Exodus Reports Second Quarter 2026 Results
Exodus Movement, Inc. (EXOD) filed an SEC Form 8-K — Results of Operations and Financial Condition. 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, tod
How this was made
The 30-second read
Why it matters
Traders can update models for near-term profitability and operating leverage based on GAAP net loss, Adjusted EBITDA loss, and expense line-item changes, while also tracking whether acquisition integration reverses user and volume trends.
Market read
The filing provides fresh, decision-relevant datapoints on revenue, losses, expense growth, and key operating metrics (MAUs, QFUs, swap volume) for Q2 2026.
What to watch
MAU/QFU and swap-volume declines could reflect transitional integration timing post-acquisition, while partnership announcements (UFC, DGO, SKY+) may take time to convert into measurable transaction volume.
Exodus Reports Second Quarter 2026 Results Second Quarter 2026 Revenue of $26.2 million
Revenue increased 2% to $26.2 million, but net loss was $(18.6) million versus income of $37.7 million in Q2 2025, Adjusted EBITDA loss widened to $6.7 million, and core user and swap-volume measures declined sequentially.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $26.2M | – | 2% |
| Web3 platform expensesGAAP | 12.3 | – | (2)% |
| Partnership expensesGAAP | 3.7 | – | 76% |
| Payment processing expensesGAAP | 4.4 | – | – |
| General and administrativeGAAP | 44.7 | – | 138% |
| Net (loss) incomeGAAP | −$18.6M | – | (149)% |
| Adjusted EBITDAnon-GAAP | a loss of $6.7 million | – | – |
| Exodus Monthly Active Users (MAUs)other | 1.4 million MAUs | down 6.7% | – |
| Exodus Quarterly Funded Users (QFUs)other | 1.3 million QFUs | down 7.1% | – |
| Exodus Total Swap Volumeother | $1.1B | down 8.3% | – |
| Monavate Total Active Unique Cardsother | 1.1 million active cards | – | – |
| Gross Transaction Volume Cardsother | $600M | – | – |
What drove it
- The Q2 2026 results include financial contributions from the Acquired Entities beginning on May 1, 2026.
- Exodus completed the acquisition of Monavate Holdings Limited, Monavate Ltd., Baanx.com Ltd, and Baanx US Corp.
- In June, Exodus became the inaugural Official Payments Partner of UFC®.
- Right after the quarter-end, Exodus announced a partnership with DGO and SKY+ to allow subscribers to pay for subscriptions with U.S. dollar-denominated stablecoins.
- Monavate processed transactions on 1.1 million active cards during Q2 2026, while Gross Transaction Volume Cards was $0.6 billion.
Concerns
- Net loss was $(18.6) million, compared with income of $37.7 million in the same period last year.
- Adjusted EBITDA was a loss of $6.7 million, compared with a loss of $2.3 million in the same period last year.
- General and administrative expense increased 138% to 44.7.
- MAUs, QFUs, and total swap volume each declined from Q1 2026.
- The company is combining the Acquired Entities and identifying early commercial synergies.
What to watch
- Progress combining Monavate and Baanx with Exodus and identifying commercial synergies.
- Whether the UFC, DGO, and SKY+ partnerships expand customer reach and payments activity.
- Sequential trends in MAUs, QFUs, and total swap volume.
- The relationship between payment-card activity, payment processing expenses, and overall profitability.
Analysis
Exodus reported Q2 2026 revenue of $26.2 million, up 2% from $25.8 million in Q2 2025. The modest top-line increase came in a quarter that included financial contributions from the acquired Monavate and Baanx entities beginning on May 1, 2026. The company characterized the transaction as its most strategic acquisition and positioned the acquired payment infrastructure as central to its expansion into more diversified financial services.
Profitability deteriorated materially year over year. Net loss was $(18.6) million, compared with income of $37.7 million in the same period last year, while Adjusted EBITDA was a loss of $6.7 million versus a loss of $2.3 million. General and administrative expense increased 138% to 44.7, partnership expenses increased 76% to 3.7, and payment processing expenses were 4.4. Web3 platform expenses declined (2)% to 12.3.
Core Exodus activity indicators weakened sequentially. MAUs were 1.4 million at the end of Q2 2026, down 6.7% from 1.5 million as of Q1 2026. QFUs were 1.3 million, down 7.1% from 1.4 million, while total swap volume was $1.1 billion, down 8.3% from Q1 2026. These metrics indicate that the reported revenue growth occurred alongside lower sequential activity in the legacy user and swapping measures.
The newly acquired payments operations added reported activity metrics, including 1.1 million active cards that processed transactions during Q2 2026 and $0.6 billion of Gross Transaction Volume Cards. Management also introduced new marketing partnerships with UFC during the quarter and with DGO and SKY+ after quarter-end. The filing provides no forward financial guidance, so near-term attention centers on integration execution, commercial synergies, core engagement trends, payment-card activity, and the expense trajectory following the acquisition.
Management, verbatim
During the second quarter, we completed the most strategic acquisition in our company's history. 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.
JP Richardson, CEO of Exodus
Not in the filing
stated, not guessed- Gross profit and gross margin
- Operating income or loss
- GAAP diluted EPS
- Non-GAAP net income or loss
- Non-GAAP EPS
- Cash, cash equivalents, or other liquidity balance
- Debt balance
- Operating cash flow
- Free cash flow
- Capital expenditures
- Share repurchases
- Dividends
- Tax rate
- Revenue by operating segment
- Forward financial guidance
- Prior-quarter revenue
- Prior-quarter net income or loss
- Prior-quarter Adjusted EBITDA
- Prior-quarter expense comparisons
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K filing (Item 2.02) attaching Exhibit 99.1 with Exodus’ unaudited Q2 2026 financial and operational highlights, including an acquisition update for Monavate and Baanx.
Ticker impact
Exodus reported Q2 2026 results with revenue of $26.2M, net loss of $18.6M, and an acquisition-driven expense jump in G&A.
Near-term downside bias as investors weigh net loss and MAU/QFU declines against acquisition synergies.
The filing discloses GAAP net loss widening versus prior year, Adjusted EBITDA loss worsening, and declines in MAUs, QFUs, and swap volume, even as Monavate/Baanx contributions begin May 1.
Market effects
Self-custody and crypto payments names may face scrutiny on monetization efficiency when acquisition spend coincides with user and volume softness.
Limited, as the disclosure is company-specific with no stated regional macro drivers.
Limited, unless investors broaden read-across to crypto infrastructure profitability trends.
Counterpoint
The acquisition contributions start May 1 and may depress near-term margins; revenue is up 2% and the company highlights early commercial synergies and new payment partnerships.
Key entities
- issuerExodus Movement, Inc.
Self-custodial finance and payments platform reporting Q2 2026 results and acquisition-related updates.
- acquired_businessMonavate and Baanx (Acquired Entities)
Payment infrastructure acquired in a May 1, 2026 transaction, with Q2 contributions beginning May 1.
- partnersUFC, DGO, SKY+
Marketing and payments partners referenced for stablecoin-enabled subscription payments and official payments sponsorship.
