Exodus Movement, Inc. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Exodus reported second quarter 2026 revenue of $26.2 million and a net loss of $18.6 million.
- Revenue was approximately $21.2 million from Exodus and $5 million from Motivate, with non-GAAP revenue around $29 million for the quarter.
- Exodus maintained 1.4 million monthly active users and quarterly swap volume of $1.13 billion, stable from Q1 to Q2.
- Motivate processed over $1.8 billion in gross transaction volume year to date, with $900 million in Q2, representing a 60% quarter-over-quarter increase excluding one large client.
- The company completed the acquisition of Monavie and banks, integrating the businesses to become a payments company and expand into enterprise payments markets largely independent of crypto market fluctuations.
- Exodus reduced its workforce by approximately 25%, targeting $10 to $13 million in annualized operating expense savings, fully realized by Q4 2026.
- Adjusted EBITDA loss was $6.7 million after excluding transaction expenses and unrealized gains on digital holdings.
- The net loss and EBITDA loss reflect one-time expenses related to acquisition, integration, and restructuring.
- Exodus's swap volume declined year over year, consistent with broader crypto market price pressures.
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Transcript
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Please note that this conference is being recorded. I will now turn the conference over to Benjamin Marcos from Exodus. Please go ahead. Hi, everyone.
Welcome to Exodus' second quarter 2026 earnings call. I'm your host, Ben Marcos, and with us today are Exodus Co-founder and CEO, JP Richardson, Monavate CEO, Michael Rolph, and CFO, James Gernetzke. During today's call, we might make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may vary materially from those expressed or implied due to a variety of factors described in our earnings release, Form 10-K and other SEC filings. We undertake no obligation to update forward-looking statements. As always, we encourage investors to submit questions through X or Reddit following today's call. Today's call is our first opportunity to report on the combined Exodus and Monavate organization. JP will begin with the strategic transformation underway at Exodus.
Michael will explain the payments platform, the combined market opportunity, and James will review the quarter's financial performance and the steps we're taking to build a more durable financial model. With that, let's go to you, JP.
Thanks, Ben, and thank you everyone for joining us. If there's one takeaway from today's call, it's this: Exodus is becoming a payments company, and this quarter, the transformation moved from plan to execution. Over the last few months, Exodus began to execute on the strategy we've presented to you in past calls, turning our company from one of the industry's leading self-custodial wallets to a diversified financial services platform built to help individuals and businesses manage and move money. Everything we'll discuss today builds on that theme. During the second quarter, we completed the most strategic acquisition in our company's history throughout the purchase of Monavate and Baanx. We spent the second quarter focused on integrating the businesses and creating a new combined organization that is optimized around the payments business. This is a strategic transformation. Again, we are becoming a payments company.
We are fundamentally expanding our infrastructure and our enterprise capabilities to be a payments provider and a full-service fintech solution. Monavate opens the door to a new enterprise payments market with associated revenue streams that are largely independent of the crypto markets. Exodus gains capabilities to tap into and potentially monetize many billions of USD of self-custodial wallets currently held by our users. Finally, the combination of our core wallet and Monavate's payment infrastructure enables us to build novel solutions for new markets, most notably agentic payments. Our product roadmap is built around one goal, make Exodus more useful in our customers' financial lives and earn a stronger economic relationship with them over time. As a part of this transformation, we have made some fundamental changes to align with our long-term payment strategy and position Exodus for future profitability.
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