Exodus Movement reported third-quarter revenue of $32.5 million, up 7% from a year earlier, but swung to a net loss attributable to the company of $8.3 million from net income of $17.0 million. The self-custody crypto wallet company said it is integrating payments businesses Monavate and Baanx and is targeting about $30 million in combined annual cost reductions going into 2027.
Management also described a broader push to extend Exodus beyond crypto wallets into consumer and enterprise payments, including through its XO Suite platform.
Key details
-
Revenue rose, but the bottom line weakened. Third-quarter revenue was $32.5 million, compared with $30.3 million in the same period last year. Exodus reported an $8.3 million net loss attributable to the company, versus net income of $17.0 million a year earlier.
-
Several costs increased or shifted. General and administrative expenses nearly doubled to $28.9 million from $14.9 million. Payment-processing expenses were $9.5 million, a new line in the comparison presented. Digital-asset services expenses were little changed at $12.5 million, while partnership expenses fell to $3.1 million from $4.6 million.
-
Integration savings are a stated target, not a reported realized result. Exodus said it is on track to reduce combined annual costs by about $30 million going into 2027 through cost-saving initiatives and synergies from its acquisitions of Monavate and Baanx-related businesses. The company said the savings would provide more flexibility to reinvest in product development and expansion into new markets.
-
User activity was mixed compared with the prior quarter. Monthly active users were 1.4 million at quarter-end, unchanged from the second quarter. Quarterly funded users increased 7.7% to 1.4 million from 1.3 million, while total swap volume declined 3.4% to $1.1 billion.
-
Management’s strategic focus is expanding payments capabilities. CEO JP Richardson said Exodus is combining its teams and simplifying operations across Exodus, Monavate and Baanx. The company aims to support everyday financial activity through its own app and other businesses’ products, and described infrastructure for AI agents to transact with defined permissions and spending limits as part of its longer-term vision.
What changes for investors: Exodus is pursuing a broader payments strategy while working to integrate its acquired businesses and lower costs. The quarter’s results show higher revenue but a sharp reversal in profitability; the announced cost reductions are expected to support future investment, but the update does not quantify savings already achieved.