The developer of the non-custodial crypto wallet Exodus closed 2025 with a net loss of $11.4 million. The previous year, the company reported a profit of $113 million.
Despite the overall negative outcome, Exodus achieved record annual revenue of $121.6 million, a 5% increase. The main driver was the B2B platform XO Swap, which saw transaction volume rise by 21% to $6.89 billion.
The company's financial losses stem from several factors:
- A loss from the revaluation of digital assets amounted to $18.9 million (compared to a profit of $96.1 million in 2024);
- Technology and user support expenses increased by 37% to $62.9 million;
- Administrative costs rose by 68% to $66.3 million.
The fourth quarter proved challenging due to a downturn in the crypto market. Revenue during this period fell by 34% to $29.5 million, with a net loss of $53.2 million. The number of active monthly users dropped from 2.3 million to 1.5 million.
As of December 31, Exodus had reserves totaling $161.6 million. Of this, $149.2 million was held in Bitcoin, $5.6 million in Ethereum, and another $5.2 million in fiat and the stablecoin USDC.
The decrease in Bitcoin reserves was linked to a $60 million debt repayment to Galaxy Digital. This loan was taken to acquire W3C Corp, the parent company of fintech services Baanx and Monavate.
This acquisition will enable the launch of the Exodus Pay platform. According to CEO JP Richardson, after the acquisition, the firm will have an independent infrastructure, simplifying the technical integration of services and allowing users to store and spend assets within a single application.
In December 2025, to develop Exodus Pay, the company partnered with MoonPay and M0 to launch a dollar-pegged stablecoin.