Wallet provider Exodus expects to reach a net loss of $11 million by 2025

On March 12, wallet provider Exodus Movement, Inc. reported a full-year net loss of $11.4 million for 2025—down from a net profit of $113 million in 2024, per official sources. Despite posting record annual revenue of $1.216 billion (a 5% year-over-year increase), the company ended the year in the red. The revenue milestone was driven by growth in its enterprise-to-enterprise product, XO Swap. Exodus noted its full-year swap trading volume rose 21% to $68.9 billion, accounting for 19% of its fourth-quarter revenue. Key drivers of the loss included a $18.9 million net loss on digital assets in 2025—compared to a $96.1 million profit from digital assets in 2024. Operating expenses also jumped sharply: technology, development, and user support costs rose 37% to $62.9 million, while general and administrative (G&A) expenses surged 68% to $66.3 million. The cryptocurrency market downturn weighed on Q4 performance: revenue fell 34% from $44.8 million in Q4 2024 to $29.5 million in Q4 2025. The company’s Q4 2025 net loss widened to $53.2 million, which included a $63.6 million loss on digital assets.