Exodus Movement reported a net loss of $32.1 million for the first quarter of 2026, as revenue slumped 36.8% to $22.7 million and the company sold more than 1,000 Bitcoin from its balance sheet. The Nebraska-based crypto wallet provider also saw a drop in monthly active users, though the exact figure was not disclosed. The results mark a sharp reversal from the prior year, when Exodus posted a profit during the crypto rally.
Why the Bitcoin sales stand out
Exodus sold over 1,000 Bitcoin during Q1 — a significant chunk of its corporate treasury. The company has historically been one of the more vocal crypto-native firms about holding Bitcoin on its books. Selling that volume suggests management needed to raise cash to cover operating expenses or debt obligations. Exodus didn't specify the average sale price, but with Bitcoin trading well above $60,000 for most of the quarter, the proceeds likely exceeded $60 million. Even so, the net loss of $32.1 million indicates costs — potentially including impairment charges on remaining crypto holdings — ate into that cash.
Revenue decline and user metrics
Revenue fell to $22.7 million from $35.9 million in Q1 2025. The drop is tied directly to the decline in monthly active users, which Exodus attributed to market conditions and fewer new customers adopting the wallet. The company generates most of its revenue from exchange fees when users swap crypto inside the app. Fewer active users means fewer swaps. Exodus didn't break out user numbers, but the trend mirrors a broader industry slowdown in self-custody wallet usage during the first quarter's choppy crypto markets.
The company's next quarterly report will be due in August. Exodus has been working to expand its product lineup — including staking and fiat on-ramps — to diversify revenue beyond simple swap fees. Whether those additions can reverse the user decline is an open question. The Bitcoin sales also leave the treasury lighter, which could limit Exodus's ability to ride a future rally without buying back in. For now, the focus is on cutting costs and trying to stabilize the user base before the next earnings call.
