Exodus Reports $8.3M Quarterly Loss as Wallet Platform Expands Payments Business
Summary
Exodus reported third-quarter revenue of about $32.5 million, up 7% year over year, but swung to an $8.3 million net loss from a $17 million profit. It had around 1.4 million monthly active users, 1.4 million quarterly funded users and $1.1 billion in swap volume. The company is expanding into payments and card services, including through its Baanx and Monavate combination. Those businesses could broaden revenue beyond wallet swaps, but bring integration, compliance, operating and support costs. Future results will show whether payment activity generates enough retained revenue to offset the expanded cost base and narrow losses.
