The developer of the non-custodial crypto wallet Exodus ended 2025 with a net loss of $11.4 million. The previous year, the company recorded a profit of $113 million.
Despite the negative outcome, Exodus achieved record annual revenue of $121.6 million, marking a 5% increase. The primary driver was the B2B platform XO Swap, with transaction volumes rising by 21% to $6.89 billion.
The company’s financial losses were attributed to several factors:
- A loss of $18.9 million from the revaluation of digital assets (compared to a profit of $96.1 million in 2024);
- Technology and customer support expenses rose by 37% to $62.9 million;
- Administrative costs increased by 68% to $66.3 million.
The fourth quarter proved challenging due to a downturn in the crypto market. Revenue for this period fell by 34% to $29.5 million, with a net loss of $53.2 million. The number of active monthly users decreased from 2.3 million to 1.5 million.
As of December 31, Exodus held reserves of $161.6 million. Of this, $149.2 million was in Bitcoin, $5.6 million in Ethereum, and $5.2 million in fiat and the stablecoin USDC.
The reduction in Bitcoin reserves was linked to a $60 million debt repayment to Galaxy Digital. The loan was used for the acquisition of W3C Corp, the parent company of fintech services Baanx and Monavate.
The acquisition will enable the launch of the Exodus Pay platform. According to CEO JP Richardson, the firm will gain independent infrastructure post-acquisition. This will simplify the technical integration of services and allow users to store and spend assets within a single application.
In December 2025, to advance Exodus Pay, the company agreed with MoonPay and M0 to launch a dollar-pegged stablecoin.