Exodus Movement Inc. (EXOD) posted a first-quarter net loss of $32.1 million, widening from a $12.9 million loss a year earlier, as revenue fell 37% year over year to $22.7 million. The decline was driven by a 40.8% drop in exchange aggregation revenue, which the company attributed to lower activity across its swap services. Exchange processed volume reached $1.18 billion, a 26% decline from the fourth quarter of 2025, with business-to-business swap partners generating $257 million, or 22% of total quarterly volume. Shares fell 4.9% in after-hours trading after a 5.75% regular-session drop, though they remain up 20.5% over the past month but down 47.9% year to date.
Simultaneously, Exodus sold 1,076 Bitcoin – over 60% of its corporate holdings – during the quarter to raise cash for expanding its payment infrastructure. The proceeds are earmarked for acquisitions, including the W3C payments division, as well as the recently completed takeovers of Monavate and Baanx on May 1. Benchmark analyst Mark Palmer noted the company crossed a “critical threshold” in its transition toward a crypto payments platform, with the new assets providing infrastructure to diversify revenue beyond crypto swap fees. After the sale, Exodus retains approximately 700 BTC as a strategic reserve.
