Exodus Movement, Inc. (EXOD) Q1 2026 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call reveals significant challenges: a sharp decline in revenue and user metrics, regulatory uncertainties, and a slow transition to a new revenue model. Despite potential growth from partnerships and acquisitions, the immediate financial performance is weak. The Q&A highlights strategic plans but lacks specifics on short-term improvements. The negative sentiment is further reinforced by management's vague responses about current performance, leading to a likely negative stock price reaction in the short term.
Key Financial Performance
Revenue $22.7 million, representing a 23% decrease from Q4 of '25 and a 37% decline from Q1 of 2025. The decline was primarily due to a materially softer Bitcoin and digital asset market with weaker overall industry volumes amid a muted retail environment.
Swap Volume $1.18 billion, down 26% from Q4 of '25. The decline reflects weaker overall industry volumes.
Monthly Active Users 1.5 million, down 6% from the previous year and unchanged sequentially.
Quarterly Funded Users 1.4 million, down 18% from last quarter and 22% year-over-year. The decline is attributed to the lack of crypto market catalysts and the muted retail environment.
Cash and Cash Equivalents $74 million as of March 31, 2026.
Digital Assets $48 million as of March 31, 2026.
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Operating Highlights
Exodus Pay Launch: Exodus Pay was launched in all 50 states, Canada, and parts of Europe. It allows users to manage money, send, and spend from one app. Customers can use digital dollars to pay for groceries and other expenses.
XO Cash Stablecoin: XO Cash, a stablecoin designed for AI agents, was launched. It enables AI agents to make payments on behalf of users using stablecoins or credit cards, funded from Exodus Pay balances.
UFC Partnership: Exodus became the official payments partner of the UFC, providing a major distribution channel for Exodus Pay and increasing brand visibility globally.
Monavate and Baanx Acquisitions: Exodus completed the acquisition of Monavate and Baanx, marking the largest transaction in its history. This diversifies revenue streams, reduces crypto dependency, and integrates payment stack capabilities.
Revenue Diversification: The acquisitions added recurring revenue streams such as card processing, interchange, issuance, and settlement, reducing reliance on crypto trading cycles.
Shift from Crypto Dependency: Exodus is transitioning from a crypto-dependent model to a payments-focused business, aiming for a more durable revenue model.
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Risk or Challenges
Crypto Market Dependence: The company's revenue and trading volumes are heavily influenced by the performance of the crypto market. A decline in digital asset prices and trading volumes in Q1 2026 led to a 23% decrease in revenue from Q4 2025 and a 37% decline year-over-year. This dependence on crypto market conditions poses a significant risk to financial stability.
Integration of Acquisitions: The integration of Monavate and Baanx is critical to the company's strategy but presents challenges. The transaction structure changed from the original plan, and the company is focused on integrating the acquired entities, which could delay or complicate realizing the expected benefits.
Decline in User Metrics: Monthly active users remained flat sequentially but declined 6% year-over-year. Quarterly funded users dropped 18% from the previous quarter and 22% year-over-year. This decline in user engagement and funding could impact future revenue growth.
Regulatory and Market Uncertainty: The company highlighted the need for crypto market catalysts such as legislation to rebound user metrics. Regulatory uncertainty in the crypto space could hinder growth and adoption of new services like Exodus Pay.
Revenue Diversification Challenges: While the company is working to diversify revenue streams away from crypto trading, the transition to a payments-focused model is still in progress. The success of new initiatives like Exodus Pay and partnerships such as the UFC sponsorship is uncertain and critical to achieving a more durable revenue model.
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Guidance & Outlook
Exodus Pay Expansion: The company plans to scale Exodus Pay, which is now live in all 50 states, Canada, and parts of Europe. This product allows customers to manage money, send, and spend from one app, and is expected to drive payments-related revenue growth.
AI Agents and XO Cash: Exodus is developing XO Cash, a stablecoin designed for AI agents, and AgentKit, a developer toolkit. These tools will enable AI agents to make payments on behalf of users while maintaining security. This initiative is expected to align with the future of payments and AI integration.
UFC Partnership: Exodus has become the official payments partner of the UFC, providing a significant distribution channel for Exodus Pay. This partnership is expected to enhance brand visibility and attract a larger audience.
Integration of Monavate and Baanx: The company is focused on integrating the recently acquired Monavate and Baanx platforms to diversify revenue streams and reduce dependency on crypto trading cycles. This integration is expected to expand payment capabilities and create a more durable revenue model.
Revenue Diversification: Exodus aims to shift its business model from crypto speculation to payments, leveraging acquisitions and new product launches to build a more stable revenue base.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:How does the company plan to differentiate its consumer business from competitors as it transitions to a more diverse money movement platform?
A:The company plans to focus on partnerships with large customer bases, such as Ledger and MetaMask, to distribute its products and technology. It aims to simplify its consumer app, Exodus Pay, by removing crypto complexity and integrating features like tokenized stocks and prediction markets. Additionally, the company is leveraging AI agents to enhance software development and functionality, aiming to consolidate financial services into one app.
Q:What does the letter of intent with Visa for global card issuance mean for the business, and what are the priority markets?
A:The letter of intent with Visa aims to expand Exodus Pay into as many markets as possible, focusing on regions like South America (e.g., Argentina), Nigeria, and the UAE. These markets are chosen due to high demand for crypto and payment solutions, driven by factors like inflation in Argentina, strong crypto adoption in Nigeria, and the prevalence of expats in the UAE. The partnership with Visa is seen as a significant growth opportunity.
Q:What is the economic impact of the Monavate acquisition, and how does it contribute to the business?
A:The company expects about 40% of its revenue to come from the Monavate platform by 2027. In the short term, the focus is on integrating Monavate, with more details to be provided in the next quarter or two. Monavate's local issuing capabilities are seen as an advantage, complementing the global issuing platform and contributing to future economic growth.
Q:Why was the original purchase price of $175 million for Monavate reduced to $108 million, and what assets or businesses were excluded?
A:The reduction in purchase price was due to changes in the transaction structure, such as using notes to acquire U.K. entities and excluding certain assets like a Latvian company. Some expenses and assets did not make it into the transaction in the same manner as initially planned.
Q:What is the go-to-market strategy for Exodus Pay Monavate, and how does the UFC partnership contribute?
A:The go-to-market strategy includes leveraging the UFC partnership, which has 700 million fans worldwide, to increase consumer awareness through digital assets like commercials and QR codes during fights. Additionally, the partnership is expected to enhance B2B relationships through hospitality experiences, fostering trust and collaboration with partners.
Q:What is the company's comment on April and May activity?
A:The company did not provide specific details but mentioned that general market movements are reflected in their volumes. They are monitoring the impact of initiatives like Clarity, Monavate integration, and Exodus Pay over time.
Q:Review of Unclear Management Responses
A:Management avoided providing specific details on April and May activity, offering only general comments about market movements and ongoing initiatives.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
AI agent
AgentKit developer
Barlow Head
CEO transaction
CFO General
CFO Gernetzke
Canada part
Director Monavate
Europe People
Freedom fight
General Director
Pay balance
Summit
UFC
announcement
card
control
customer
hour
hundred
key
limit
market acquisition
model
moment
money
night
partner day
payment stack
processing
self custody
stablecoin
vision
website
week
EXOD Transcript
Exodus Movement, Inc. (EXOD) Q1 2026 Earnings Call Transcript
Unknown5-13
The earnings call reveals significant challenges: a sharp decline in revenue and user metrics, regulatory uncertainties, and a slow transition to a new revenue model. Despite potential growth from partnerships and acquisitions, the immediate financial performance is weak. The Q&A highlights strategic plans but lacks specifics on short-term improvements. The negative sentiment is further reinforced by management's vague responses about current performance, leading to a likely negative stock price reaction in the short term.
Exodus Movement, Inc. (EXOD) Q4 2025 Earnings Call Transcript
Unknown3-11
The earnings call presents a mixed picture: while there are strong future growth catalysts like Bitcoin's price and U.S. election impacts, current metrics show declines in swap volume and active users. The Q&A reveals some uncertainties, particularly around partnerships and acquisitions. However, the company shows promise in expanding its partnerships and product offerings. The neutral sentiment reflects these balanced positives and negatives.
Exodus Movement, Inc. (EXOD) Q3 2025 Earnings Call Transcript
Positive11-10
The earnings call indicates strong financial performance with a 51% YoY revenue increase and significant swap volume growth. The company is exploring innovative initiatives like Bitcoin dividends and stablecoin integration, despite some regulatory risks. The Q&A reveals optimism about non-exchange revenue growth and stablecoin opportunities in emerging markets, though some details are lacking. The sentiment is positive overall, with potential for stock price gains driven by strong earnings, optimistic guidance, and strategic moves in digital assets.
Exodus Movement, Inc. (EXOD) Q2 2025 Earnings Call Transcript
Unknown8-11
The earnings call presents a mixed picture: a 16% revenue growth and strong digital asset holdings are positive, but declining user metrics and unclear details about key deals (e.g., MetaMask) raise concerns. The market may view the legal settlement expense and high marketing costs negatively, while the MetaMask partnership and strategic M&A could provide long-term benefits. Overall, the neutral sentiment reflects balanced positives and negatives, with no strong catalysts for a significant stock price movement in the short term.
EXOD Slides
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They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
