Exodus Movement (NYSE American: EXOD) swings to Q2 2026 loss amid Monavate-Baanx deal
Rhea-AI Filing Summary
Exodus Movement, Inc. reported unaudited results for the quarter ended June 30, 2026. Revenue was $26.2 million, up slightly from $25.8 million a year earlier. Web3 platform expenses were $12.3 million and partnership expenses $3.7 million, while new payment processing expenses totaled $4.4 million.
General and administrative costs rose sharply to $44.7 million from $18.8 million, contributing to a shift from prior-year net income of $37.7 million to a net loss of $18.6 million. Adjusted EBITDA was a loss of $6.7 million, compared with a loss of $2.3 million in the prior-year quarter.
Exodus completed what it describes as the most strategic acquisition in its history, adding the payment infrastructure of Monavate and Baanx, whose results were included beginning May 1, 2026. Operationally, Exodus ended the quarter with 1.4 million Monthly Active Users and 1.3 million Quarterly Funded Users, both down versus Q1 2026, and processed $1.1 billion in total swap volume. Monavate processed transactions on 1.1 million active cards with $0.6 billion in gross card transaction volume. Exodus also entered new marketing partnerships with UFC and Latin American streaming platforms DGO and SKY+.
Positive
- Strategic acquisition of Monavate and Baanx adds payment infrastructure and card capabilities, described as the most strategic deal in company history and included in results beginning May 1, 2026.
- New partnerships with UFC, DGO and SKY+ expand Exodus’ brand reach and enable subscription payments in U.S. dollar-denominated stablecoins across sports and Latin American streaming platforms.
Negative
- Profitability deteriorated sharply, moving from net income of $37.7 million in Q2 2025 to a net loss of $18.6 million in Q2 2026, with Adjusted EBITDA loss widening to $6.7 million.
- Operating metrics declined quarter-over-quarter, with Monthly Active Users down 6.7% to 1.4 million, Quarterly Funded Users down 7.1% to 1.3 million, and total swap volume down 8.3% to $1.1 billion versus Q1 2026.
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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
Q2 2026 Revenue: $26.2 million
Net (Loss) Income Q2 2026: $(18.6) million
General and Administrative Expenses: $44.7 million
+5 more
8 metrics
Q2 2026 Revenue
$26.2 million
Quarter ended June 30, 2026; up from $25.8 million in Q2 2025
Net (Loss) Income Q2 2026
$(18.6) million
Quarter ended June 30, 2026; prior-year period was income of $37.7 million
General and Administrative Expenses
$44.7 million
Q2 2026, compared with $18.8 million in Q2 2025 (138% increase)
Adjusted EBITDA Q2 2026
$(6.7) million
Loss for quarter ended June 30, 2026; prior-year loss was $2.3 million
Monthly Active Users
1.4 million
MAUs at end of Q2 2026; down 6.7% from 1.5 million as of Q1 2026
Quarterly Funded Users
1.3 million
QFUs at end of Q2 2026; down 7.1% from 1.4 million as of Q1 2026
Total Swap Volume
$1.1 billion
Total swap volume for Q2 2026; down 8.3% from Q1 2026
Gross Transaction Volume Cards
$0.6 billion
Card transactions processed by Monavate during Q2 2026
Key Terms
Adjusted EBITDA, Monthly Active Users, Quarterly Funded Users, Gross Transaction Volume Cards, +2 more
6 terms
Adjusted EBITDA financial
"For the three months ended June 30, 2026, Adjusted EBITDA was a loss of $6.7 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.
Monthly Active Users financial
"Exodus Monthly Active Users ("MAUs"): 1.4 million MAUs at the end of Q2 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.
Quarterly Funded Users financial
"Exodus Quarterly Funded Users ("QFUs"): 1.3 million QFUs at the end of Q2 2026"
Gross Transaction Volume Cards financial
"Gross Transaction Volume Cards: $0.6 billion processed in Q2 2026."
self-custodial finance financial
"Exodus Movement, Inc. is pioneering self-custodial finance by giving people the tools to earn rewards"
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.
Earnings Snapshot
Revenue: $26.2 million
quarter ended June 30, 2026
Revenue
$26.2 million
Increased from $25.8 million in Q2 2025
Net (Loss) Income
$(18.6) million
Declined from income of $37.7 million in Q2 2025
Adjusted EBITDA
$(6.7) million
Loss widened from $(2.3) million in Q2 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Exodus Movement (EXOD) perform financially in Q2 2026?
Exodus reported Q2 2026 revenue of $26.2 million, up slightly from $25.8 million in Q2 2025, but swung from net income of $37.7 million a year ago to a net loss of $18.6 million, with an Adjusted EBITDA loss of $6.7 million.
What drove the net loss for Exodus Movement (EXOD) in Q2 2026?
The Q2 2026 net loss of $18.6 million was driven in part by a sharp increase in general and administrative expenses to $44.7 million, up from $18.8 million in Q2 2025, alongside new payment processing expenses of $4.4 million.
What acquisition did Exodus Movement (EXOD) complete in 2026?
Exodus completed the acquisition of Monavate Holdings Limited, Monavate Ltd., Baanx.com Ltd, and Baanx US Corp., described as its most strategic acquisition, with their financial contributions included in results beginning May 1, 2026.
How are Exodus Movement (EXOD) user metrics trending in Q2 2026?
At the end of Q2 2026, Exodus reported 1.4 million Monthly Active Users and 1.3 million Quarterly Funded Users, representing declines of 6.7% and 7.1%, respectively, compared with Q1 2026, alongside an 8.3% drop in total swap volume to $1.1 billion.
What new partnerships did Exodus Movement (EXOD) announce in Q2 2026?
Exodus became the inaugural Official Payments Partner of UFC and, shortly after quarter-end, partnered with Latin American streaming platforms DGO and SKY+ to let subscribers pay for services using U.S. dollar-denominated stablecoins.
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): 8/10/2026
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(Exact name of Registrant as Specified in Its Charter)
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Registrant’s Telephone Number, Including Area Code: 833 -992-2566
(Former Name or Former Address, if Changed Since Last Report)
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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:
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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 August 10, 2026 , Exodus Movement, Inc. (the “Company”) issued a press release announcing the Company's financial and operating results for the quarter ended June 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 August 10, 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
August 10, 2026
Exodus Reports Second Quarter 2026 Results
Second Quarter 2026 Revenue of $26.2 million
OMAHA, Neb., August 10, 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 second quarter ended June 30, 2026.
"During the second quarter, we completed the most strategic acquisition in our company's history," said JP Richardson, CEO of Exodus."Adding the payment infrastructure of Monavate and Baanx is core to our strategic plans to become a more diversified financial services company offering individuals and enterprise partners a range of services to better manage and move money."
Second Quarter 2026 Financial Highlights (Unaudited):
| (In USD millions, except percentages) | Q2 2026 | Q2 2025 | % Change | |||||||||||||||||
| Revenue | $26.2 | $25.8 | 2% | |||||||||||||||||
| Web3 platform expenses | 12.3 | 12.6 | (2)% | |||||||||||||||||
| Partnership expenses | 3.7 | 2.1 | 76% | |||||||||||||||||
| Payment processing expenses | 4.4 | — | * | |||||||||||||||||
| General and administrative | 44.7 | 18.8 | 138% | |||||||||||||||||
| NET (LOSS) INCOME | $(18.6) | $37.7 | (149)% | |||||||||||||||||
*Percentage variances not considered meaningful.
Monavate and Baanx Acquisition Update
Since the Company's May 1, 2026 acquisition announcement of Monavate Holdings Limited, Monavate Ltd., Baanx.com Ltd, and Baanx US Corp. ("Acquired Entities") entities, the Exodus team has been working with their new Acquired Entitys' colleagues to combine companies, and identify early commercial synergies. The Q2 2026 results include financial contributions from the Acquired Entities beginning on May 1, 2026.
New Marketing Partnerships with UFC and Latin American Streaming TV Services
During the second quarter 2026, Exodus launched two new strategic marketing partnerships to leverage its global brand with new customers. In June, Exodus became the inaugural Official Payments Partner of UFC®, and right after the quarter-end, Exodus announced its partnership with Latin American streaming and live TV platforms, DGO and SKY+ to allow their subscribers to pay for their subscriptions with U.S. dollar-denominated stablecoins.
Exhibit 99.1
Second Quarter Operational and Other Financial Highlights
•Exodus Monthly Active Users ("MAUs"): 1.4 million MAUs at the end of Q2 2026, down 6.7% from 1.5 million as of Q1 2026 .
•Exodus Quarterly Funded Users ("QFUs"): 1.3 million QFUs at the end of Q2 2026, down 7.1% from 1.4 million as of Q1 2026.
•Exodus Total Swap Volume: $1.1 billion in total swap volume for Q2 2026, down 8.3% from Q1 2026.
•Monavate Total Active Unique Cards: 1.1 million active cards processed transactions during Q2 2026.
•Gross Transaction Volume Cards: $0.6 billion processed in Q2 2026.
•Net (Loss) Income: For the three months ended June 30, 2026, net loss was $18.6 million while the same period last year was income of $37.7 million.
•Adjusted EBITDA: For the three months ended June 30, 2026, Adjusted EBITDA was a loss of $6.7 million while the same period last year was a loss of $2.3 million.
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.
Q2 2026 Webcast
Exodus will host a webcast of its second quarter 2026 fiscal results beginning at 5.00 PM (Eastern Time) on August 10, 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
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: 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.