Q3 FY2026
Filed Nov 9, 2026Exodus reports Q3 2026 revenue of $32.5 million, up 7%, with a GAAP net loss attributable to Exodus Movement, Inc. of $(8.3) million versus net income of $17.0 million a year earlier
Revenue grew 7% year over year and the quarterly funded users rose 7.7% from Q2 2026, but the company moved from GAAP net income of $17.0 million to a net loss of $(8.3) million, reported Adjusted EBITDA turned to a loss of $3.9 million from $5.9 million, and General and administrative expenses rose 94% to $28.9 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Q3 2026 (Financial Highlights table, USD millions)other | $32.5M | – | 7% |
| Digital asset services expenses, Q3 2026 (USD millions)other | $12.5M | – | 1% |
| Partnership expenses, Q3 2026 (USD millions)other | $3.1M | – | (32)% |
| Payment processing expenses, Q3 2026 (USD millions)other | $9.5M | – | – |
| General and administrative expenses, Q3 2026 (USD millions)other | $28.9M | – | 94% |
| Net (loss) income attributable to Exodus Movement, Inc., Q3 2026GAAP | −$8.3M | – | (149)% |
| EBITDA, Q3 2026 (reconciliation, USD thousands)non-GAAP | −$5.70M | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | −$3.9M | – | – |
| Monthly Active Users (MAUs), end of Q3 2026other | 1.4M | unchanged | – |
| Quarterly Funded Users (QFUs), end of Q3 2026other | 1.4M | up 7.7% | – |
| Total swap volume, Q3 2026other | $1.1B | down 3.4% | – |
| Total active cards, Q3 2026other | 1.6M | – | – |
| Gross transaction volume processed, Q3 2026other | $1.1B | – | – |
Going into 2027 outlook
- NoteExodus is on track to reduce combined annual costs by approximately $30 million going into 2027, as a product of its cost savings initiatives and synergies from the acquisition of Monavate Holdings Limited, Monavate Ltd., Baanx.com Ltd, and Baanx US Corp.
Capital returns
- The release does not report share repurchases or dividends for the quarter.
What drove it
- The company states that the approximately $30 million targeted reduction in combined annual costs is a product of its cost savings initiatives and synergies from the acquisition of Monavate and Baanx entities, and that these reductions enhance operating leverage and provide flexibility to reinvest in product innovation and new markets.
- The company reports Payment processing expenses of $9.5 million for the quarter, shown against a dash in the prior-year column of the highlights table.
- The company reports Partnership expenses fell to $3.1 million from $4.6 million a year earlier.
- Non-GAAP reconciliation for Q3 2026 lists Transaction expenses of 4,951 thousand, Integration expenses of 923 thousand and Restructuring expenses of 3,208 thousand as adjustments, against 1,339 thousand of transaction expenses in the prior-year period.
- The reconciliation shows a Gain on digital assets, net adjustment of (11,377) thousand in Q3 2026 against (21,003) thousand in Q3 2025, and Staking and other income of (1,400) thousand against (264) thousand.
Concerns
- GAAP net loss attributable to Exodus Movement, Inc. of $(8.3) million compares with net income of $17.0 million in the prior-year quarter, a change of (149)%.
- General and administrative expenses rose 94% to $28.9 million from $14.9 million. The release does not state the cause of this increase.
- Adjusted EBITDA was a loss of $3.9 million against positive Adjusted EBITDA of $5.9 million a year earlier.
- Total swap volume was $1.1 billion, down 3.4% from Q2 2026.
- MAUs were unchanged at 1.4 million from Q2 2026.
- The reconciliation adds back transaction, integration and restructuring expenses totaling 4,951, 923 and 3,208 thousand dollars, so the adjusted measures exclude costs the company itself incurred in the quarter.
What to watch
- Whether the approximately $30 million combined annual cost reduction is realized as the company expects going into 2027.
- The level of General and administrative expenses in coming quarters after the 94% increase reported for Q3 2026.
- Whether QFU growth of 7.7% from Q2 2026 is sustained, given that MAUs were flat.
- Trends in swap volume after the 3.4% decline from Q2 2026.
- The path of Adjusted EBITDA and net loss now that the company has moved to losses in the quarter.
- Payment processing expenses, which the release shows for the first time against a dash in the prior-year column.
Balance sheet and cash flow
- The release does not report cash, debt, total assets, total equity, operating cash flow or free cash flow.
Analysis
Exodus reported third quarter 2026 revenue of $32.5 million, against $30.3 million a year earlier, a change of 7%. The release does not break revenue into sub-lines or segments, so the revenue growth cannot be attributed to a product or geography from the filing. Operating cost lines are mixed: Digital asset services expenses were $12.5 million against $12.4 million, Partnership expenses fell to $3.1 million from $4.6 million, and a new Payment processing expenses line of $9.5 million appears with no prior-year figure printed. General and administrative expenses were $28.9 million, up 94% from $14.9 million, and the release does not explain that increase.
The headline profit measures moved sharply lower. The GAAP net loss attributable to Exodus Movement, Inc. was $(8.3) million, against net income of $17.0 million in the prior-year quarter, a change of (149)%. The non-GAAP Adjusted EBITDA was a loss of $3.9 million, against positive Adjusted EBITDA of $5.9 million. The reconciliation adds back transaction expenses of 4,951 thousand dollars, integration expenses of 923 thousand dollars and restructuring expenses of 3,208 thousand dollars. It also removes a gain on digital assets, net of (11,377) thousand dollars in the quarter, compared with (21,003) thousand dollars a year earlier, and staking and other income of (1,400) thousand dollars against (264) thousand dollars. The reader should weigh these adjustments alongside the GAAP net loss.
User and activity metrics show a mixed picture. MAUs were unchanged at 1.4 million from Q2 2026, while QFUs rose to 1.4 million from 1.3 million, up 7.7%. Total swap volume of $1.1 billion was down 3.4% from Q2 2026. The company also reported 1.6 million active cards and $1.1 billion of gross transaction volume. Year-over-year comparisons for these operating metrics are not printed in the release.
On capital allocation, the release reports no share repurchases, dividends, cash balance, debt or cash flow figures. The only forward-looking figure is the company's statement that it is on track to reduce combined annual costs by approximately $30 million going into 2027, tied to the integration of Monavate and Baanx. The release gives no revenue, margin, expense or tax guidance, so no prior guidance can be compared.
The quarter therefore combines top-line growth and a rise in users with a swing from GAAP profit to a GAAP loss, a negative Adjusted EBITDA, and a 94% rise in General and administrative expenses. The integration and cost savings program is the main item the company itself identifies as driving future margin, and its delivery will be visible in future expense lines.
Management, verbatim
This quarter, we made substantial progress bringing Exodus, Monavate and Baanx together, combining our teams and simplifying how we operate
JP Richardson, CEO of Exodus
Not in the filing
stated, not guessed- Total revenue for Q2 2026 (quarter-over-quarter revenue change).
- Prior-year and prior-quarter figures for the Total swap volume, Gross transaction volume and Total active cards.
- Prior-year MAU and QFU figures.
- Prior-year and prior-quarter figures for Payment processing expenses.
- Cost of sales, gross margin and operating income or loss, including their prior-year and prior-quarter figures.
- Interest expense and income, tax expense and effective tax rate, shown as separate lines in the release outside the reconciliation.
- Earnings per share, GAAP and non-GAAP.
- Net income or loss in the reconciliation for Q2 2026, and prior-year percentage changes for EBITDA and Adjusted EBITDA.
- Cash and cash equivalents, debt, total assets, total equity.
- Operating cash flow and free cash flow.
- Share repurchases and dividends.
- Revenue guidance, gross margin guidance, operating expense guidance and tax rate guidance for any future period.
- Revenue breakdown by segment, product line or geography.
- Explanation for the increase in General and administrative expenses.
- Share price reaction and analyst consensus estimates (not provided in the documents).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.