Earnings announcements continued over the past two weeks, with both Exodus and Gemini reporting full-year results on March 11 and March 20, respectively.
Exodus Movement (NYSE American: EXOD)
The immediate reaction to Exodus was relatively muted, with EXOD closing about 0.2% lower after the March 11 release. However, sentiment weakened in the following session as shares fell to roughly $9.96, about 8.7% below the prior close. That decline fits the broader financial picture: full-year revenue still reached a record $121.6 million and swap volume rose 21% to $6.89 billion, but Q4 revenue fell 34% year over year to $29.5 million, funded users declined 11%, and the company swung to a $53.2 million quarterly net loss.
Strategically, the more important takeaway was not the quarter itself, but Exodus’s push to evolve from a wallet and swap business into a broader payments infrastructure company. Management highlighted XO Swap as a growing B2B engine, contributing 19% of Q4 revenue, with B2B partners representing 26% of quarterly swap volume. More importantly, Exodus tied its W3C acquisition to a larger payments ambition: card issuance through Monavate, real-time stablecoin settlement via Baanx, and a broader “Exodus Pay” product aimed at both retail users and B2B partners. The message was clear: Q4 was soft, but management wants investors focused on building a full-stack self-custody payments platform.
Gemini (NYSE: GEMI)
We wrote about Gemini a month ago here. Earnings largely reinforced what was already known: Q4 losses were severe, with EPS of $(1.22) versus analyst expectations of roughly $(1.05). The company also disclosed that workforce reductions were deeper than previously announced, 30% rather than 25%, while Q1 2026 trading volume through February was $5.3 billion, tracking below an already weaker Q4 2025 level. Just as notably, prediction markets are now clearly front and center in the company’s strategy, a shift that appears to have added to shareholder frustration as investors pursue litigation alleging they were misled about what they were buying at the time of the IPO (source).
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