Second Quarter 2026
Filed Aug 10, 2026Exodus 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
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $26.2 million | – | 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 | $(18.6) million | – | (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 | $1.1 billion | down 8.3% | – |
| Monavate Total Active Unique Cardsother | 1.1 million active cards | – | – |
| Gross Transaction Volume Cardsother | $0.6 billion | – | – |
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
AlphaAI 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.