The core crypto exchange business is in a steep decline with no bottom in sight. The Monavate/Baanx acquisition adds payments infrastructure but will take quarters to contribute meaningfully. Watch for Q2 2026 results to see if the new card/payments business can offset continued crypto trading weakness.
Price Chart
Executive Summary
Exodus Movement reported Q1 2026 revenue of $22.7M, down 37% YoY from $36.0M, and a net loss of $32.1M, widening 149% from a $12.9M loss in Q1 2025. The company closed its acquisition of Monavate and Baanx on May 1, 2026, but the core crypto trading business continues to decline sharply with processed volume down 22% sequentially and funded users down 18%.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $22.7M, down 37% YoY from $36.0M
- Net loss widened to $32.1M from $12.9M in Q1 2025 (149% worse)
- Exchange provider processed volume $1.18B, down 22% from Q4 2025
- Quarterly funded users fell 18% to 1.4M from 1.7M at year-end
- Closed acquisition of Monavate and Baanx on May 1, 2026
- Digital assets and cash fell to $122.6M from $161.6M at year-end
- No guidance provided; results are preliminary and unaudited
Financial Impact
Revenue decline of $13.3M YoY (37%), net loss increase of $19.2M (149%)
Risk Factors
- Continued decline in crypto trading volumes and user engagement
- Integration risk from Monavate/Baanx acquisition
- Digital asset holdings dropped $39M in Q1, reducing balance sheet flexibility
- No forward guidance provided, increasing uncertainty
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033631 |
| Exhibit: exodex_20260511x99x1-earni.htm | 0001628280-26-033631 |
| Document: 0001628280-26-033631-index-headers.html | 0001628280-26-033631 |
| Document: 0001628280-26-033631-index.html | 0001628280-26-033631 |
| Document: 0001628280-26-033631.txt | 0001628280-26-033631 |
| 8-K Data (Synthetic) | 0001628280-26-033631 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | Court Ruling | $6.90 | awaiting T+60 | — | $5.22 (−24.35%) |
Aug 10, 2026 11w ago | 8-K | $4.99 | awaiting T+60 | — | $5.22 (−4.61%) |
Jul 27, 2026 13w ago | Press Release | $5.38 | awaiting T+60 | — | $5.22 (−2.97%) |
Jul 17, 2026 14w ago | Press Release | $4.64 $6.03 | ▲ +29.96% | ▲ +25.12% | $5.22 (+12.50%) |
May 11, 2026 24w ago | 8-K | $6.97 $5.33 | ▲ +23.53% | ▲ +27.91% | $5.22 (+25.11%) |
May 6, 2026 24w ago | Press Release | $8.18 $5.37 | ▼ −34.35% | ▼ −36.41% | $5.22 (−36.19%) |
May 5, 2026 24w ago | 8-K | $8.50 $5.34 | ▼ −37.18% | ▼ −39.92% | $5.22 (−38.59%) |
May 5, 2026 24w ago | Press Release | $8.50 $5.34 | ▼ −37.18% | ▼ −39.92% | $5.22 (−38.59%) |
May 1, 2026 25w ago | Press Release | $7.92 $5.09 | ▼ −35.73% | ▼ −37.59% | $5.22 (−34.09%) |
May 1, 2026 25w ago | Press Release | $7.92 $5.09 | ▼ −35.73% | ▼ −37.59% | $5.22 (−34.09%) |
US Market Status
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