Exodus Movement reports $10.9 million in payments revenue as wallet business cools

Exodus Movement built its name on a crypto wallet. Its future now looks a lot more like a payments company that also happens to have a wallet.

The company (EXOD) reported $10.9 million in payments revenue for the third quarter of 2026, on transaction volume of approximately $1.1 billion. That works out to roughly one-third of its quarterly revenue, from a business line that barely existed inside Exodus a year ago.

The numbers behind the pivot

Total revenue for the quarter came in at $32.5 million. The legacy side of the house, which Exodus calls digital asset services and which covers wallet and exchange activity, contributed $21.6 million of that.

Exodus also narrowed its losses. Adjusted EBITDA came in at a loss of $3.9 million, an improvement from a $6.7 million loss in the prior quarter.

Headcount tells a similar story. Exodus ended the quarter with 214 employees, down from 326 after it absorbed 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 started in earnest on July 17, 2026, when Exodus announced it would eliminate about 25% of its global workforce. That amounted to roughly 77 employees and contractors.

The company estimated pre-tax charges of $2.5 million to $3.5 million tied to the reduction. In exchange, it expects annualized cash operating expense savings of $10 million to $13 million, with the full benefit expected to show up in 2027.

The layoffs followed a buying spree. In May 2026, Exodus acquired Monavate and Baanx, two payments infrastructure providers, for approximately $76 million combined.

Those deals gave Exodus the plumbing to issue cards and process payments directly. The stated goal is a full-stack stablecoin payments and card-issuance platform, which means owning more of the chain between a user’s crypto balance and the checkout counter.

Why Wall Street is still on board

StoneX analyst Mark Palmer kept a Buy rating and a $12 price target on the stock after the results. His argument rests on payments growth and lower costs offsetting weakness in the wallet business, pushing Exodus closer to adjusted breakeven.

“The cost reset is real,” Palmer wrote.

Palmer acknowledged that wallet transaction volumes remain subdued. His case is less about the wallet recovering and more about the company needing the wallet less.

That distinction matters. Historically, crypto swap fees have accounted for about 90% of Exodus revenue, which tied the company’s fortunes almost entirely to how often retail users felt like trading.

What this means for Exodus and its investors

The most important number in this quarter may be the ratio, not any single figure. Payments now generate about a third of revenue, compared with a business that historically leaned on swaps for roughly 90%.

The risks are just as concrete. Exodus spent approximately $76 million on acquisitions, then cut roughly a quarter of its staff, all while its core wallet business slowed.

Execution will show up in a few specific places. Watch whether payments volume keeps climbing from the approximately $1.1 billion level, whether adjusted EBITDA losses keep narrowing from $3.9 million, and whether the $10 million to $13 million in promised savings actually lands in 2027 as expected.