Exodus Movement, Inc.

Revenue was $26.2 million and net loss was $18.6 million. James Gernetzke said revenue split was approximately $21.2 million from Exodus and $5 million from Monavate, and non-GAAP revenue would have been around $29 million because Exodus only owned Monavate for May and June. He also reported EBITDA loss of $21.5 million and adjusted EBITDA loss of $6.7 million. On the core Exodus business, monthly active users and quarterly swap volume were generally flat sequentially at 1.4 million and $1.13 billion, respectively, though swap volume was down year over year. Monavate said it had processed over $1.8 billion in gross transaction volume year-to-date, including about $900 million in Q2, and that excluding one large customer decline, volumes grew by over 50% in the first half of 2026 versus the prior year. Looking ahead, management expects $10 million to $13 million in annualized operating expense savings from the workforce reduction, with the full monthly run rate by Q4 and the cash benefit showing through more fully in 2027.

JP Richardson framed the quarter as the point where Exodus moved from planning to execution on a major strategic pivot into payments. He emphasized that Monavate expands the company into enterprise payments and financial infrastructure, with a larger addressable market and revenue streams less tied to crypto prices. His tone was confident but explicitly execution-focused: complete the integration, restore issuance capabilities, and prove the model can support growth without a proportional increase in cost.

James Gernetzke focused on the transitional nature of Q2, saying the quarter included acquisition-related expenses, technology integration, and restructuring costs. He cited $17 million in pure transaction-related incentive costs and $5.8 million in professional services as the main one-time items, along with $26.2 million of revenue, $18.6 million of net loss, $21.5 million of EBITDA loss, and $6.7 million of adjusted EBITDA loss. He said the lower cost structure will start to show up as integration continues, and the workforce reduction should deliver $10 million to $13 million in annualized operating expense savings.

Analysts pressed on how much of the G&A step-up was one-time versus recurring, and James said $17 million was transaction-related incentive costs and $5.8 million was professional services, with more synergies still to come. Questions also focused on the timeline to restart European card issuance; Michael said the main step is the Bank of Latvia change-of-control approval tied to ZixiPay, which is expected to be filed imminently and could take roughly 60 to 90 days after submission. JP also said the company is prioritizing restored card issuance in Europe and the U.S. before rolling out additional app features such as prediction markets and equity-related products.