Revenue drops as Exodus (NYSE: EXOD) posts $32.1M net loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Exodus Movement, Inc. reported a sharp downturn in first quarter 2026 results. Revenue for Q1 2026 was $22.7 million, down from $36.0 million in Q1 2025, a 37% decline. Net loss widened significantly to $32.1 million from $12.9 million, driven in part by a $36.4 million loss on digital assets, net.
The company said its exchange provider processed $1.18 billion in volume in Q1 2026, down 22% from Q4 2025. Exodus reported 1.5 million monthly active users as of March 31, 2026 and 1.4 million quarterly funded users, down 18% from December 31, 2025. Digital assets, cash, and cash equivalents totaled $122.6 million, including $42.8 million of Bitcoin, $3.9 million of Ether, and $74.4 million in cash, cash equivalents, and stablecoins.
Exodus also announced it closed the acquisition of Monavate Holdings Limited, Baanx US Corp., and Baanx.com Ltd., expanding into card and payments infrastructure. B2B swap partners generated $257 million in Q1 volume, representing 22% of total quarterly exchange activity.
Positive
- None.
Negative
- Revenue and profitability deteriorated materially, with Q1 2026 revenue down 37% year over year to $22.7 million and net loss more than doubling to $32.1 million, including a $36.4 million loss on digital assets, net.
Insights
Exodus posted weaker Q1 2026 results with much larger losses.
Exodus Movement, Inc. reported Q1 2026 revenue of $22.7 million, down from $36.0 million in Q1 2025, a 37% decline. Net loss expanded to $32.1 million from $12.9 million, with a sizeable $36.4 million loss on digital assets, net, weighing on results.
Operationally, the exchange provider processed $1.18 billion in volume in Q1 2026, 22% lower than Q4 2025. Funded users declined 18% to 1.4 million, while monthly active users held at 1.5 million. These metrics indicate softer engagement and trading activity compared with recent periods.
Liquidity remained meaningful, with digital assets, cash, and cash equivalents totaling $122.6 million as of March 31, 2026, including $42.8 million in Bitcoin and $74.4 million in cash, cash equivalents, and stablecoins. The company also closed the acquisitions of Monavate and Baanx, adding card and payments infrastructure capabilities, while integration progress and financial contributions will be detailed in subsequent filings.
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
Q1 2026 revenue: $22.7 million
Q1 2026 net loss: $32.1 million
Loss on digital assets, net: $36.4 million
+5 more
8 metrics
Q1 2026 revenue
$22.7 million
Revenue in Q1 2026 vs $36.0 million in Q1 2025 (37% decline)
Q1 2026 net loss
$32.1 million
Net loss in Q1 2026 vs $12.9 million in Q1 2025 (149% larger)
Loss on digital assets, net
$36.4 million
Q1 2026 loss on digital assets, net
Exchange volume
$1.18 billion
Q1 2026 exchange provider processed volume, down 22% from Q4 2025
Digital assets and cash
$122.6 million
Digital assets, cash, and cash equivalents as of March 31, 2026
Bitcoin holdings
$42.8 million
Value of Bitcoin within total digital assets as of March 31, 2026
Monthly active users
1.5 million
Exodus monthly active users as of March 31, 2026
Quarterly funded users
1.4 million
End of Q1 2026, down 18% from December 31, 2025
Key Terms
loss on digital assets, net, self-custodial cryptocurrency platform, B2B swap partners, exchange provider processed volume, +2 more
6 terms
loss on digital assets, net financial
"Loss on digital assets, net | | | | | | | 36.4 | | 28.8 | | (26)%"
self-custodial cryptocurrency platform financial
"Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial cryptocurrency platform, today announced its unaudited results"
B2B swap partners financial
"B2B swap partners generated $257 million in Q1 volume, representing 22% of the quarterly total."
exchange provider processed volume financial
"Exchange provider processed volume - $1.18 billion in Q1 2026, down 22% from Q4 2025."
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
card and payments infrastructure financial
"Monavate and Baanx are established providers of card and payments infrastructure, serving fintech, crypto, and enterprise clients worldwide."
Earnings Snapshot
Revenue: $22.7 million
Q1 2026
Revenue
$22.7 million
-37% vs Q1 2025
Net loss
$32.1 million
-149% vs Q1 2025
Loss on digital assets, net
$36.4 million
-26% vs Q1 2025
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): 5/11/2026
______________________
(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 May 11, 2026, Exodus Movement, Inc. (the “Company”) issued a press release announcing the Company's financial and operating results for the quarter ended March 31, 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 May 11, 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 11, 2026 | By: | /s/ James Gernetzke | ||||||||
| James Gernetzke, Chief Financial Officer | |||||||||||
Exhibit 99.1
May 11, 2026
Exodus Reports Preliminary First Quarter 2026 Results
First Quarter 2026 Revenue of $22.7 million
Announces closing of acquisition of Monavate and Baanx
OMAHA, Neb., May 11, 2026 (GLOBE NEWSWIRE) – Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial cryptocurrency platform, today announced its unaudited results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights (Unaudited)
| (In USD millions, except percentages) | Q1 2026 | Q1 2025 | % Change | |||||||||||||||||
| Revenue | $22.7 | $36.0 | (37)% | |||||||||||||||||
| Technology, development and user support | 16.2 | 14.9 | 9% | |||||||||||||||||
| General and administrative | 15.5 | 14.3 | 8% | |||||||||||||||||
| Loss on digital assets, net | 36.4 | 28.8 | (26)% | |||||||||||||||||
| Net loss | $(32.1) | $(12.9) | (149)% | |||||||||||||||||
Successful Closing of Monavate and Baanx Acquisition
On May 1, 2026, Exodus announced the closing of the acquisition of the Monavate Holdings Limited (“Monavate”), Baanx US Corp., and Baanx.com Ltd. (“Baanx”). Monavate and Baanx are established providers of card and payments infrastructure, serving fintech, crypto, and enterprise clients worldwide.
Exodus Summit
On May 1, 2026, Exodus held its inaugural Exodus Shareholder Summit where leadership discussed the expanded business operations, introduced new product features, and announced important new marketing relationships. To access a replay, please use this link.
B2B Infrastructure and Revenue Drivers
B2B swap partners generated $257 million in Q1 volume, representing 22% of the quarterly total. 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 $42.8 million of BTC, #3.9 million of Ether, 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.
Q1 2026 Webcast
Exodus will host a webcast of its first quarter 2026 fiscal results beginning at 5:00 PM (Eastern Time) on May 12, 2026. To access the webcast, please use this link. It will also be available on the company’s website www.exodus.com. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” section of the Company website.
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, 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," "likely," "believes," "views," "estimates," or other comparable terminology.
Exhibit 99.1
Forward-looking statements in this document include, but are not limited to, Exodus’s product diversification, revenue diversification, and acquisition integration. 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
How did Exodus (EXOD) perform financially in Q1 2026?
Exodus reported Q1 2026 revenue of $22.7 million, down from $36.0 million in Q1 2025. Net loss widened to $32.1 million from $12.9 million, reflecting weaker activity and a substantial $36.4 million loss on digital assets, net.
What user and volume metrics did Exodus (EXOD) report for Q1 2026?
Exodus said its exchange provider processed $1.18 billion in Q1 2026 volume, 22% lower than Q4 2025. Monthly active users were 1.5 million, while quarterly funded users were 1.4 million, an 18% decline from December 31, 2025 levels.
What acquisitions did Exodus (EXOD) complete in early 2026?
On May 1, 2026, Exodus closed acquisitions of Monavate Holdings Limited, Baanx US Corp., and Baanx.com Ltd.. These businesses provide card and payments infrastructure services to fintech, crypto, and enterprise clients, expanding Exodus’s capabilities beyond its core self-custodial platform.
What is Exodus’s liquidity position as of March 31, 2026?
As of March 31, 2026, Exodus reported $122.6 million in digital assets, cash, and cash equivalents. This included $42.8 million of Bitcoin, $3.9 million of Ether, and $74.4 million in cash, cash equivalents, and stablecoins supporting operations and strategic initiatives.
How important are B2B swap partners to Exodus (EXOD) revenue drivers?
B2B swap partners generated $257 million of volume in Q1 2026, representing 22% of Exodus’s quarterly exchange volume. Management highlighted growing XO Swap volumes, indicating ongoing demand for best-execution routing across multiple liquidity sources in the company’s infrastructure offerings.
When will Exodus (EXOD) discuss Q1 2026 results with investors?
Exodus plans a webcast covering its first quarter 2026 results at 5:00 PM Eastern Time on May 12, 2026. Supplementary materials will be available beforehand in the Investor Relations section of the company’s website, providing additional context on financial and operating trends.