The core crypto wallet business is contracting (MAUs, swap volumes down), while the newly acquired payments business is adding significant cost without yet showing profitability. Monitor the Q3 2026 earnings for evidence of cost stabilization and any early revenue synergies from the Monavate/Baanx deal; the stock will likely remain under pressure until the company demonstrates a path back to profitability.
Price Chart
Executive Summary
Exodus Movement reported Q2 2026 revenue of $26.2M (+2% YoY), but swung to a net loss of $18.6M from a $37.7M profit a year ago, driven by a 138% surge in G&A expenses from the Monavate/Baanx acquisition. Core user metrics (MAUs, QFUs, swap volume) all declined sequentially, and Adjusted EBITDA loss widened to $6.7M from $2.3M. The acquisition is a strategic pivot but is currently destroying earnings and user engagement, making this a bearish report despite the top-line growth narrative.
Key Financial Metrics
Key Facts
- Q2 2026 revenue was $26.2M, up 2% from $25.8M in Q2 2025.
- Net loss was $18.6M in Q2 2026 vs net income of $37.7M in Q2 2025, a 149% decline.
- General and administrative expenses surged 138% to $44.7M from $18.8M, driven by the Monavate/Baanx acquisition.
- Adjusted EBITDA loss widened to $6.7M from a $2.3M loss in the prior year.
- Monthly Active Users (MAUs) fell 6.7% sequentially to 1.4M; Quarterly Funded Users (QFUs) fell 7.1% to 1.3M.
- Total swap volume declined 8.3% sequentially to $1.1B.
- Payment processing expenses of $4.4M were a new line item from the acquired entities.
- No guidance was provided in the release.
Financial Impact
Net income swung from +$37.7M to -$18.6M YoY, a $56.3M deterioration. G&A expenses rose $25.9M YoY.
Risk Factors
- Continued decline in core user metrics (MAUs, QFUs) indicates waning demand for the self-custodial wallet.
- The Monavate/Baanx acquisition is causing a severe cost overhang; if revenue synergies fail to materialize, the company may face a liquidity crunch.
- No forward guidance provided, creating uncertainty around near-term financial performance.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055258 |
| Exhibit: exod-20260810.htm | 0001628280-26-055258 |
| Document: 0001628280-26-055258-index-headers.html | 0001628280-26-055258 |
| Document: 0001628280-26-055258-index.html | 0001628280-26-055258 |
| Document: 0001628280-26-055258.txt | 0001628280-26-055258 |
| 8-K Data (Synthetic) | 0001628280-26-055258 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 27d ago | Court Ruling | $6.90 | awaiting T+60 | — | $5.41 (−21.59%) |
Aug 10, 2026 11w ago | 8-K | $4.99 | awaiting T+60 | — | $5.41 (−8.42%) |
Jul 27, 2026 13w ago | Press Release | $5.38 | awaiting T+60 | — | $5.41 (+0.56%) |
Jul 17, 2026 14w ago | Press Release | $4.64 $6.03 | ▲ +29.96% | ▲ +25.12% | $5.41 (+16.59%) |
May 11, 2026 24w ago | 8-K | $6.97 $5.33 | ▲ +23.53% | ▲ +27.91% | $5.41 (+22.38%) |
May 6, 2026 24w ago | Press Release | $8.18 $5.37 | ▼ −34.35% | ▼ −36.41% | $5.41 (−33.86%) |
May 5, 2026 24w ago | 8-K | $8.50 $5.34 | ▼ −37.18% | ▼ −39.92% | $5.41 (−36.35%) |
May 5, 2026 24w ago | Press Release | $8.50 $5.34 | ▼ −37.18% | ▼ −39.92% | $5.41 (−36.35%) |
May 1, 2026 25w ago | Press Release | $7.92 $5.09 | ▼ −35.73% | ▼ −37.59% | $5.41 (−31.69%) |
May 1, 2026 25w ago | Press Release | $7.92 $5.09 | ▼ −35.73% | ▼ −37.59% | $5.41 (−31.69%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers