Exodus Movement reported a 2025 net loss of $11.4 million, marking a significant reversal from the $113 million net profit in 2024, despite the company achieving record annual revenue of $121.6 million. The loss was primarily driven by a net loss of $18.9 million in digital assets and a substantial increase in operating expenses. Its B2B product XO Swap saw trading volume growth of 21%, reaching $6.89 billion, but fourth-quarter revenue declined 34% to $29.5 million, reflecting overall market weakness. The company is advancing its acquisition of W3C Corp. to build an all-stack payment platform, Exodus Pay, and has recently repaid the $60 million debt used for the transaction.