Exodus Q1 Revenue Falls 37% to $22.7M, Net Loss Widens to $32.1M
Exodus reported first-quarter revenue of $22.7 million, a 37% year-over-year decline, and net loss widened to $32.1 million, up from $12.9 million in Q1 2025. The company closed its Monavate and Baanx acquisition on May 1 to bolster its card and payments infrastructure offerings.
1. First-Quarter 2026 Financial Results
Exodus generated $22.7 million in revenue for Q1 2026, down 37% from $36.0 million a year earlier, while technology and development costs rose 9% to $16.2 million and general and administrative expenses increased 8% to $15.5 million. The company recorded a net loss of $32.1 million, a 149% increase from the prior year’s loss of $12.9 million, driven by a $36.4 million net loss on digital assets.
2. Acquisition of Monavate and Baanx
On May 1, Exodus completed its acquisition of Monavate Holdings Limited and Baanx entities, adding established card and payments infrastructure services for fintech, crypto, and enterprise clients. This strategic move aims to diversify revenue streams and integrate Baanx’s US and global payments capabilities.
3. Exchange and B2B Performance
Exchange provider volume totaled $1.18 billion in Q1, a 26% decline from Q4 2025, with Bitcoin (29%), Tether (TRX: 14%), and Ether (11%) as top assets. B2B swap partners generated $257 million in volume, representing 22% of the quarter’s total, reflecting growing demand for best-execution routing.
4. Balance Sheet and User Metrics
As of March 31, Exodus held $122.6 million in digital assets, cash, and equivalents, including $42.8 million in Bitcoin and $74.4 million in cash and stablecoins. Monthly active users remained at 1.5 million, while quarterly funded users fell 18% to 1.4 million; full-time headcount rose to approximately 220 employees.