Exodus reported $26.2 million of revenue for the second quarter, up 2% from a year earlier, as the self-custody wallet company began folding the Monavate and Baanx payments businesses into its operating model. The result was accompanied by an $18.6 million net loss, compared with $37.7 million of net income in the year-ago quarter.
The quarter's figures show a business in transition rather than a clean payments breakout. Exodus said monthly active users fell 6.7% to 1.4 million, quarterly funded users fell 7.1% to 1.3 million and total swap volume declined 8.3% from the first quarter to $1.1 billion. At the same time, its newly acquired card operation processed $600 million of gross transaction volume across 1.1 million active cards.
The acquisition changes the mix
The acquisition contributed financial results from May 1 and brought payment processing expenses of $4.4 million and partnership expenses of $3.7 million into the quarter. General and administrative costs rose to $44.7 million from $18.8 million a year earlier, a 138% increase that reflects the cost of combining the businesses as well as the company's broader reset.
Exodus said the acquired card business processed transactions for 1.1 million active unique cards during the quarter. That figure is a useful measure of distribution, but it does not by itself show how much of the volume came from repeat users, what the company retained after partners and network costs, or how many cardholders also use Exodus's self-custody products.
A bigger platform with a harder proof point
Adjusted EBITDA was a $6.7 million loss, wider than the $2.3 million loss a year earlier. Exodus had said in July that a workforce reduction affecting roughly a quarter of its global staff was expected to produce $10 million to $13 million in annualized cash operating savings, with the full benefit arriving in 2027. The company is therefore asking investors to look through near-term integration costs while it builds a larger payments footprint.
The next reporting periods will show whether card volume becomes durable revenue, whether enterprise partnerships can offset slower swap activity and whether the combined operation can narrow losses. For now, Exodus has expanded from a wallet into a payments stack, but the results do not yet establish that the new layer has replaced the volatility of the old one.
