.3 million loss.
- Moderate pointAdjusted EBITDA moved from $5.9 million positive to a $3.9 million loss.
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, or exhibit attachments filed with this report.
Key Figures
Revenue: $32.5 million
Net loss attributable to Exodus Movement, Inc.: $8.3 million loss
Adjusted EBITDA: $3.9 million loss
+5 more
8 metrics
Revenue
$32.5 million
Q3 2026; $30.3 million in Q3 2025; 7% increase
Net loss attributable to Exodus Movement, Inc.
$8.3 million loss
Q3 2026; compared with $17.0 million net income in Q3 2025
Adjusted EBITDA
$3.9 million loss
Q3 2026; compared with $5.9 million positive Adjusted EBITDA in Q3 2025
General and administrative expenses
$28.9 million
Q3 2026; $14.9 million in Q3 2025
Combined annual cost reductions
Approximately $30 million
Exodus said it was on track to achieve this going into 2027
Quarterly Funded Users
1.4 million
At the end of Q3 2026; up 7.7% from 1.3 million as of Q2 2026
Total Swap Volume
$1.1 billion
Q3 2026; down 3.4% from Q2 2026
Gross Transaction Volume
$1.1 billion
Processed in Q3 2026
Key Terms
Adjusted EBITDA, Quarterly Funded Users, Monthly Active Users, Gross Transaction Volume
4 terms
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.
Quarterly Funded Users technical
"Quarterly Funded Users ("QFUs")"
Monthly Active Users technical
"Monthly Active Users ("MAUs")"
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.
Gross Transaction Volume financial
"Gross Transaction Volume: $1.1 billion processed in Q3 2026"
Gross transaction volume is the total value of all transactions processed through a platform or service over a certain period, before subtracting any fees or expenses. It’s similar to counting the total amount of money exchanged in a marketplace, giving an overall sense of activity level. Investors use this measure to gauge the size, growth, and popularity of a platform or business.
Earnings Snapshot
Revenue: $32.5 million · Guidance included
Q3 2026
Revenue
$32.5 million
+7% year over year from $30.3 million
Net loss attributable to Exodus Movement, Inc.
$8.3 million loss
Compared with $17.0 million net income in Q3 2025
Adjusted EBITDA
$3.9 million loss
Compared with $5.9 million positive Adjusted EBITDA in Q3 2025
Guidance
Exodus said it was on track to reduce combined annual costs by approximately $30 million going into 2027.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was EXOD's net result in Q3 2026?
Exodus reported an $8.3 million net loss attributable to the company, compared with $17.0 million in net income in Q3 2025.
How many quarterly funded users did EXOD report in Q3 2026?
Exodus reported 1.4 million quarterly funded users at the end of Q3 2026, up 7.7% from 1.3 million as of Q2 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): 11/9/2026
______________________
(Exact name of Registrant as Specified in Its Charter)
______________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
| (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 November 9, 2026 , Exodus Movement, Inc. (the “Company”) issued a press release announcing the Company's financial and operating results for the quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and 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 November 9, 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: | By: | /s/ James Gernetzke | |||||||||
| James Gernetzke, Chief Financial Officer | |||||||||||
Exhibit 99.1
November 9, 2026
Exodus Reports Third Quarter 2026 Results
Exodus advances consumer and enterprise payments strategy.
Third Quarter 2026 Revenue of $32.5 million.
OMAHA, Neb., November 9, 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, our enterprise platform, 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.
Exhibit 99.1
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
Exhibit 99.1
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.