Exodus revenue holds near flat as its payments acquisition reshapes Q2
The self-custody platform reported $26.2 million in quarterly revenue while wallet activity softened and the Monavate and Baanx businesses added their first two months of contribution.
By The Third AnglePublished 4 min read
A mobile application interface displayed across devices, used as an illustration for Exodus's wallet and payments products. Photo: Tfinc / Wikimedia Commons · CC BY-SA 3.0
Exodus Movement reported $26.2 million of second-quarter revenue, up 2% from $25.8 million a year earlier, as the self-custody platform began folding its newly acquired payments businesses into the results. In its Aug. 10 earnings release, the company said the Monavate and Baanx entities contributed from May 1, the completion date for the acquisition's financial reporting.
The revenue line was stable, but profitability deteriorated. Exodus recorded an $18.6 million net loss, compared with $37.7 million of net income in the second quarter of 2025. Adjusted EBITDA was a loss of $6.7 million, wider than the $2.3 million loss a year earlier. The first quarter with the acquired payments operations therefore gives more information about the combined cost base than about its eventual scale.
Payments volume grew as wallet activity softened
Monavate processed transactions on 1.1 million active cards during the quarter, with gross card transaction volume of $0.6 billion. Exodus also announced an Official Payments Partner relationship with UFC and said subscribers to DGO and SKY+ in Latin America could pay for subscriptions with dollar-denominated stablecoins after the quarter ended. Those announcements broaden the payment surface, but they do not yet establish recurring contribution from each partnership.
The legacy wallet and swap metrics moved in the other direction. Monthly active users fell to 1.4 million from 1.5 million in the first quarter, funded users fell to 1.3 million from 1.4 million, and total swap volume declined 8.3% quarter over quarter to $1.1 billion. The figures suggest that the acquisition expanded the payments footprint while activity in Exodus's core wallet business cooled.
Integration is the next operating test
The expense lines show the cost of building the broader stack. Web3 platform expense was $12.3 million, down 2% year over year; partnership expense rose 76% to $3.7 million; and payment-processing expense was $4.4 million, with no comparable cost in the prior-year table. General and administrative expense increased 138% to $44.7 million. Exodus says the acquisition is intended to make it a more diversified financial-services company, but the quarter is still an integration snapshot.
The next evidence is whether card volume, stablecoin payment activity and the wallet's swap business can reinforce one another without keeping costs ahead of revenue. Exodus has reported a larger set of payment rails, but the results do not yet show that the combined platform has produced durable operating leverage or reversed the decline in core user activity.
