EXOD · Exodus Movement, Inc.

Exodus Movement reported preliminary first quarter 2026 results with revenue of $22.7 million, a significant decline from $36.0 million in the same quarter last year. The drop was attributed to lower trading activity in a challenging digital asset market environment. The company also recorded a net loss on digital assets of $36.4 million, primarily reflecting market-driven price movements. Exchange processed volume fell 22% sequentially to $1.18 billion, with Bitcoin and Tether (TRX Network) being the top traded assets. Quarterly funded users decreased 18% to 1.4 million, while monthly active users remained flat at 1.5 million. Despite the headwinds, management highlighted strategic progress, including the launch of Exodus Pay across all 50 U.S. states in April 2026, which aims to diversify revenue streams and reduce reliance on market-driven trading. B2B swap partners contributed 15% of quarterly revenue, and XO Swap's share of exchange volume has grown steadily. The company maintains a strong balance sheet with $122.6 million in digital assets, cash, and cash equivalents, including 628 Bitcoin valued at $42.8 million. Management expressed confidence in the long-term strategy, focusing on building a more durable platform through product expansion and the planned acquisition of Monavate. The preliminary results are subject to completion of financial closing procedures and quarterly review.