Exodus Movement, the U.S.-listed crypto wallet provider, ended 2025 with a net loss of $11.4 million, reversing the $113 million net income recorded in 2024. The company's annual revenue hit a record $121.6 million, up 5% from $116.3 million a year earlier. Swap volume surged 21% to $6.89 billion, reflecting sustained demand within the self-custodial wallet ecosystem.
Operating Expenses and Digital Asset Swings Bite
Revenue growth was overshadowed by a sharp rise in costs. Exodus spent $62.9 million on technology development and user support in 2025, a 37% year-over-year increase. General and administrative expenses climbed 68% to $66.3 million, driven by platform scaling for retail and institutional clients.
The company also took a $18.9 million net loss from digital asset holdings in 2025, compared with a $96.1 million gain in 2024, underscoring how crypto price volatility directly impacts financial results.
XO Swap Drives Revenue Growth Amid Losses
Despite the bottom-line hit, Exodus’ infrastructure and exchange aggregation business expanded. Its XO Swap product contributed 19% of fourth-quarter revenue, routing trades across multiple liquidity sources for optimal pricing. CFO James Gernetzke stated: “XO Swap has continued to be a success story. This momentum is a natural outgrowth of Exodus’ partnerships with major providers across the industry.” He added the expansion complements the firm's aspiration to offer a full payments stack.
Exodus processed $1.59 billion in transaction volume in Q4 and $6.89 billion for the full year. As of early 2026, the company held over 610 BTC and 1,840 ETH, with total digital and liquid assets at approximately $161.6 million at the end of 2025.