Revenue Declines in Q1 2026
Exodus Movement reported a sharp decline in revenue during the first quarter of 2026. The company generated $22.7 million in revenue, marking a 37% drop compared to the same period last year. Exodus said weaker exchange aggregation revenue was the main reason behind the decline.
Net Loss Expands Significantly
The crypto wallet provider posted a net loss of $32.1 million in Q1 2026. In the same quarter last year, the company recorded a loss of $12.9 million. Exchange processed volume also declined to $1.18 billion, down 26% from the previous quarter.
XO Swap Shows Strong Growth
Despite lower revenue, Exodus highlighted steady growth in XO Swap services. The company revealed that its business-to-business swap partners generated $257 million in trading volume during the quarter. This represented 22% of the company’s total exchange volume
Exodus Expands Into Crypto Payments
Exodus recently completed the acquisition of Monavate and Baanx. Analysts believe the deal will help the company expand beyond crypto wallet services and enter the crypto payments market. Benchmark analyst Mark Palmer stated that the acquisition could reduce the company’s dependence on crypto swap fees.
