Q2 2026 Exodus Movement Inc Earnings Call Transcript
Key Points
- Exodus Movement Inc (EXOD) completed the strategic acquisition of Monavate and Baanx, transforming into a diversified payments company with a larger addressable market.
- Monavate's payments infrastructure provides revenue streams largely independent of crypto market cycles, with $1.8 billion in gross transaction volume processed year-to-date.
- Excluding one large client, Monavate's transaction volumes grew over 50% in the first half of 2026, demonstrating strong core business growth.
- The company expects $10 million to $13 million in annualized operating expense savings from the recent workforce reduction, positioning for future profitability.
- Exodus Movement Inc (EXOD) is on track to establish a new card issuing arrangement in Europe during Q4 2026, unlocking significant untapped value from the Monavate acquisition.
- The combined entity offers a unique end-to-end stack (card issuing, processing, wallets, stablecoin capabilities) that few competitors can match, enhancing cross-sell opportunities.
- Exodus Movement Inc (EXOD) reported a net loss of $18.6 million and an EBITDA loss of $21.5 million for Q2 2026, reflecting significant transition costs.
- Monavate faced a regulatory setback in Europe, pausing new program onboarding and requiring remediation, which has constrained growth in a key market.
- The company reduced its workforce by approximately 25%, a difficult decision that impacts employee morale and reflects organizational challenges.
- Exodus's core swap volume declined year-over-year due to continued weakness in the crypto market, highlighting ongoing cyclicality.
- The integration of Monavate and Baanx is not yet complete, with additional synergies and efficiencies still to be realized, creating uncertainty.
- A large enterprise client transitioned card processing in-house, reducing Monavate's transaction volume and demonstrating client concentration risk.
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.
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 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
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