Exodus reports a wider Q1 loss as revenue declines 37%

TLDR

• Exodus reported first-quarter revenue of $22.7 million, representing a 37% decrease compared to the previous year.
• The firm’s net loss widened to $32.1 million, up from a $12.9 million loss in the same period last year.
• Total processed exchange volume reached $1.18 billion, a 26% drop from the fourth quarter of 2025.
• B2B swap partners contributed $257 million in volume, accounting for 22% of the total exchange activity for the quarter.
• To strengthen its payments infrastructure, Exodus finalized the acquisitions of Baanx and Monavate on May 1.

(SeaPRwire) –   Exodus saw its net loss grow during the first quarter as revenue fell by 37% year over year. The company generated $22.7 million in revenue, while exchange volumes also saw a downturn. Following the earnings report on Monday, shares declined in after-hours trading.

Exodus Revenue Slumps Amid Weakening Exchange Activity

Exodus recorded $22.7 million in revenue for the first quarter, a 37% slide from the prior year. The company attributed the overall decline to a 40.8% drop in exchange aggregation revenue, citing reduced activity across its exchange platforms.

The company’s net loss for the quarter was $32.1 million, compared to a loss of $12.9 million during the same timeframe last year. Processed exchange volume was $1.18 billion, marking a 26% decrease from the fourth quarter of 2025.

Exodus reported that $257 million of its volume came from business-to-business swap partners, representing 22% of the total quarterly exchange volume. The firm noted, “XO Swap’s share of exchange volume has grown steadily since launch, reflecting demand for best-execution routing across liquidity sources.”

In after-hours trading on Monday, Exodus shares dipped 4.9% after ending the regular session down 5.75%. Despite this recent decline, the stock has risen 20.5% over the last month.

Nevertheless, the stock is still down 47.9% year-to-date. The financial results were published on Monday ahead of the company’s scheduled earnings call, following a period of share price instability.

Exodus Finalizes Acquisitions of Monavate and Baanx

Exodus confirmed that it closed the acquisitions of Baanx and Monavate on May 1. The company stated that these purchases will bolster its infrastructure and product range, with the goal of supporting a more diverse set of payment services.

In a note released last week, Benchmark analyst Mark Palmer discussed the acquisitions, suggesting that Exodus has reached a “critical threshold” in its transition toward becoming a crypto payments platform. He mentioned that the deals provide the necessary foundation to diversify income beyond crypto swap fees.

Exodus has been largely dependent on swap-related income in recent periods. The firm indicated that these new assets will facilitate alternative revenue streams and plans to incorporate the acquired businesses into its existing operations.

The company has set its first-quarter earnings call for May 12 at 8:30 a.m. ET. Management is expected to review the financial results and recent corporate developments, including the integration of Monavate and Baanx.