Exodus Revenue Reaches $32.539 Million in Third Quarter as Company Swings to Loss
Key Facts
Exodus Movement reported revenue of $32.539 million in the third quarter of 2026, compared with $30.343 million in the same period of 2025, according to its filing with the U.S. Securities and Exchange Commission. The company said revenue rose 7% year over year, but its net result attributable to the company turned to a loss of $8.267 million, compared with net income of $17.041 million a year earlier. Basic and diluted loss per share was $0.27, compared with basic earnings per share of $0.58 in the third quarter of 2025. The company also reported adjusted EBITDA of negative $3.919 million, after a positive $5.850 million in the comparable period. The results show revenue growth alongside weaker profitability and higher expenses, as general and administrative expenses rose 94% to $28.9 million from $14.9 million.
Exodus attributed a major part of the revenue increase to contributions from payment-processing activities added to the group, with revenue from acquired companies rising $10.9 million year over year. By contrast, revenue from digital asset services fell $8.7 million, including an $8.1 million decline in swap aggregation revenue, which the company attributed primarily to lower volumes. External revenue from digital asset services was $21.635 million in the quarter, compared with $10.904 million from payment processing, for total revenue of $32.539 million. Acquired companies contributed revenue of $10.9 million, but also recorded a net loss of $9.2 million during the quarter. The figures show that adding payments activity lifted revenue, while the acquired businesses’ contribution came with a loss and digital asset revenue declined as swap volumes fell.
The acquisitions of Monavate Holdings, Monavate, Baanx.com and Baanx US were completed in May 2026, according to the company’s filing, expanding its business into payment processing. Exodus said Baanx.com began operating as Monavate Onchain in the third quarter. Chief Executive J.P. Richardson said, "We made meaningful progress bringing Exodus, Monavate and Baanx together, integrating our teams and simplifying how we work." The company added that its goal is to make financial activities available through its app and enterprise products while users retain control of their assets. The expansion places the new payments revenue in the context of the company’s move into businesses beyond digital asset services, while integration costs continued to affect quarterly results.
On usage, Exodus said monthly active users totaled 1.4 million at the end of the third quarter, unchanged from the second quarter of 2026. Funded users during the quarter totaled 1.4 million, up 7.7% from 1.3 million in the second quarter. But total swap volume fell 3.4% from the previous quarter to $1.1 billion. These indicators present a mixed picture of operating performance: the active user base was stable, funded users increased, and swap volume declined during the quarter. In the second quarter of 2026, the company reported revenue of $26.2 million, compared with $25.8 million a year earlier, and a net loss of $18.6 million, compared with net income of $37.7 million in the second quarter of 2025.
Investing.com data showed EXOD shares closed the regular session on November 9 at $4.48, up 10.07% for the session. After the earnings call, the price fell to $4.00, down 10.71% from the close. The company had scheduled its earnings discussion webcast for November 9 at 5:00 p.m. Eastern Time. The reported results do not include an explanation from the company for the share-price move after the call, while the timeline places the after-hours movement after the results presentation and discussion. The gap between regular-session performance and the post-call price provides a direct measure of the stock’s move on earnings day.
Exodus said it is on track to reduce annualized consolidated costs by about $30 million as it enters 2027, citing cost-cutting initiatives and synergies from the Monavate and Baanx acquisitions. The company announced a restructuring plan in July 2026 that covered about 25% of its global workforce. It estimated annual cash savings in operating expenses from the plan at between $9 million and $11 million, with the full effect expected to appear in 2027. The plan adds a defined expense-reduction track alongside the integration savings expected by management, at a time when general and administrative expenses rose sharply during the quarter. The company has identified the start of 2027 as the point by which the restructuring plan’s full financial impact and the targeted annual reduction in consolidated costs are expected to be achieved.