Exodus Movement reports $10.9 million in payments revenue as wallet business cools
Exodus Movement reported $10.9 million in payments revenue for the third quarter of 2026, marking a significant shift in its business model as its legacy wallet business cools.
Exodus Movement is transforming from a crypto wallet provider into a full-stack stablecoin payments company. The company reported $10.9 million in payments revenue for the third quarter of 2026, derived from transaction volume of approximately $1.1 billion. This new business line now generates about one-third of the company's total quarterly revenue.
Total revenue for the quarter stood at $32.5 million, with the legacy digital asset services segment contributing $21.6 million. The company also narrowed its losses, reporting an adjusted EBITDA loss of $3.9 million, an improvement from a $6.7 million loss in the prior quarter.
The pivot is supported by a series of strategic moves. In May 2026, Exodus acquired Monavate and Baanx, two payments infrastructure providers, for approximately $76 million combined. These acquisitions provided the company with the infrastructure to issue cards and process payments directly.
Cost cuts and layoffs
To offset the costs of these acquisitions and address the slowdown in its core wallet business, Exodus initiated significant workforce reductions. The company announced on July 17, 2026, that it would eliminate about 25% of its global workforce, affecting roughly 77 employees and contractors.
These cuts resulted in a headcount of 214 employees at the end of the quarter, down from 326. Exodus expects the layoffs to generate annualized cash operating expense savings of $10 million to $13 million, with the full benefit expected to materialize in 2027.
The cost reset is real.
StoneX analyst Mark Palmer maintained a Buy rating on the stock with a $12 price target. His analysis suggests that the growth in payments and lower costs could offset the weakness in the wallet business, pushing Exodus closer to adjusted breakeven.
Future outlook
Exodus's future success hinges on the execution of its new strategy. The company is targeting approximately $30 million in combined annual cost reductions heading into 2027. Investors will be watching whether payments volume continues to climb from the $1.1 billion level, whether adjusted EBITDA losses keep narrowing, and if the promised savings are realized.
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