Exodus Q1 loss widens to $32.1M as revenue falls 37%

Exodus Movement reported a first-quarter net loss of $32.1 million and revenue of $22.7 million, a 37% decline from the same quarter a year earlier. The company pointed to a 40.8% drop in exchange aggregation revenue as the primary driver of the revenue decline.

The firm processed $1.18 billion in exchange volume during the quarter, down 26% from the fourth quarter of 2025. The Q1 net loss compares with a $12.9 million loss in the year-ago quarter.

Business-to-business swap partners produced $257 million in volume, accounting for 22% of total exchange volume. Exodus reported that XO Swap's share of exchange volume has grown steadily since its launch, reflecting demand for best-execution routing across liquidity sources.

Exodus completed the acquisitions of Monavate and Baanx on May 1 to expand into crypto payments. Benchmark analyst Mark Palmer described the purchases as crossing a “critical threshold” in the company's shift from a self-custody wallet provider to a crypto payments platform, adding the deals provide infrastructure to diversify revenue beyond swap fees.

Shares fell 4.9% in after-hours trading on Monday after closing the regular session down 5.75%. The stock has risen about 20.5% over the past month and is down 47.9% year to date.

Exodus will host its first-quarter earnings call at 8:30 a.m. ET on May 12. The company noted the revenue decline was primarily driven by lower exchange aggregation receipts and is pursuing payments infrastructure to broaden revenue sources.