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olivLaw · US equity research

Exodus Movement, Inc. EXOD

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

4.68USD−3.31% · 1 dayClose 04 Nov 2026

Exodus Movement is a finance and payments company that offers a self-custodial wallet for digital assets and, since May 2026, payment processing services through its acquisition of Monavate and Baanx. The profile is shifting: Web3 revenue has fallen, and the company is trying to diversify its revenue base, with revenue of 26.2 million USD in the second quarter of 2026.

At the close of 04 Nov 2026, Exodus Movement, Inc. (EXOD) stock was 4.68 USD (−3.31% on the day), with market capitalisation 43.5 m USD, beta 1.84, 52-week range 4.64–23.24 USD. Latest reported quarter (Q2 2026): revenue of 26.2 m USD (+1.6% YoY), net income of -18.6 m USD (−149.4% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
43.5 m USD
shares as of 30 Apr 2025
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
unavailable
Beta (2y)
1.84
Volatility (1y) 103%
52-week range
4.6423.24

Price history

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Technical reading

RSI (14)
33.4
weak (30–45)
Bollinger (20, 2)
4.60 – 6.42
in the lower half of the band · %B 0.04 · band width 32.9%
SMA 50 / 200
6.53 / 7.45
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.44 / -0.40
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−31.7%−2.0%−29.7 pp—
3 months−15.1%−2.2%−12.9 pp—
6 months−42.8%+4.3%−47.1 pp—
Year to date−68.4%+10.6%−78.9 pp—
1 year−79.8%+10.5%−90.2 pp−52.3%
3 years−6.4%+73.7%−80.1 pp−66.7%
5 years−71.6%+61.7%−133.4 pp—
Max drawdown (1y)
−80.0%
05 Nov 2025 → 20 Jul 2026
Max drawdown (5y)
−96.4%
29 Nov 2021 → 09 Dec 2022
Compound annual growth (5y)
−22.3%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
26.2 m USD
+1.6% YoY
Net income
-18.6 m USD
−149.4% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-71.0% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue20.1 m44.8 m36.0 m25.8 m30.3 m29.4 m22.7 m26.2 m
Cost of revenue11.3 m———————
Gross profit8.8 m———————
Operating income-52.0 k———————
Depreciation & amortisation1.4 m ≈1.5 m1.0 m1.0 m ≈853.0 k ≈822.0 k808.0 k1.4 m ≈
Interest expense———0———261.0 k
Pre-tax income951.0 k75.4 m-21.7 m47.5 m20.3 m-66.7 m-40.8 m-21.7 m
Income tax108.0 k8.5 m-8.9 m9.8 m3.3 m-13.5 m-8.7 m-3.1 m
Net income843.0 k66.9 m-12.9 m37.7 m17.0 m-53.2 m-32.1 m-18.6 m
Operating cash flow-4.9 m ≈-5.2 m-6.2 m-5.3 m ≈-4.8 m ≈-9.3 m-2.6 m-49.5 m ≈
Capex40.0 k ≈45.0 k51.0 k92.0 k ≈39.0 k ≈85.0 k26.0 k72.0 k ≈
Share repurchases1.5 m ≈2.7 m5.6 m4.2 m ≈2.9 m ≈2.3 m1.3 m726.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue56.2 m116.3 m121.6 m
Revenue YoYunavailable+106.9%+4.5%
Net income12.8 m113.0 m-11.4 m
Net income YoYunavailable+783.5%−110.1%
Diluted EPSunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailable
net %22.8%97.1%-9.3%
Free cash flow625.0 k-12.3 m-25.8 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
4.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
247.4 m USD
Total assets
266.8 m USD
Debt / equity
unavailable
Current ratio
13.49x
ROE
-4.5%
ROA
-4.1%
FCF margin
-21.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
56.2 m
2024
116.3 m
2025
121.6 m

SEC (XBRL)· 11 Mar 2026verified

Depreciation & amortisation
2023
4.6 m
2024
5.3 m
2025
3.8 m

SEC (XBRL)· 11 Mar 2026verified

Interest expense
2023
—
2024
0
2025
570.0 k

SEC (XBRL)· 11 Mar 2026verified

Pre-tax income
2023
10.9 m
2024
130.9 m
2025
-20.7 m

SEC (XBRL)· 11 Mar 2026verified

Income tax
2023
-1.9 m
2024
17.9 m
2025
-9.3 m

SEC (XBRL)· 11 Mar 2026verified

Net income
2023
12.8 m
2024
113.0 m
2025
-11.4 m

SEC (XBRL)· 11 Mar 2026verified

Balance sheet · USD

Cash
2023
11.4 m
2024
37.9 m
2025
4.9 m

SEC (XBRL)· 11 Mar 2026verified

Receivables
2023
3.2 m
2024
7.7 m
2025
5.1 m

SEC (XBRL)· 11 Mar 2026verified

Current assets
2023
59.7 m
2024
82.8 m
2025
99.3 m

SEC (XBRL)· 11 Mar 2026verified

Property, plant & equipment, net
2023
317.0 k
2024
357.0 k
2025
458.0 k

SEC (XBRL)· 11 Mar 2026verified

Goodwill
2023
—
2024
—
2025
0

SEC (XBRL)· 11 Aug 2026verified

Intangibles (excl. goodwill)
2023
8.1 m
2024
6.1 m
2025
4.9 m

SEC (XBRL)· 11 Aug 2026verified

Total assets
2023
111.7 m
2024
288.0 m
2025
266.8 m

SEC (XBRL)· 11 Mar 2026verified

Accounts payable
2023
1.1 m
2024
1.2 m
2025
1.2 m

SEC (XBRL)· 11 Mar 2026verified

Current liabilities
2023
7.5 m
2024
8.3 m
2025
7.4 m

SEC (XBRL)· 11 Mar 2026verified

Total liabilities
2023
8.0 m
2024
30.5 m
2025
19.4 m

SEC (XBRL)· 11 Mar 2026verified

Equity
2023
103.8 m †
2024
257.5 m †
2025
247.4 m †

SEC (XBRL)· 11 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
692.0 k
2024
-12.0 m
2025
-25.6 m

SEC (XBRL)· 11 Mar 2026verified

Capex
2023
67.0 k
2024
273.0 k
2025
267.0 k

SEC (XBRL)· 11 Mar 2026verified

Free cash flow
2023
625.0 k ≈
2024
-12.3 m ≈
2025
-25.8 m ≈

SEC (XBRL)· 11 Mar 2026derived

Investing cash flow
2023
-9.1 m
2024
43.9 m
2025
7.7 m

SEC (XBRL)· 11 Mar 2026verified

Financing cash flow
2023
-682.0 k
2024
-5.3 m
2025
-15.0 m

SEC (XBRL)· 11 Mar 2026verified

Share repurchases
2023
715.0 k
2024
5.4 m
2025
15.1 m

SEC (XBRL)· 11 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
4.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-110.1%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-79.9%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-61.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-36.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-19.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-66.2 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
222.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-66.5 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
24 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
43.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-199.6%
computed by olivLawTTM to 30 Jun 2026
P/B
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-152.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
16.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 25.0% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.68 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 43.5 m USD

Key indicators

Market capitalisation
43.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-36.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-79.9%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
4.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 30 Apr 2025
Source: SEC (XBRL)published 11 Aug 2026
verified 342derived 30

Score by group

25% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-79.9%50 (vs peers)25%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.1x21 (on a fixed band)17%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-152.7%0 (on a fixed band)33%
Shareholder yield (distributions) · Returns16.7%100 (on a fixed band)25%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial21/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial50/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Exodus Movement, Inc. (EXOD). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 121.6 m USD in 2025; YoY growth 4.5%; net margin -79.9%; ROE -36.4%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Shareholder yield (distributions): 16.7%

What contradicts it

  • Current ratio: 1.1x
  • FCF yield: -152.7%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 12.8x
EV/EBITDA
—
vertical median —
P/S
0.4x
vertical median 3.3x
below median (−87.8%)
P/B
0.2x
vertical median 1.1x
below median (−79.6%)
ROE
-36.4%
vertical median -14.1%
below median
Net margin
-79.9%
vertical median -81.1%
at median
EBIT margin
—
vertical median -148.1%
Revenue YoY
4.5%
vertical median 11.1%
below median (−59.0%)
Net debt/EBITDA
—
vertical median -0.4x
Dividend yield
—
vertical median 1.8%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co218.3 bn18.335.9%27.9%+6.4%−11% / +91%
COINCoinbase Global, Inc.38.5 bn—-4.7%-12.5%+9.4%−47% / +17%
SOFISoFi Technologies, Inc.21.7 bn35.07.1%104.3%+23.1%−44% / +130%
KLARKlarna Group plc5.2 bn—-11.9%-7.8%+24.8%−56% / unavailable
GPGIGPGI, Inc.3.7 bn—-20.6%—−85.8%−36% / +208%
BLSHBullish3.5 bn—-27.3%-0.3%−2.2%−47% / unavailable
CIFRCipher Digital Inc.3.0 bn—-156.8%-742.3%+48.0%−68% / +135%
MARAMara Holdings, Inc.2.7 bn—-107.2%-430.2%+38.2%−42% / −43%
WDWalker & Dunlop, Inc.1.3 bn34.42.2%3.0%+9.0%−41% / −54%
KEELKeel Infrastructure Corp.1.3 bn—-87.6%-230.6%+72.0%−40% / +47%
XYFX Financial1.2 bn5.920.2%19.2%+35.8%−28% / +15%
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
GDOTGreen Dot Corp727.1 m—-2.8%-1.1%+20.7%+2% / +59%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
CANGCango Inc.272.7 m—-130.8%-90.4%+524.3%−92% / −76%
BKKTBakkt, Inc.215.0 m—-15.9%-1.3%−32.1%−70% / −87%
ZSQRZ Squared Inc.192.4 m—-25.9%-642.0%unavailable−81% / −84%
DEFTDefi Technologies Inc.152.4 m2.374.0%62.9%+215.5%−74% / unavailable
HSDTSolana Company127.0 m—-183.2%-1,302.8%+1,057.1%−49% / −100%
GHIGreystone Housing Impact Investors LP111.0 m——-5.1%−6.4%−33% / −72%
AGPUAxe Compute Inc86.2 m—-1,565.2%-7,769.8%+47.7%+24% / −85%
YRDYiren Digital Ltd.68.9 m8.80.6%1.0%−85.9%−91% / −86%
BTCSBTCS Inc.54.6 m—-354.8%-746.3%+304.8%−67% / +6%
ZSTKZeroStack Corp.47.4 m—-1,993.6%-444.2%−0.5%−67% / −94%
EXODExodus Movement, Inc.43.5 m—-36.4%-79.9%+4.5%−80% / −6%

1- and 3-year price returns: for EXOD from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Exodus Movement is a finance and payments company that offers a self-custodial wallet for digital assets and, since May 2026, payment processing services through its acquisition of Monavate and Baanx. The profile is shifting: Web3 revenue has fallen, and the company is trying to diversify its revenue base, with revenue of 26.2 million USD in the second quarter of 2026 3.

    SWOT

    Strengths

    • Clear positioning as a self-custodial wallet, with a broad range of supported assets and a custody model that keeps the company from holding user funds 1.
    • Business-to-business partnerships have grown in their share of revenue, showing that the aggregation technology can be sold to other operators 1.
    • The recent acquisition adds payment and card infrastructure, widening the range of services offered to users and enterprise customers 23.

    Weaknesses

    • Revenue depends on transaction volume and digital asset prices, which can fall quickly and reduce income 12.
    • The net loss in the second quarter of 2026 and the decline in active users point to pressure on profitability 32.
    • Concentrated control by the founders limits the influence of minority shareholders over strategic decisions 1.

    Opportunities

    • Stablecoin payments and cards built into the app could attract users from beyond the crypto niche 13.
    • Partnerships with streaming platforms and sports organizations could widen brand visibility and payment volume 3.
    • Integrating Monavate and Baanx could create commercial synergies if the wallet becomes a full digital money service 2.

    Threats

    • Securities and stablecoin regulation could impose compliance costs or product restrictions 1.
    • Competition in payments from established players with large resources could limit revenue growth in the new segment 2.
    • Security risks and misuse of the platform for illegal activity could damage reputation and user trust 1.

    Risks

    • Dependence on transaction volumehigh

      Exchange aggregation revenue depends on transaction volume, and recent declines have significantly reduced half-year revenue 12.

    • Acquisition integrationmedium

      Combining Monavate and Baanx with Exodus could bring unforeseen costs and delays in realizing synergies 23.

    • Digital asset regulationhigh

      If a regulator considers certain assets or services to be securities, the company could be subject to broker-dealer requirements 1.

    • Concentrated controlmedium

      The dual-class structure and controlled company status limit the ability of minority shareholders to influence management 1.

    • Dependence on third-party providersmedium

      Services supplied by third-party APIs could be interrupted, affecting user experience and revenue 1.

    Investment thesis

    What would need to be true (bull case)

    • If payments integration succeeds, the company could turn its wallet into a diversified financial service less dependent on crypto price volatility 23.
    • Growth in business-to-business partnerships shows the aggregation technology has value for other operators, which could create steadier revenue 1.
    • Adoption of stablecoins in payments could bring new users and higher volumes if market interest grows 3.

    What would break the thesis

    • Falling volumes and active users could continue, keeping pressure on Web3 revenue 23.
    • High administration and integration costs could reduce profitability, especially if synergies are delayed 23.
    • Regulatory uncertainty could force costly changes or limit the product range in some jurisdictions 1.

    What to watch

    • Trend in monthly active users and exchange volumeQ3 2026
    • Contribution of the payments segment to revenue and marginsQ3 2026
    • Launch of Exodus Pay and user adoption2026
    • Trend in net loss and adjusted EBITDA after the acquisitionnext 10-Q

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Exodus launched in 2015 and provides a self-custodial wallet in which users keep their private keys on their own devices, without the company retaining them 1. The platform lets users send, receive and store over 700,000 digital assets, and through third-party API providers users can swap assets, onboard fiat and stake 1. The main revenue comes from transaction and subscription fees paid by API providers, mainly from exchange aggregation 1. Since May 2026 the company has also added payment services, with card issuance and payment infrastructure brought in through the Monavate and Baanx acquisition 2.

    The recent strategy aims to extend beyond the classic wallet. Exodus Pay, announced in December 2025, is meant to let users spend digital assets through a virtual card or Apple Pay without giving up control of their assets 1. Business-to-business partnerships such as XO Swap have grown in their share of revenue, according to the annual report 1.

    The control structure matters for investors. The founders hold most of the voting rights, so the company is treated as a controlled company under NYSE American rules 1. The company redomesticated to Texas in December 2025 1.

    Segments

    Web3 services

    This covers the self-custodial wallet, exchange aggregation and fiat onboarding, with fees generated from transaction volume 1. In the first half of 2026, revenue in this segment fell by 17.8 million USD compared with the same period of 2025, because volumes were lower 2.

    Payments (Monavate and Baanx)

    This covers payment processing, card issuance and payment infrastructure for enterprise and on-chain commerce customers, active since May 2026 2. The acquisition had an aggregate cash consideration of about 175 million USD, subject to customary adjustments 1. The segment added revenue in the second quarter of 2026 but also generated payment processing costs 3.

    Market context

    The company operates in the FinTech subsector of the wider blockchain and digital asset industry 1. Demand depends heavily on digital asset prices, transaction volume and general interest in cryptocurrencies, factors that can vary sharply from one period to the next 12. The shift toward payments and stablecoins could diversify the market but also exposes the company to competition in traditional payments 2.

    Geographically, much of the exchange aggregation revenue comes from API providers based outside the United States, especially in the Marshall Islands, Hong Kong and the British Virgin Islands 1. This makes the market sensitive to regulation in those jurisdictions 1.

    Trends

    • Lower trading volumesheadwind

      Exchange volumes and the number of active users fell in the first half of 2026, which reduced exchange aggregation revenue 23.

    • Growth of payments and stablecoinstailwind

      Partnerships with streaming platforms and the use of stablecoins for payments could open new revenue streams if adoption grows 3.

    • Regulation of digital assetsmixed

      Uncertainty over whether some digital assets are classified as securities could force changes to products or the business model 1.

    • Consolidation through acquisitionsmixed

      The Monavate and Baanx acquisition could speed up payments integration, but it brings integration risk and high administration costs 23.

    Competitive position

    The digital wallet and exchange aggregation market is fragmented, and competitors include centralized platforms and hardware or software wallets with similar features 1. The company says many competitors do not cover the same range of digital assets or offer the same simple user experience 1.

    In payments, competition comes from specialized card issuers and processors that already operate at large scale. Exodus's position depends on integrating the wallet with cards, an advantage larger players could test 2.

    • Ledger

      Private hardware wallet company; Exodus integrated XO Swap into Ledger Live, so it is both a partner and a potential competitor 1.

    • Coinbase GlobalCOIN

      Centralized trading platform mentioned in the source in connection with the issuer of USDC 1.

    • Circle Internet Financial

      Issuer of the USDC stablecoin, mentioned in the annual report as part of the stablecoin ecosystem 1.

    • Card issuers and payment processors

      Traditional payment players competing with the Monavate and Baanx services; the sources do not name them individually.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Exodus Movement, Inc. · 11 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Exodus Movement, Inc. · 11 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Exodus Movement, Inc. · 10 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.