Exodus Movement (EXOD) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $22.7 million, down 36.8%–37% year-over-year, mainly due to lower exchange aggregation revenue and market headwinds.

• Net loss widened to $32.1 million from $12.9 million in Q1 2025, a 149% increase, driven by digital asset market volatility and increased expenses.

• Completed acquisitions of Monavate and Baanx post-quarter, expanding card, payments, and enterprise capabilities.

• Held inaugural Shareholder Summit to discuss expanded operations and new product features.

Financial highlights

• Exchange aggregation revenue fell by $13.8 million (40.8%) year-over-year, while fiat onboarding revenue rose by $0.8 million (70.8%).

• Technology, development, and user support expenses increased 9%–9.1% to $16.2 million; general and administrative expenses rose 8%–8.0% to $15.5 million.

• Net realized gains from digital asset exchanges were $40.4 million, but net unrealized losses from remeasurement were $76.8 million; loss on digital assets, net, was $36.4 million, up 26% from Q1 2025.

• Cash and cash equivalents at quarter-end were $72.9 million, with total liquid assets (including stablecoins) at $74.4 million; digital assets, cash, and cash equivalents totaled $122.6 million as of March 31, 2026.

Outlook and guidance

• Management expects continued volatility in digital asset prices, which may significantly impact future results.

• Anticipates increased cloud infrastructure, human capital, and marketing expenses as the platform grows and regulatory compliance needs rise.

• Ongoing evaluation of acquisition targets and business expansion initiatives, with a focus on product and revenue diversification and acquisition integration.

• Management cautions about risks and uncertainties that could impact future results.