Exodus Movement, Inc. Q2 FY2026 Earnings Call

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Exodus Q2 2026 Earnings Summary

Overview: Exodus reported Q2 2026 results following its acquisition of Monavate and Baanx, marking the shift toward a payments-focused financial services platform. The quarter reflects integration efforts, a 25% workforce reduction for $10-13M in annualized savings (full run rate expected Q4 2026), and stable core wallet metrics amid crypto market weakness. Revenue held consistent with prior periods despite headwinds.

Financial Highlights (Q2 2026)

  • Revenue: $26.2 million total ($21.2M from Exodus legacy + $5M from Monavate for May/June ownership). Non-GAAP pro forma ~$29M. Remained relatively consistent over the past 6 months vs. prior periods, despite crypto market weakness and integration focus. (Compared to Q1 2026 pro forma combined revenue, aligned on normalized basis.)
  • Net Loss: $18.6 million (includes one-time acquisition, integration, and restructuring costs; viewed as transitional).
  • Adjusted EBITDA: Loss of $6.7 million (adjustments primarily for transaction expenses and unrealized digital asset gains; core operating business highlighted as resilient).
  • EBITDA: Loss of $21.5 million.

Key Operational Metrics

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Operator: Greetings. Welcome to Exodus Q2 2026 Earnings Webcast and Conference Call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the conference over to Benjamin Marcos from Exodus. Please go ahead. Benjamin Marcos: Hi, everyone. Welcome to Exodus Second Quarter 2026 Earnings Call. I'm your host, Ben Marcos, and with us today are Exodus Co-Founder and CEO, JP Richardson; Monavate's CEO, Michael Rolph; and CFO, James Gernetzke. During today's call, we might 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 from those expressed or implied due to a variety of factors described in our earnings release, Form 10-K and other SEC filings. We undertake no obligation to update forward-looking statements. As always, we encourage investors to submit questions through X or Reddit following today's call. Today's call is our first opportunity to report on the combined Exodus and Monavate organization. JP will begin with a strategic transformation underway at Exodus. Michael will explain the payments platform, the combined market opportunity and James will review the quarter's financial performance and the steps we're taking to build a more durable financial model. With that, please go to you, JP. J. Richardson: Thanks, Ben, and thank you, everyone, for joining us. If there's 1 takeawa

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