Exodus Movement, Inc.

Greetings. Welcome to Exodus Q2 2026 earnings webcast and conference call. At this time, all participants are in the listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. I will now turn the conference over to Benjamin Marcos from Exodus. Please go ahead.

Hi, everyone. Welcome to Exodus second quarter 2026 earnings call. I'm your host, Ben Marcos, and with us today are Exodus co-founder and CEO J.P. Richardson, Motivate CEO Michael Rolfe, and CFO James Gernetzke. During today's call, we might make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may vary materially from those expressed or implied due to a variety of factors described in our earnings release, Form 10-K, and other SEC filings. We undertake no obligation to update forward-looking statements. As always, we encourage investors to submit questions through X or Reddit following today's call. Today's call is our first opportunity to report on the combined Exodus and Motivate organization. JP will begin with a strategic transformation underway at Exodus. Michael will explain the payments platform and combined market opportunity. And James will review the quarter's financial performance and the steps we're taking to build a more durable financial model. With that, let's go to you, JP.

Thanks, Ben. And thank you, everyone, for joining us. If there's one takeaway from today's call, it's this. Exodus is becoming a payments company. And this quarter, the transformation moved from plan to execution. Over the last few months, Exodus began to execute on the strategy we've presented to you in past calls, turning our company from one of the industry's leading self-custodial wallets to a diversified financial services platform built to help individuals and businesses manage and move money. Everything we'll discuss today builds on that theme. During the second quarter, we completed the most strategic acquisition in our company's history throughout the purchase of Montevate and Banks. We spent the second quarter focused on integrating the businesses and creating a new combined organization that is optimized around the payments business. This is a strategic transformation. Again, we are becoming a payments company. We are fundamentally expanding our infrastructure and our enterprise capabilities to be a payments provider and a full-service fintech solution. Motivate opens the door to a new enterprise payments market with associated revenue streams that are largely independent of the crypto markets. So Exodus gains capabilities to tap into and potentially monetize many billions of dollars of self-custodial wallets currently held by our users. Finally, the combination of our core wallet and Monovate's payment infrastructure enables us to build novel solutions for new markets, most notably, agentic payments. Our product roadmap is built around one goal, make Exodus more useful in our customers' financial lives and earn a stronger economic relationship with them over time. As a part of this transformation, we've made some fundamental changes to align with our long-term payment strategy and position excess for future profitability. A few weeks ago, I had to make the difficult decision to reduce the size of our team by approximately 25%. And we expect $10 to $13 million in annualized operating expense savings with a full monthly run rate in place in the fourth quarter of this year. I want to say I'm deeply grateful to everyone affected. They helped build this company and create a product that millions of people use to self-custody their digital assets. But as I looked ahead, I realized that our team was organized around who we were and not where we are headed. You're going to hear from Michael in a bit. We are working closely with Motivate to bring our businesses together and create a new company purpose-built for the opportunities ahead. This quarter, we faced costs associated with business transformation. Revenue was $26 million, the net loss of $19 million. Two key headlines about our financials. First, on revenue. Thank you so much for joining us. Second, our net loss largely reflects the one-time operational expenses connected with combining the organizations. Looking forward, I believe our revised operating platform can support our growth plans without an associated increase in cost structure. Shortly, James will take you through this in more detail. Now I want to take a few minutes to orient you on the road ahead for Exodus. Historically, we have been known as a self-custodial wallet company. We are modeled on wallet metrics viewed as a place to hold and manage digital assets. And that made sense because it's the company we originally built. Our customers trusted Exodus to manage their assets, but our platform was limited. This is changing. Exodus Pay is the first example moving beyond holding assets into everyday money movement. and the Monovate acquisition gives us the infrastructure to take that much further. These efforts are directed at our core base of 1.4 million active users with the goal of deepening our financial relationship with them. And while we are actively exploring ways to build our customer base, such as partnerships with UFC and DirecTV, our greatest near-term opportunity is with our existing users who already trust our platform. For Monovate, whose existing business is built around supporting both traditional commercial enterprises and on-chain finance clients, we see a significant opportunity for growth. Before they can be achieved, we are focused on strengthening Monovate's payments infrastructure and restoring capabilities that have been constrained for the past year. Specifically, Monovate's inability to issue new cards for new clients in Europe. This issue was known at the time of our purchase. It was a principal reason we were able to make this acquisition at such a favorable price relative to substantially higher valuations seen in other transactions such as Rain, Reap, and Bridge. We always believed we could solve the issue, and the improvements we're making today operationalize the same capabilities we saw as significant untapped value when we acquired the business. I will let Michael from Monovate provide some additional details, but I'm pleased to say we've made meaningful progress over the past couple months, and we are on track to establish a new issuing arrangement during the fourth quarter. At the same time, we're also transitioning to a new domestic banking partner in the United States, which will accelerate our domestic capabilities to support interest in excess pay and enterprise payment clients. Excess paid growth is gated on the same issuance fixes, which is why we are holding off from reporting adoption metrics until the product is fully available. Together, these initiatives represent an important milestone in unlocking Montevate's full potential and position the business to contribute much more meaningfully as we move forward. One final point before I hand over to Michael. I've used the term Monovate throughout my remarks. When we say Monovate, we mean the combined teams, businesses, and relationships from both the Monovate and Banks acquisitions. The Banks brand is being retired. Its team and technology are folding into Monovate and Monovate is our payments business going forward. Michael, over to you.