Crypto wallet provider Exodus reports wider Q1 loss as revenue falls 37%

Self-custody crypto wallet company ​​Exodus Movement reported wider losses in the first quarter of this year, with revenue declining amid a broader market pullback.

Exodus generated $22.7 million in revenue in Q1, down 37% year over year, according to its earnings report released Monday. The revenue decline was "primarily driven by exchange aggregation revenue," which fell 40.8%, the company said.

The firm posted a net loss of $32.1 million in the quarter, compared to a $12.9 million net loss a year earlier. Its exchange processed volume totaled $1.18 billion, down 26% from the fourth quarter of 2025, per the report.

Exodus also pointed out that its business-to-business swap partners generated $257 million in volume during the quarter, accounting for 22% of the quarterly total.

"XO Swap's share of exchange volume has grown steadily since launch, reflecting demand for best-execution routing across liquidity sources," said the company.

Exodus' shares dropped 4.9% in after-hours trading on Monday after closing the regular session down 5.75%. The stock is still up 20.5% over the past month but remains down 47.9% year-to-date.

Meanwhile, Exodus said in the Monday report that it completed the acquisition of Monavate and Baanx on May 1. 

With the acquisition complete, Benchmark Analyst Mark Palmer said last week that Exodus has crossed a "critical threshold" in its shift from a self-custody wallet provider into a crypto payments platform, as the deal gives the company the infrastructure needed to diversify revenue streams beyond its heavy reliance on crypto swap fees.

The company is scheduled to hold its first-quarter earnings call at 8:30 a.m. ET on May 12.