Exodus Movement Q1 Earnings Call Highlights

Key Points

• Exodus Movement reported Q1 revenue of $22.7 million, down 23% sequentially and 37% year over year, as weaker crypto prices and softer trading volumes weighed on results. Swap volume fell to $1.18 billion, while the company said exchange-related revenue dropped below 90% as it works to diversify.
• The company’s biggest strategic move was closing the Monavate and Baanx acquisitions, which management said gives Exodus control over the “full payment stack” and adds recurring revenue from card processing, interchange, issuance and settlement. Leaders framed the deal as a step toward a more durable business less dependent on crypto trading.
• Exodus is pushing new growth drivers such as Exodus Pay, which is now live across the U.S., Canada and parts of Europe, plus AI-related payment tools like XO Cash and AgentKit. Management also highlighted partnerships, including a new official payments deal with the UFC, as part of its broader expansion strategy.

Exodus Movement NYSEAMERICAN: EXOD reported lower first-quarter revenue and swap volume as management emphasized a strategic shift away from crypto trading dependence and toward payments, following the completion of its Monavate and Baanx acquisitions.

On the company’s first-quarter 2026 earnings call, Co-Founder and CEO J.P. Richardson said the recently completed transactions were “the largest transaction in Exodus history” and a major step in the company’s effort to build a more durable revenue model. Richardson said the deals closed around the company’s May 1 shareholder event, The Exodus Summit, after a 15-month process.

Richardson said Monavate and Baanx add recurring revenue sources, including card processing, interchange, issuance and settlement, while bringing in customers outside the crypto market. He said the acquisitions also give Exodus more control over the payments stack, spanning self-custody, card transaction processing and payments.

“This is the first earnings call where we can officially say again that we own the full payment stack,” Richardson said.

Revenue Falls as Crypto Trading Activity Softens

CFO James Gernetzke said first-quarter revenue was $22.7 million, down 23% from the fourth quarter of 2025 and down 37% from the company’s record first quarter of 2025. He attributed the decline to a weaker Bitcoin and broader digital asset market, softer industry volumes and a muted retail environment.

Q1 swap volume was $1.18 billion, down 26% from the prior quarter. Monthly active users at the end of the quarter were 1.5 million, down 6% year over year and unchanged sequentially. Quarterly funded users ended the quarter at 1.4 million, down 18% from the previous quarter and 22% from a year earlier.

Gernetzke said exchange-related revenue fell below 90% in the quarter, a sign of the company’s effort to diversify revenue. Richardson described Q1 as similar to Q4, with digital asset prices and trading volumes falling together.

“Q1 showed the limits of the old model,” Richardson said. “The acquisitions and products launches we’re talking about today show the path to a more durable revenue model.”

As of March 31, Exodus had no debt, $74 million in cash and cash equivalents, and $48 million of digital assets. Gernetzke said the company views its treasury, including digital asset holdings, as a strategic capital source for acquisitions and growth initiatives.

Monavate and Baanx Integration Takes Priority

Gernetzke said the final transaction differed from what Exodus announced in November. The company did not acquire the W3C holding company as originally planned, but did acquire much of the target assets and teams of Monavate and Baanx, including issuer, processing and card programs tied to traditional and on-chain payment processing.

He said Exodus intends to produce pro forma financials this quarter, while management is focused on integrating the acquired entities under the revised transaction structure.

During the question-and-answer session, Northland Capital Markets analyst Mike Grondahl asked why the purchase price appeared lower than the originally discussed $175 million. Gernetzke said the lower amount reflected the structure of the revised transaction, including use of notes to acquire U.K. entities, a separate agreement for other assets and the exclusion of certain items, including a Latvian company, HiXpay. He added that the company still expects additional expenses related to the transaction.

Exodus Pay, XO Cash and AI Agents

Management highlighted Exodus Pay as one of the company’s major first-quarter milestones. Richardson said the product is now live in all 50 U.S. states, Canada and parts of Europe, allowing users to manage, send and spend money from one app.

Richardson also discussed XO Cash, which Exodus recently announced with MoonPay as a stablecoin designed for AI agents. He said Exodus is building AgentKit, a developer toolkit intended to let agents make payments on users’ behalf using stablecoins or credit cards while drawing from the customer’s Exodus Pay balance. Richardson emphasized that, under the model, agents do not hold the user’s keys.

“The agent never touches the keys,” Richardson said, adding that users would set limits and permissions.

In response to a question from BTIG analyst Andrew Harte about competition as Exodus moves beyond a self-custodial wallet model, Richardson said the company’s near-term growth would likely come from partnerships. He pointed to existing relationships with companies such as Ledger and MetaMask and said Monavate and Baanx card technology could be brought to those partners.

Richardson said Exodus Pay is intended to reduce crypto complexity for consumers and eventually consolidate functions that are typically spread across banking, payments and brokerage apps. He also said integration with AI agents is expected to be important for the company’s future growth.

UFC Partnership and International Expansion

Richardson said Exodus is becoming the official payments partner of the UFC, describing the partnership as a distribution channel for Exodus Pay. He said the partnership will begin in June and that Exodus will sponsor the “Freedom 250” fight on the White House lawn.

Asked by Cantor Fitzgerald analyst Gareth Gacetta about a letter of intent with Visa for global card issuance and priority markets, Richardson said Exodus has relationships with both Visa and Mastercard and wants to expand Exodus Pay thoughtfully into more markets. He cited Argentina, Nigeria and the United Arab Emirates as examples of markets where demand for crypto and payments solutions may be strong.

Richardson said Argentina is attractive because of demand for dollar-denominated stablecoins amid inflation, noting that USDT on Tron is already a popular asset in Exodus. He described Nigeria as a market with strong crypto demand and existing Exodus usage, while the UAE offers opportunities tied to expatriate populations and dollar-priced goods and services.

Gernetzke said Exodus had not provided updated guidance since the November discussion, noting that the deal structure had changed. However, he said the company expects that more than 40% of revenue will start coming through the Monavate platform in 2027, and said management expects to provide more detail after a quarter or two of integration.

Richardson said the company’s priorities are to integrate Monavate and Baanx, scale Exodus Pay, expand payments-related revenue and continue building a business less tied to the direction of crypto markets.

About Exodus Movement NYSEAMERICAN: EXOD

Exodus Movement, Inc is a software company focused on developing user-friendly tools for managing digital assets. Its flagship product, the Exodus Wallet, is a non-custodial cryptocurrency wallet available on desktop and mobile platforms. The wallet enables users to secure, send, receive and exchange a broad range of digital currencies while retaining full control of their private keys. With built-in portfolio tracking and an integrated exchange feature powered by third-party liquidity providers, Exodus offers a one-stop interface for both newcomers and experienced crypto enthusiasts.

Since its initial release in mid-2016, Exodus has expanded support to over 100 cryptocurrencies and tokens, including major assets such as Bitcoin, Ethereum and Litecoin as well as numerous ERC-20 tokens.

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