Exodus swings to $8.3M loss in Q3 even as revenue edges up 7%

Self-custodial wallet maker Exodus Movement reported third-quarter revenue of $32.5 million for the period ended Sept. 30, 2026 — up 7% from $30.3 million a year earlier — but swung to an $8.3 million net loss, reversing $17 million of net income in Q3 2025, according to the company's statement as reported by The Block.

The deterioration ran deeper than the headline loss. Adjusted EBITDA, which strips out some non-cash and one-off items, turned negative at $3.9 million, versus a positive $5.9 million a year earlier. In other words, revenue grew while profitability inverted.

The NYSE American-listed stock (ticker EXOD) rose 10.07% on Monday to close at $4.48 — but that move came ahead of the earnings release, not in response to it. The shares remain down 8.57% over five trading days and down 70.21% since the start of 2026, per The Block's EXOD price page.

On the operating side, Exodus reported $1.1 billion in gross transaction volume and $1.1 billion in total swap volume for the quarter. It counted 1.6 million active cards and 1.4 million monthly active users. Funded users rose 7.7% quarter over quarter to 1.4 million, while swap volume slipped 3.4% from Q2. The company said it remains on track to cut combined annual costs by roughly $30 million heading into 2027 — raised from an earlier $10 million–$13 million target — as it integrates recent acquisitions Monavate and Baanx. In June it launched Exodus Markets with Ondo Finance, offering eligible users access to more than 200 tokenized stocks, ETFs and other assets on Solana.

Key facts

• Q3 revenue: $32.5M, up 7% from $30.3M YoY (Exodus statement, via The Block)
• Net result: $8.3M loss vs. $17M profit in Q3 2025 (Exodus statement, via The Block)
• Adjusted EBITDA: −$3.9M vs. +$5.9M a year earlier (Exodus statement, via The Block)
• EXOD stock: +10.07% Monday to $4.48; −70.21% YTD; −8.57% over five days (The Block EXOD price page)
• Volumes: $1.1B gross transaction, $1.1B swap (−3.4% QoQ); 1.6M active cards; 1.4M MAU (Exodus statement)
• Cost-cut target raised to ~$30M for 2027, from $10–13M (Exodus statement, via The Block)

The real-world read

Mind the sequence: the 10% pop landed before the numbers did, so it reflects positioning, not a market verdict on a quarter that showed a $25 million year-over-year swing from profit to loss. The stock is still down roughly 70% in 2026.

The operating metrics — volumes, cards, funded users — and the "execution" framing come from Exodus itself, an interested party reporting on its own quarter; treat them as the company's account, not independent confirmation. CEO JP Richardson's line about building "a financial system where anyone can receive money, invest it, and spend it as easily as they send a message" is mission language, not a result. And raising the cost-cut target to ~$30 million signals the Monavate and Baanx integrations are being leaned on hard for next year's margins — a plan, not yet a delivered saving.

Opinion, and whose

Exodus's own characterization — that "Q3 was about execution" (integration, restoring payment capabilities, a "more disciplined operating model") — is management's framing of a loss-making quarter. No analyst or third-party assessment of the results was available at publication.

Sources

• The Block (reporting by its business desk, 2026-11-10) — Q3 figures, stock moves, operating metrics and management quotes, sourced to Exodus's own statement and The Block's EXOD price page. The Block labels sponsored content separately; this was editorial reporting.
• Exodus Movement statement / X post (primary, interested party) — all revenue, loss, volume and user figures, plus forward cost-cut guidance; self-reported.

This is news reporting, not financial advice.