10-Q · May 11, 2026
Exodus Movement, Inc. reported a notable decline in its Q1 2026 results with revenue falling to $22.7 million, a 36.8% decrease from the previous year, alongside an EPS loss of $0.20, missing the $0.01 estimate. The…
Earnings analysis · 10-Q
EXOD earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Q2 revenue grew 1.6% year over year to $26.228 million as the newly acquired payment-processing business contributed $4.988 million, but Web3 revenue and engagement metrics declined materially. Profitability weakened…
Read full summary
Q2 revenue grew 1.6% year over year to $26.228 million as the newly acquired payment-processing business contributed $4.988 million, but Web3 revenue and engagement metrics declined materially. Profitability weakened sharply, with an $18.612 million net loss, a $6.667 million adjusted EBITDA loss and $52.115 million of first-half operating cash burn. Cash liquidity improved through acquisition-related investing inflows, but execution risks from the acquisitions and a workforce reduction affecting approximately 25% of employees remain significant.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Segment
- Web3 services revenue was $21.240 million in Q2 2026, down $4.587 million, or approximately 17.8%, from $25.827 million in Q2 2025.
- Segment
- Payment processing services contributed $4.988 million of external revenue in Q2 2026, including $3.292 million from traditional commerce and $1.696 million from on-chain finance; no prior-period comparison was presented because Monavate and Baanx were acquired in May 2026.
What stood out
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Acquisitions offset Web3 revenue decline
Q2 2026 revenue increased $0.401 million, or 1.6%, year over year to $26.228 million, as $5.0 million of revenue from the acquired payment-processing entities offset a $4.6 million decline in Web3 services.
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New payments platform adds scale
Payment processing generated $4.988 million of external revenue in Q2 2026, with $3.292 million from traditional commerce and $1.696 million from on-chain finance. Gross transaction payment volume was $0.6 billion and total active cards were 1.1 million.
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Liquidity increased after acquisitions
Cash and cash equivalents increased to $21.211 million at June 30, 2026 from $4.938 million at December 31, 2025, while total liquid assets increased to $24.098 million from $5.160 million.
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Investing inflows strengthened liquidity
Investing activities generated $416.294 million of cash in the first six months, including $342.3 million of net cash related to the acquired entities and $66.5 million of increased proceeds from digital-asset disposals.
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Cost-reduction program targets 2027 savings
The company announced expected annualized cash operating expense savings of approximately $9 million to $11 million from its July 2026 workforce reduction, with the full benefit expected in 2027.
What to watch
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Profitability deteriorated sharply
Net loss was $18.612 million in Q2 2026 versus $37.667 million of net income in Q2 2025, while adjusted EBITDA loss widened to $6.667 million from $2.310 million. General and administrative expense increased $25.895 million, or 137.6%, primarily due to $17.0 million of transaction-related incentives.
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Cash burn and fixed commitments
Operating cash flow was negative $52.115 million for the first six months of 2026, a $40.682 million deterioration from the prior-year period. Remaining contractual commitments totaled approximately $72.2 million, including $51.7 million for marketing sponsorship and $20.5 million for cloud infrastructure.
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Workforce reduction execution risk
A new workforce-reduction risk follows a July 2026 reduction affecting approximately 25% of the global workforce. Exodus expects $4.6 million to $5.7 million of related costs, but the anticipated $9 million to $11 million of annualized savings may not be fully realized and the restructuring could disrupt operations.
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Web3 engagement and volume weakened
Core user and transaction metrics declined year over year: monthly active users fell 6.7% to 1.4 million, quarterly funded users fell 23.5% to 1.3 million, and quarterly exchange volume fell 21.4% to $1.1 billion. Web3 revenue declined $4.6 million in Q2 2026 because of lower exchange volume.
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Digital-asset exposure remains material
Digital-asset holdings fell to $37.315 million of fair value at June 30, 2026 from $156.447 million at December 31, 2025. Management states that a 10% change in digital-asset values would change fair value by $3.7 million as of June 30, 2026, creating liquidity and earnings sensitivity.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that existing cash and cash equivalents, stablecoins and digital assets are expected to be sufficient to fund operations, strategic initiatives and anticipated growth.
Earlier filings 4
10-K · March 11, 2026
Exodus’ 2025 10-K emphasizes a strategic pivot from trading-driven revenue toward payments and on‑chain payment rails, supported by product scale (19.2 million lifetime downloads) and acquisitions to build payments…
10-Q · November 10, 2025
Exodus reported Q3 revenue of $30,343,000, up from $20,117,000 in Q3 2024 (+$10,226,000, +50.9%), and diluted EPS of $0.53 versus $0.03 a year ago. Income before income taxes rose to $20,306,000 from $951,000, driven by…
10-K · March 6, 2025
Exodus positions itself as a self-custodial crypto wallet and platform focused on privacy and ease-of-use, with significant user scale (15.7 million lifetime downloads) and product breadth (supports >100,000 digital…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.