Wallet provider Exodus reports $11 million in 2025 net loss despite record revenue
Exodus reported an $11.4 million net loss for 2025 despite achieving record revenue of $121.6 million, driven by digital asset losses and rising expenses.Summary
Crypto wallet provider Exodus Movement, Inc. posted an $11.4 million net loss for the full year 2025, a significant drop from $113 million in net income in 2024, even as it achieved record annual revenue of $121.6 million, marking a 5% year-over-year increase. The record revenue was largely attributed to the growth of its B2B product, XO Swap, which saw swap volume increase 21% to $6.89 billion.
The substantial net loss was primarily caused by an $18.9 million net loss on digital assets in 2025, contrasting with a $96.1 million gain in 2024. Operating expenses also rose sharply, with technology/development costs increasing 37% and general/administrative expenses climbing 68%.
Exodus is currently finalizing the acquisition of W3C Corp. to integrate card and payment infrastructure services, aiming to offer a full, self-custodial payments stack called Exodus Pay. CEO JP Richardson stated this acquisition will allow them to own every layer of the payments stack, complementing recent partnerships aimed at launching a U.S. dollar-backed stablecoin.
(Source：The Block)