TheBlock
Exodus reported $32.5 million in revenue for the third quarter, up 7% from $30.3 million a year earlier. Net income attributable to the company swung to an $8.3 million loss from $17 million in profit in Q3 2025. Adjusted EBITDA also turned negative, falling to a $3.9 million loss from positive adjusted EBITDA of $5.9 million.
Why it matters
Exodus said Q3 focused on integrating the organization, restoring payment capabilities, sharpening its product roadmap and building a more disciplined operating model. The company is expanding beyond its self-custodial wallet business, launching Exodus Markets with Ondo Finance to give eligible customers access to more than 200 tokenized stocks, ETFs and other assets through its wallet on Solana.
Payments gross transaction volume reached $1.1 billion during the quarter, while total swap volume also stood at $1.1 billion. Exodus reported 1.6 million active cards and 1.4 million monthly active users. Funded users increased 7.7% from the previous quarter to 1.4 million, although swap volume declined 3.4% from Q2.
Exodus remains on track to reduce combined annual costs by approximately $30 million going into 2027, up from its earlier $10 million to $13 million target, as it integrates Monavate and Baanx.
Market impact
The shares rose 10.07% on Monday to close at $4.48 before the earnings release. They remained down 8.57% over five trading days and 70.21% since the start of 2026, showing that the pre-earnings rebound did not reverse the broader decline.
The quarterly results present a mixed operating picture. Revenue, payment volumes and user metrics grew, but the return to net loss, negative adjusted EBITDA and lower swap volume show that growth had not yet translated into stronger profitability. The next operating checkpoints are the restoration of payment capabilities, delivery of the expanded cost-reduction target and evidence that broader financial products can improve execution without weakening margins.
Frequently asked questions
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How did Exodus perform on revenue and profit in Q3?
Revenue increased 7% to $32.5 million, but net income swung to an $8.3 million loss from $17 million in profit a year earlier. Adjusted EBITDA fell to a $3.9 million loss from positive $5.9 million.
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How much payment and swap activity did Exodus report?
Payments gross transaction volume and total swap volume each reached $1.1 billion during Q3. Swap volume declined 3.4% from Q2 despite the substantial quarterly totals.
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Did Exodus' customer activity grow during the quarter?
Funded users rose 7.7% from Q2 to 1.4 million. Exodus also reported 1.6 million active cards and 1.4 million monthly active users.
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How is Exodus expanding beyond its self-custodial wallet?
Exodus Markets, launched with Ondo Finance, gives eligible customers access to more than 200 tokenized stocks, ETFs and other assets through the company's Solana wallet.
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What was Exodus' share-price performance around the earnings?
The shares gained 10.07% to close at $4.48 before the release. They were still down 8.57% over five trading days and 70.21% since the start of 2026.
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