TLDR
- Exodus reported $22.7 million in revenue for the first quarter, down 37% year over year.
- The company posted a net loss of $32.1 million compared to a $12.9 million loss a year earlier.
- Exchange processed volume totaled $1.18 billion, reflecting a 26% decline from the fourth quarter of 2025.
- Business-to-business swap partners generated $257 million in volume, accounting for 22% of total quarterly exchange activity.
- Exodus completed the acquisitions of Monavate and Baanx on May 1 to expand its payments infrastructure.
Exodus reported a wider net loss for the first quarter as revenue declined 37% year over year. The company generated $22.7 million in revenue, while exchange volumes also decreased during the period. Shares fell in after-hours trading following the earnings release on Monday.
Exodus Revenue Declines as Exchange Activity Weakens
Exodus posted $22.7 million in first-quarter revenue, and that marked a 37% drop from last year. The company said exchange aggregation revenue fell 40.8%, which drove the overall decline. It linked the decrease to lower activity across its exchange services during the quarter.
The company reported a net loss of $32.1 million for the quarter. That compares with a $12.9 million net loss in the same period last year. Exchange processed volume reached $1.18 billion, which fell 26% from the fourth quarter of 2025.
Exodus stated that its business-to-business swap partners generated $257 million in volume. That figure accounted for 22% of total quarterly exchange volume. The company said, “XO Swap’s share of exchange volume has grown steadily since launch, reflecting demand for best-execution routing across liquidity sources.”
Shares of Exodus declined 4.9% in after-hours trading on Monday. The stock had already closed the regular session down 5.75% earlier that day. Despite the drop, shares remain up 20.5% over the past month.
However, the stock remains down 47.9% on a year-to-date basis. The earnings report followed a period of price volatility for the company’s shares. The company released the results on Monday ahead of its scheduled earnings call.
Exodus Completes Monavate and Baanx Acquisitions
Exodus confirmed it completed the acquisitions of Monavate and Baanx on May 1. The company said the deals expand its infrastructure and product capabilities. It aims to support a broader range of payment services through these additions.
Benchmark analyst Mark Palmer addressed the acquisitions in a note last week. He said Exodus crossed a “critical threshold” in its transition toward a crypto payments platform. He added that the deal provides the infrastructure needed to diversify revenue beyond crypto swap fees.
Exodus has relied heavily on swap-related revenue in recent quarters. The company indicated that the new assets will support alternative revenue streams. It plans to integrate the acquired operations into its existing platform.
The company scheduled its first-quarter earnings call for 8:30 a.m. ET on May 12. Management is expected to discuss financial results and recent developments. The report and call follow the completion of the Monavate and Baanx acquisitions.
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