Exodus Movement, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Closed acquisitions of Monavate and Baanx (largest deal in company history), adding card processing, interchange, and issuance revenue with no crypto market exposure; diversifies away from trading volumes and brings enterprise relationships (e.g., MetaMask, Ledger, Kraken).
  • Launched Exodus Pay live in all 50 U.S. states, Canada, and parts of Europe, enabling spending of digital dollars via app; extended to AI agents via XO Cash stablecoin (powered by MoonPay) and AgentKit toolkit.
  • Announced UFC as official payments partner, starting June with sponsorship of Freedom 250 fight; provides major consumer distribution and B2B/hospitality opportunities.
  • Shift in strategy emphasized: moving from crypto-dependent self-custody wallet to durable full-stack payments platform.

Financial Performance (Q1 2026)

  • Revenue: $22.7 million, down 23% sequentially from Q4 2025 and down 37% year-over-year from record Q1 2025, due to softer Bitcoin/digital asset prices and lower industry trading volumes.
  • Swap volume: $1.18 billion, down 26% from Q4 2025.
  • Monthly active users (end of Q1 2026): 1.5 million, down 6% year-over-year and flat sequentially.
  • Quarterly funded users: 1.4 million, down 18% from Q4 2025 and down 22% year-over-year; expected to rebound with market catalysts or new services like Exodus Pay.

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Jack Barlow: Good morning, and welcome to Exodus First Quarter 2026 Earnings Call. I am Jack Barlow, Head of Investor Relations. And with me today is our Co-Founder and CEO, J.P. Richardson; and our CFO, James Gernetzke. Last night, we issued a press release and filed our quarterly results, which are both available on our website. During today's call, we will reference our earnings, and we may make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may vary materially and those expressed or implied in the forward-looking statements due to a variety of factors. These factors are referenced in the forward-looking statement disclosure in our earnings release and described in more detail in our recent Form 10-K filed with the SEC earlier this year and is also available on our Investor Relations portion of our website. We do not undertake any obligation to update forward-looking statements. And as always, please feel free to contact us at [email protected] if you have any questions or submit your questions via our social media accounts on X or Reddit. With that, I will turn the call over to JP. J. Richardson: Thanks, Jack, and thank you, everybody, for joining us here today. Okay. Two weeks ago, on May 1, our team traveled from all over the world to Omaha, Nebraska for our first shareholder day, the Exodus Summit. We brought investors, partner

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