EXOD · Exodus Movement, Inc.

Exodus Movement’s Q1 2026 results reflect pronounced financial deterioration: revenue fell 37% year-over-year to $22.7 million, while net loss more than doubled to $(32.1) million — driven primarily by a $36.4 million loss on digital assets, which rose 26% versus Q1 2025. This loss likely reflects mark-to-market volatility and impairment recognition on token holdings, consistent with broader crypto market weakness during the quarter. Operating expenses increased modestly (9% in tech/dev, 8% in G&A), but were overwhelmed by the digital asset loss, resulting in negative operating leverage. Operationally, Exodus maintained 1.5 million monthly active users — flat sequentially — yet quarterly funded users dropped 18% to 1.4 million, indicating reduced user engagement or wallet funding activity. The company’s $122.6 million balance sheet liquidity — anchored by $42.8 million in BTC and $74.4 million in cash/stablecoins — provides near-term financial flexibility but does not offset the severity of the earnings contraction. Strategically, the May 1, 2026 closing of the Monavate and Baanx acquisition marks a pivotal shift toward B2B infrastructure, targeting fintech and enterprise clients with card and payments solutions; this aligns with management’s stated goals of revenue diversification beyond retail crypto trading. The inaugural Exodus Summit on the same day emphasized product expansion and new marketing partnerships, suggesting an active effort to rebuild growth narratives. However, no forward-looking guidance was provided in Exhibit 99.1, and the press release explicitly disclaims any obligation to update forward-looking statements — leaving investors without quantified expectations for integration synergies or recovery timing.