Exodus Movement made its name with a crypto wallet. Its future now looks more like that of a payments company that also offers a wallet.
The company (EXOD) reported $10.9 million in payments revenue in the third quarter of 2026, on transaction volume of approximately $1.1 billion. That accounts for roughly one-third of quarterly revenue, from a business line that barely existed at Exodus a year ago.
The numbers behind the pivot
Quarterly revenue totaled $32.5 million. Digital asset services, the company’s term for wallet and exchange activity, contributed $21.6 million.
Exodus also reduced its losses. Adjusted EBITDA was a loss of $3.9 million, compared with a $6.7 million loss in the previous quarter.
Headcount reflects a similar shift. Exodus ended the quarter with 214 employees, down from 326 after it integrated its two payments acquisitions. The company is targeting approximately $30 million in combined annual cost reductions heading into 2027.
Layoffs, acquisitions and a new business model
The cuts began in earnest on July 17, 2026, when Exodus announced it would eliminate about 25% of its global workforce. That represented roughly 77 employees and contractors.
The company estimated pre-tax charges of $2.5 million to $3.5 million related to the cuts. In return, it expects annualized cash operating expense savings of $10 million to $13 million, with the full benefit expected to appear in 2027.
The layoffs followed a round of acquisitions. In May 2026, Exodus acquired Monavate and Baanx, two payments infrastructure providers, for approximately $76 million combined.
The acquisitions gave Exodus the infrastructure to issue cards and process payments directly. The company says it aims to build a full-stack stablecoin payments and card-issuance platform, giving it control over more of the path between a user’s crypto balance and the checkout counter.
Why Wall Street is still on board
StoneX analyst Mark Palmer maintained a Buy rating and a $12 price target after the results. He argues that payments growth and lower costs could offset weakness in the wallet business and move Exodus closer to adjusted breakeven.
“The cost reset is real,” Palmer wrote.
Palmer acknowledged that wallet transaction volumes remain subdued. His case depends less on a wallet recovery and more on the company’s reduced reliance on the wallet.
That distinction matters. Historically, crypto swap fees have made up about 90% of Exodus revenue, leaving the company’s fortunes closely tied to how often retail users wanted to trade.
What this means for Exodus and its investors
The ratio may be the quarter’s most important figure. Payments now account for about a third of revenue, compared with a business historically reliant on swaps for roughly 90%.
The risks are also clear. Exodus spent approximately $76 million on acquisitions, then cut roughly a quarter of its staff, even as its core wallet business slowed.
Execution will be reflected in several specific measures: whether payments volume continues to rise from approximately $1.1 billion, whether adjusted EBITDA losses continue to narrow from $3.9 million, and whether the promised savings of $10 million to $13 million materialize in 2027 as expected.
