Exodus Movement — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $32.5 million, a 7% increase from $30.3 million in Q3 2025.
• Net loss attributable to Exodus Movement, Inc. was $8.3 million for Q3 2026, compared to net income of $17.0 million in Q3 2025 (a 149% decrease).
• Adjusted EBITDA was a loss of $3.9 million for Q3 2026, compared to positive Adjusted EBITDA of $5.9 million in Q3 2025.
• Digital asset services expenses were $12.5 million in Q3 2026, up 1% from $12.4 million in Q3 2025.
• Partnership expenses were $3.1 million in Q3 2026, a 32% decrease from $4.6 million in Q3 2025.
• Payment processing expenses were $9.5 million in Q3 2026, with no comparable figure reported for Q3 2025.
• General and administrative expenses were $28.9 million in Q3 2026, a 94% increase from $14.9 million in Q3 2025.
• EBITDA was a loss of $5.7 million for Q3 2026, compared to $20.6 million in Q3 2025.
• Stock-based compensation expense was $5.4 million in Q3 2026, up slightly from $5.2 million in Q3 2025.
• Transaction expenses were $5.0 million in Q3 2026, compared to $1.3 million in Q3 2025.
• Integration expenses were $0.9 million in Q3 2026, with no comparable figure reported for Q3 2025.
• Restructuring expenses were $3.2 million in Q3 2026, with no comparable figure reported for Q3 2025.
• Loss on digital assets, net, was $11.4 million in Q3 2026, compared to a loss of $21.0 million in Q3 2025.

Guidance and Future Outlook:

• The company is on track to reduce combined annual costs by approximately $30 million going into 2027 through cost savings initiatives and synergies from the Monavate acquisition.
• Cost reductions are expected to enhance operating leverage and provide financial flexibility to reinvest in strategic growth initiatives, including product innovation and expansion into new markets.
• Management aims to build a financial system where anyone can receive, invest, and spend money as easily as sending a message while retaining asset control.
• The company is preparing infrastructure to support AI agents transacting on behalf of people and businesses with clear permissions and spending limits.

Business Segments and Product Lines:

• The company is advancing its strategy by combining teams and simplifying operations across Exodus, Monavate, and Baanx.
• Exodus Wallet and the XO Suite enterprise platform are being extended to support everyday financial activity within the app and other companies' products.
• The company offers self-custodial finance tools allowing users to earn rewards, spend, manage, and swap digital assets across borders.
• The enterprise product suite powers crypto infrastructure and card/payment services for enterprise platforms.

Market and Competitive Landscape:

• Monthly Active Users (MAUs) stood at 1.4 million at the end of Q3 2026, unchanged from Q2 2026.
• Quarterly Funded Users (QFUs) reached 1.4 million at the end of Q3 2026, up 7.7% from 1.3 million in Q2 2026.
• Total swap volume was $1.1 billion in Q3 2026, down 3.4% from Q2 2026.
• Total active cards numbered 1.6 million during Q3 2026.
• Gross transaction volume processed was $1.1 billion in Q3 2026.

Risks and Challenges:

• The press release references risks and uncertainties detailed in the Form 10-K filed with the SEC on March 11, 2026, and other SEC reports, which could cause actual results to differ materially from forward-looking statements.
• Specific factors include those set forth in "Item 1. Business" and "Item 1A. Risk Factors" of the Form 10-K.
• The company notes that forward-looking statements involve assumptions and are not guarantees of future performance.

Management Commentary and Tone:

• CEO JP Richardson stated the company made substantial progress in integrating Exodus, Monavate, and Baanx.
• Management emphasized the goal of making Exodus a foundation for how people, businesses, and AI agents use money.
• The tone reflects a focus on building infrastructure for a financial system centered on user asset control.

Other Key Points:

• The company acquired Monavate Holdings Limited, Baanx.com Ltd, and Baanx US Corp., with integration efforts underway to capture synergies.
• A webcast of the Q3 2026 fiscal results was hosted on November 9, 2026, at 5:00 p.m. ET.
• The company is headquartered in Omaha, Nebraska, and was founded in 2015.
• Material nonpublic information may be distributed via the company website (exodus.com/investors), exodus.com, and social media outlets including X (@exodus, @jprichardson), Facebook, LinkedIn, and YouTube.