Exodus payments revenue reaches $10.9 million as wallet activity cools

By Elena Vasquez

Exodus reported $10.9 million in payments revenue, now about one-third of total revenue, while transaction volumes in its core wallet business remained subdued. The company also narrowed its adjusted EBITDA loss to $3.9 million from $6.7 million in the prior quarter.

The improvement came with a smaller workforce. Exodus ended the quarter with 214 employees, down from 326 immediately after it absorbed two payments acquisitions. Management is targeting approximately $30 million in combined annual cost reductions heading into 2027.

StoneX analyst Mark Palmer maintained a Buy rating and a $12 price target after the results, writing: “The cost reset is real.” His investment case rests on payments growth and lower costs offsetting wallet weakness and moving Exodus closer to adjusted breakeven.

What is changing in the revenue mix?

Historically, crypto swap fees generated about 90% of Exodus revenue, tying most of its fortunes to how often retail users traded. Payments now contribute roughly one-third, reducing—but not eliminating—the company’s exposure to swap activity. The reported $10.9 million does not establish payment profitability because the source provides no segment margin, and a lower EBITDA loss cannot by itself show that the payments business is self-funding.

Palmer acknowledged that wallet transaction volumes remain subdued. His case does not require a full wallet recovery; instead, he argues that Exodus may need its wallet business less as payments expand. That remains a conditional thesis dependent on new revenue and projected savings arriving faster than weakness in the legacy transaction engine.

Takeaway: The bullish case rests on business substitution and cost execution, not evidence of a wallet rebound.

What did the acquisitions and layoffs change?

Exodus acquired Monavate and Baanx, two payments infrastructure providers, in May 2026 for approximately $76 million combined. The deals gave the company infrastructure to issue cards and process payments directly, supporting its stated goal of building a full-stack stablecoin payments and card-issuance platform. Operationally, Exodus seeks to control more of the route from a user’s crypto balance to the checkout counter.

The workforce cuts followed those purchases. On July 17, 2026, Exodus said it would eliminate about 25% of its global workforce, covering roughly 77 employees and contractors. The company estimated pretax charges of $2.5 million to $3.5 million and expects annualized cash operating expense savings of $10 million to $13 million, with the full benefit arriving in 2027.

Headcount fell by 112, from 326 to 214, whereas the announced reduction covered about 77 workers and contractors. Those measures do not match one for one because the source separates employee headcount from the broader workforce action. Management’s approximately $30 million combined annual reduction target also exceeds the disclosed $10 million to $13 million cash savings estimate, and the source does not reconcile their scope.

Takeaway: Exodus has paid for payment infrastructure and is now trying to lower its cost base sharply enough to make the shift financially durable.

What should investors test next?

The company has spent approximately $76 million on acquisitions, reduced roughly one-quarter of its workforce and still operates with a slowing core wallet business. The next execution tests are measurable:

• Payments volume: Does volume keep climbing from the approximately $1.1 billion level?
• Profitability: Do adjusted EBITDA losses narrow from $3.9 million?
• Cost delivery: Do annualized cash savings of $10 million to $13 million, and the broader $30 million reduction target, materialize in 2027?

The immediate test is whether payments volume rises above roughly $1.1 billion while the adjusted EBITDA loss falls below $3.9 million; the larger deadline is 2027, when management expects the full cash savings to appear.