Exodus Sequential Revenue Growth Accelerates After Monavate Close

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue reached $32.5 million as quarterly funded users recovered to 1.4 million.

Exodus Movement, Inc. (EXOD), a self-custodial finance and payments platform, reported third-quarter 2026 revenue of $32.5 million, up 7% from $30.3 million a year earlier. Sequential growth accelerated to 24% from $26.2 million in the second quarter, when year-over-year revenue had risen only 2%.

The Omaha-based company said it made substantial progress combining the Exodus, Monavate and Baanx teams and is on track to reduce combined annual costs by approximately $30 million going into 2027. Chief Executive JP Richardson said the company is building toward a system where users can receive, invest and spend money while retaining control of their assets, and that AI agents transacting on their behalf will need the same infrastructure with permissions and spending limits.

Net loss attributable to Exodus widened to $8.3 million from net income of $17.0 million a year earlier. Adjusted EBITDA was a $3.9 million loss, compared with positive $5.9 million a year earlier. The adjusted EBITDA loss narrowed from $6.7 million in the second quarter.

General and administrative expense was $28.9 million, up 94% from $14.9 million a year earlier. Payment processing expenses were $9.5 million, up from $4.4 million in the second quarter. Partnership expenses fell 32% to $3.1 million from $4.6 million a year earlier. Digital asset services expenses were $12.5 million. The quarter included $3.2 million of restructuring expenses and $0.9 million of integration expenses, both absent from the year-ago period.

Monthly active users held at 1.4 million, unchanged from the second quarter after a 6.7% decline from 1.5 million in the first quarter. Quarterly funded users rose 7.7% to 1.4 million from 1.3 million in the second quarter, reversing a 7.1% sequential decline in that quarter. Total swap volume was $1.1 billion, down 3.4% from the second quarter after an 8.3% sequential decline in that period.

Card activity expanded after the May 1 close of the Monavate and Baanx acquisition. Total active cards reached 1.6 million in the third quarter. Gross transaction volume was $1.1 billion, up from $0.6 billion of card GTV in the second quarter.

In the second quarter, Exodus had said the results included contributions from the acquired entities beginning May 1 and that it was combining companies and identifying early commercial synergies. It also launched a UFC payments partnership and, just after quarter-end, announced a partnership with Latin American streaming platforms DGO and SKY+ to allow subscribers to pay with U.S. dollar-denominated stablecoins. First-quarter revenue had been $22.7 million.

The company framed the Monavate and Baanx close as the most strategic acquisition in its history and said adding their payment infrastructure is core to becoming a more diversified financial services company. In the third quarter it said those cost-savings initiatives and synergies enhance operating leverage and provide flexibility to reinvest in product innovation and new markets.