Exodus Movement Stock price
Is Exodus Movement a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
As a Free StocksGuide user, you can view scores for all 9,133 stocks worldwide.
StocksGuide Premium
StocksGuide Unlimited
Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $206.59m | Revenue (TTM) = $108.70m
Market Cap = $206.59m | Estimated Revenue = $119.19m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $182.49m | Revenue (TTM) = $108.70m
Enterprise Value = $182.49m | Forward Revenue = $119.19m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Exodus Movement Stock Analysis
Analyst Opinions
12 Analysts have issued a Exodus Movement forecast:
Analyst Opinions
12 Analysts have issued a Exodus Movement forecast:
Exodus Movement Events
Past Events
|
AUG
10
Q2 2026 Earnings Call
about one month ago
|
|
MAY
12
Q1 2026 Earnings Call
4 months ago
|
|
MAR
11
Q4 2025 Earnings Call
6 months ago
|
|
NOV
24
Baanx.com Ltd, Exodus Movement, Inc., Monavate Holdings Limited, World Wide Web Consortium - M&A Call
10 months ago
|
|
NOV
10
Q3 2025 Earnings Call
10 months ago
|
StocksGuide Free
Exodus Movement — Q2 2026 Earnings Call
1. Management Discussion
Thank you. 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. 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 Roth, and CFO, James Gronetsky. 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. 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 of motivated organizations. 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. 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-time employee. 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. 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. As you're going to hear from Michael in a bit, we are working closely with Montevate 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. Revenue has remained relatively consistent over the past six months. despite the continued weakness in the crypto market and the incredible amount of time spent acquiring and integrating Monovate into Exodus. I am confident that our platform of direct users and enterprise partners is stable, is the foundation for growth ahead. 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. Excess pay is the first example moving beyond holding assets into everyday money movement.
The Montevate 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 compromised. 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. 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 locking Monavate'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 Montevate, and Montevate is our payments business going forward.
Michael, over to you. Thanks, JP. I'm pleased to be joining my first earnings call as part of Exodus. Over the past several months, I've spent considerable time with JP, James and the broader leadership team. What stands out is the alignment around a clear long-term vision, building infrastructure that bridges traditional financial services to on-chain finance, powering instant, borderless and programmable movement of value for the world. Stablecoins are accelerating the modernization of financial services. With near real-time settlement, continuous availability and borderless interoperability, they are improving how value moves across remittance, global payments and tokenized assets. Combined with the coming revolution of commerce due to the proliferation of agentic payments use cases, both consumers and enterprises increasingly expect financial products to operate seamlessly across fiat and on-chain environments.
That shift is driving demand for regulated infrastructure that enables these experiences to be delivered securely, efficiently and at scale. That is precisely where Monovate is positioned. For those less familiar, Monovate provides regulated payments infrastructure that enables enterprises to launch and operate modern payment programs. Our platform includes card issuing, processing, settlement, bins, sponsorship, stablecoin settlement, compliance oversight and multi-jurisdictional operational support, allowing clients to move money safely and efficiently. As JP noted, we experienced a regulatory setback in Europe in late 2025 following a Bank of Lithuania inspection of Manavate UAB. Whilst Monavate UAB was not part of the Exodus transaction, it is important context. The outcome required is to tighten controls, pause new program onboarding in Europe, and off-board a limited number of programs while enhancements were implemented.
Importantly, Manovate UAB has continued to service the majority of its existing customers throughout this period as we continue our work on the remediation. Europe remains a key strategic market and in July 2026, Exodus assumed W3C's rights and obligations under its existing agreement to acquire TICI Pay, subject to regulatory approval by the Bank of Latvia. As a result, Exodus is positioned to acquire TixiPay, which holds the licenses required to help resume scaled business development across Europe, and we view this as an important step in restoring and expanding our regional presence. As of the end of Q2, Manovate supports approximately 40 active enterprise customers. Since inception, we have issued more than 6 million cards and processed over $8.5 billion in transactions. Year to date, we have processed over $1.8 billion in gross transaction volume across more than 50 countries, supported by approximately 1.4 million active cards. Our customer base spans FinTech, payroll, insurance, logistics and on-chain businesses.
Excluding the impact of one large concentrated client, transaction volumes grew by over 50% in the first half of 2026 compared to the prior year. I will return to that client in a moment. The strategic rationale for Exodus's acquisition of Monovate is straightforward. We provide the infrastructure layer for moving money. Customers include Careercard, Martrust, ShipMoney, ViperLayer, OKEx, Kraken, and Gnosis, to name a few, who span both traditional payment use cases and the digital asset ecosystems. Equally important is what Exodus enables for Monovate. Our enterprise clients now gain access to Exodus' capability in self-custody and digital asset infrastructure, creating meaningful opportunities for cross-sell and the development of integrated end-to-end solutions that bridge fiat and crypto.
Integration is progressing well. Our priorities remain clear, maintaining uninterrupted service for customers, advancing technology integration and executing on commercial synergies. Finally, on the large enterprise client referenced earlier, we supported a fintech in scaling what became a successful buy now, pay later platform in the UK. As they matured, they transitioned card processing in-house. They remain a client today, albeit at reduced volume, however with potential to expand the relationship into new product categories over time. While this impacts concentration, it also demonstrates our ability to incubate and scale high growth programmes. Importantly, our business today is well diversified and not dependent on any single customer.
With that, I'll hand over to James to walk through the financials. Thanks, Michael. The second quarter represented the first quarter operating as a combined organization following the acquisition of Monovate and Banks. As Safiyah and Michael discussed, this transaction fundamentally expands our strategic opportunity. From a financial perspective, however, acquisitions of this scale require a transition period as organizations integrate systems, align operations, and begin realizing efficiencies. Accordingly, we believe investors should evaluate this quarter through two lenses. First, the resilience of the legacy Exodus business. How we're positioning the combined company to generate stronger and more diverse financial performance over the coming years.
Revenue reported for the quarter totaled $26.2 million, and a net loss of $18.6 million. Revenue was split approximately $21.2 million from Exodus and $5 million from Monovate. On a non-GAAP basis, our total revenue for the quarter would be slightly higher, around $29 million. However, our reported results reflect Exodus's ownership of Montevate only for May and June. The non-GAAP total would be in line with the pro forma Q1 2026 combined revenue we published in July. For Exodus, both monthly active users and quarterly swap volume held generally constant from Q1 to Q2 at $1.4 million and $1.13 billion, respectively. Our swap volume is down year over year, but not inconsistent with continued price pressure we are seeing across the broader cryptocurrency market.
Our other programs are relatively new and continue to scale. Once fully launched, we look to report adoption and usage metrics along the lines of our swap volume. As Michael mentioned, Monovate has processed $1.8 billion in gross transaction volume year-to-date, with Q2 accounting for approximately $900 million. On a normalized basis, this represents a 60% quarter-over-quarter increase across Motivate's core client base. Moving down to P&L, we had a net loss of $18.6 million and an EBITDA loss of $21.5 million. Both numbers reflect activities connected with combining two companies and accounting for acquisition-related expenses. technology integration, and restructuring costs. As such, we view these as transitional rather than structural.
So we've also produced an adjusted EBITDA to highlight the strengths of the core operating business. For the quarter, our adjusted EBITDA is a loss of $6.7 million, with the primary adjustments coming from transaction expenses and unrealized gains on digital holdings. Looking at the balance of the year, our operating budget will begin to reflect the organizational changes we announced last month. With that, I'll turn it back to JP. Thanks, James.
I'd like you to mark the beginning of our transformation, not as completion. And here we have three priorities. First, complete the integration of Exodus and MonoVe while maintaining the service and trust our customers expect. Second, complete the operational and process improvements that Monovate to reactivate their global capabilities. And third, convert our more diversified revenue base and leaner cost structure into sustainable profitability and positive cash generation. We are not moving away from what made Exodus successful. We are building on it. The trust, technology, and direct customer relationships established through the Exodus wallet are now the foundation for a much broader financial platform.
One that can power financial experiences for customers, businesses, and AI agents. We understand that investors will judge us on execution. Our responsibility is to demonstrate progress consistently in our products, our operating performance, and ultimately in our financial results. With these changes, we also believe we have the potential to fundamentally change how investors think about Exodus. Historically, we've been largely viewed as a company whose financial performance was closely tied to the crypto markets. While crypto will always remain central to who we are, that's no longer the complete picture. By expanding to payments and broader financial infrastructure, we're building a business with significantly larger addressable market and more diverse revenue streams and opportunities to generate growth that are less dependent on digital asset prices.
We're leveraging the technology, regulatory expertise, customer relationships, and distribution we've spent more than a decade building, allowing us to expand into adjacent markets from a position of strength. For investors, the practical change is how you model us. Exodus is now two segments. swap and transaction revenue that moves with crypto markets one is durable payments volume for monovate which grows with usage rather than asset prices exodus is becoming a payments company we're We're incredibly excited about the direction we're headed. And although we do not believe the opportunity is fully reflected in how the market values the company, we remain focused on executing our strategy. Thank you all for your continued support. Okay, operator, now let's open the line for questions.
Thank you. Ladies and gentlemen, if you would like to ask a question, please press star 1 on your telephone keypad and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start keys. And our first question comes from the line of Gareth Gassetta with Kander Fitzgerald. Please proceed.
hey guys thanks for taking the question I just wanted to touch on the cost structure first could you maybe provide any color as to how much of the step-up in G&A this quarter was more of these one-time transaction based expenses or versus what may continue out on a run rate basis. And also on top of that, could you maybe weigh how you're thinking about the updated cost structure once some of the headcount reductions start flowing in as compared to kind of this newer cost structure? Thank you.
Yes, thanks, Garrett. So I would say there's about 17 million in pure, you know, transaction-related incentives. There's about $5.8 million related to some professional services, And those are going to be the bulk of the one times items there. If you're thinking about or as we think about the cost structure going forward, I'll just point out that the integration is not fully complete yet. We had the reduction in force that JP mentioned and that we conducted last month. And we are still actively working towards finding those synergies and efficiencies as part of a go-forward organization, combined organization. And so definitely more to come on that. I think I would just highlight that we're not finished yet.
know, with that integration. Great. That's really helpful. And I'd love to have Michael on the call, and that was some great color on kind of the profile there. But I'm wondering if you could touch on maybe what are some of those ancillary services outside of processing where you guys see kind of the greatest opportunity among the current client base?.
Yes, hi there. So in terms of the ancillary services, I guess they kind of can fall into two buckets really. The services that make up the core offering of Monovate, which would be things like KYC, PEPs and sanctions checking, chargeback management, and sort of those sort of value-added services that fund... through the Monovate One platform, we provide those services through that one integration, which means that as a customer, you don't have to have multiple different partners, or supplier integrations as part of your product mix. The second pack of ancillary services are ones that we're obviously looking to now start to embed as we move forward, which will be the institutional products of Exodus into the Monovate stack so that we can offer those to our existing customer base. And I think it's fair to say with the way we look at, obviously, the development of the industry overall with the emergence of stablecoins and agentic payments, that we feel that there is a good opportunity for us to go to the existing customer base with that enhanced product offering in time, as well as obviously expand the opportunity. that we see in our overall market go to market strategy with that combined end to end offering. It's worth noting that from my perspective, I think that if you look at that stack end to end of what Monobate has and what Exodus brings to the table on the institutional side as well, that there are very few companies out there that actually have that.
as a fully built service all in one all under one roof. Yes, I'm going to add a little bit to what Michael just said there. Absolutely right about owning the stack end to end. So having card issuing processing, the ability to give these businesses wallets all over the world, the ability for them to hold stable coins all over the world, take advantage of the efficiencies of stable coins. And then not to mention, if you include swaps on top of that, that just makes the enterprise offering all the more sweet as well. Totally. That's really great, Collin. Thank you, guys.
The next question comes from the line of Ed Engel with Compass Point. Please proceed.
2. Question Answer
Hi, thanks for taking my question. Do you mind expanding on the timeline and then the series of steps needed for Monovate to restart the card issuance in Europe? Thanks.
Yes, I'll take that one. So effectively, as part of any... acquisition of a regulated company just as the original Exodus transaction of Monovate is subject to a regulatory change of control approval process. That is something that we are currently working on regarding TIGCYPAY. We expect that to be filed imminently. And there is a process around the SLA that the Bank of Latvia works to, which is... is effectively 60 days, but they have obviously an opportunity within that to pause and ask questions and clarify a submission. So we are hoping that it will be closer to the 60 days, but it could be as much as 90 days from the point of submission.
Great. And is that just the only major step that's required or there are other steps for other entities as well?.
No, that's the main step, the long pole and the tent approach. effectively. There are a couple of things that are happening in amongst that process around a change of business plan for Tixie Pay, but that is a shorter process and not as not as meaningful as the actual change control approval that's required from the Bank of Latvia.
Great, thanks for the color. And then I guess one more, I guess at the investor day, you guys spoke about several product features that were going into the legacy exit app, including prediction markets integration, and then tokenized equities. I guess as you guys pivot to focus more on payments, are you still planning to kind of move forward to these, and she calls them RWA capabilities into the legacy app, or is it just kind of all in on payments right now? Thanks.
Thank you. So, yes, right now the focus is to absolutely ensure that... We have card issuance 100% restored across where Exodus is served. So that means Europe and the United States as well. On top of that though, behind the scenes, we are working on these other products, but At the end of the day, because our focus is payments and delivering mainstream utility with cards, it's going to be a little bit of time before we get out the prediction markets and other products like that. So it's mostly the focus is on card and card issuance.
Okay, helpful. Thank you guys, and congrats on closing the deal.
And the next question comes from the line of Mike Grundahl with Northland Capital Markets. Please proceed.
Hi, this is Keaton on for Mike. On the 10 to 13 million in annualized cash operating savings, You, I think you mentioned you were going to hit that run rate by Q4. Can you speak on what the quarterly reduction will be in Q3?.
So that is the, you know, the two and a half to the three and a half. So basically just take that amount divided by four. you know, that annual amount, you know, we had a severance. So to the people that were, you know, in the reduction in force. And so that is why we'll see the full, you know, cash impact at the end of Q4 because of just the timing of the reduction in force. So we'll get the full benefit of that, obviously, in 2027, but we'll start to receive the cash benefit of that towards the end of, or actually towards the middle of Q4. Okay, thank you. I'll return to the queue.
Thank you. This now concludes our question and answer session. And, ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.
This live transcript is auto-generated without human intervention or review.
[Call has ended.]
Exodus Movement — Q1 2026 Earnings Call
1. Management Discussion
Good morning, and welcome to Exodus First Quarter 2026 Earnings Call. I am Jack Barlow, Head of Investor Relations. And with me today is our Co-Founder and CEO, J.P. Richardson; and our CFO, James Gernetzke.
Last night, we issued a press release and filed our quarterly results, which are both available on our website. During today's call, we will reference our earnings, and we may 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 and those expressed or implied in the forward-looking statements due to a variety of factors. These factors are referenced in the forward-looking statement disclosure in our earnings release and described in more detail in our recent Form 10-K filed with the SEC earlier this year and is also available on our Investor Relations portion of our website. We do not undertake any obligation to update forward-looking statements. And as always, please feel free to contact us at [email protected] if you have any questions or submit your questions via our social media accounts on X or Reddit.
With that, I will turn the call over to JP.
Thanks, Jack, and thank you, everybody, for joining us here today. Okay. Two weeks ago, on May 1, our team traveled from all over the world to Omaha, Nebraska for our first shareholder day, the Exodus Summit. We brought investors, partners and customers together for a full day of programming. We made many new announcements to show what we're building and heard directly from the leaders and partners building it with us. What you didn't see is that in the days leading up to the summit, we were on calls all day and night, working on closing Monavate and Baanx. In fact, everyone was running on a few hours of sleep and some of our team members even pulled allnighters. But finally, the night before the summit began, the team closed the Monavate and Baanx U.K. deals. But Baanx U.S. was still pending. And so the team spent all day on calls back-to-back pushing to close the deal. And about 20 minutes before I walked on stage, we got word that the deal had closed. I'll always remember this moment as we officially owned Baanx and Monavate. This was not an easy process, and it took 15 months of countless hours and extraordinary effort from our teams. It was the largest transaction in Exodus' history and marks a major step for the next chapter of the company.
Monavate and Baanx strengthen our business in 4 important ways. First, this transaction diversifies our revenue away from the crypto trading cycle. We're adding new recurring revenue like card processing, interchange and issuance and settlement. Second, this adds an additional customer that's completely separate from crypto. And customers from Monavate include all types of customers. There's a major buy now, pay later customer and one of the largest players in maritime payments. So this is -- again, this is revenue with no exposure to crypto markets. Third, these acquisitions give Exodus control over more of the payment stack from self-custody to card transaction processing payments finally, all under one roof. And they expand what we can offer with the Exodus suite. Monavate and Baanx bring existing relationships across MetaMask, Ledger, Kraken and OKX. They give us more ways to serve enterprise customers with payment capabilities we now own.
This is the first earnings call where we can officially say again, that we own the full payment stack. And now we are executing on this vision that we've shared with you on past calls. We have products in the market and 2 completed acquisitions, and here's what's next. One of the biggest milestones in Q1 was launching of Exodus Pay. We're now live in all 50 states plus Canada and parts of Europe. People can manage their money, send and spend all from one app. Our customers are now using the digital dollars they hold in their wallet to pay for groceries and Exodus Pay is just the beginning. Check this out. In the same way that Exodus makes self-custody and payments simple for our customers, we are extending this simplicity and control to AI agents. Last week, you may have seen it, we announced XO Cash powered by MoonPay as the first stablecoin designed for AI agents.
Let's spend a moment on this because it captures how we're thinking about agents in the future of payments. We believe that everyone is about to have hundreds of agents working for them around the clock, buying products, placing trades, managing their finances and XO Cash was built for this future. The stablecoin is live today, and we're now building AgentKit, a developer toolkit that sits on top of it. And so effectively, what this means is that agents will be able to pay on your behalf using either stablecoins or credit cards. And what's really important about this is that this is funded from the customers' Exodus Pay balance while the keys are kept safely in Exodus. The agent never touches the keys. And again, I can't underscore how important this is. The AI agents can spend dollars at any Visa or Mastercard accepting merchant drawing from the user's Exodus Pay balance under the limits and permission that the consumer sets. The announcement is live at xocash.com and runs on the Monavate rails we just acquired.
Now the broader strategy is about bringing these products to a much larger audience, which is why at the Summit, we announced that we are becoming the official payments partner of the UFC. This partnership gives Exodus Pay a major distribution channel, and it also brings Exodus brands to one of the most trusted sports environments in the world, regular presence on screens around the world. When hundreds of millions of UFC fans think of sending money, they're going to think of Exodus. We're going to kick off this partnership in June and sponsor the official Freedom 250 fight on the White House lawn. Exodus is going to be front and center of one of the biggest cultural moments of the year. So for anyone who is not able to attend the Summit, I would encourage you to watch the Summit online for the more comprehensive and detailed discussion of our vision and strategy. You can find it on our Investors page. And so a few thoughts on the quarter before I hand it over to James. Q1 looked a lot like Q4. Digital asset prices fell and trading volume fell with them. This is exactly the crypto dependence I've flagged on prior calls. And that's the whole reason for the work that we're doing from shifting our business from speculation to payments. And Q1 showed the limits of the old model. And the acquisitions and products launches we're talking about today show the path to a more durable revenue model. We're building Exodus into a business, again, where the direction of the crypto doesn't determine the quarter. So from here, our priorities are clear: integrate Monavate and Baanx, scale Exodus Pay, expand payments-related revenue and continue building a more durable revenue model.
Finally, I have to share some thank you because none of this happens without the people behind it. I want to thank Exodus team, our customers, you, our investors for your continued support. Specifically, I want to call out our CFO, James; our General Counsel, Blake Rizzo; Kevin Wood, our Director of Revenue Operations; and Monavate CEO, Michael Roth. They were essential in helping to work together to get to this successful transaction close and getting across the finish line. So with that, I'm going to hand it over to James now, and he's going to go through the financials. James?
Thanks, JP. Let's start with a quick discussion on the impact of the Monavate Baanx acquisition, followed by a recap of Exodus' Q1 revenue and swap volume.
As we discussed at the Summit, this transaction is the most important strategic move in Exodus' history to date. The addition of Monavate Baanx, which I'll refer to as Monavate going forward, advances the Exodus platform beyond its reliance on crypto asset prices to a full-stack finance services platform, which benefits from expanded revenue opportunities from our direct user population and increased revenue attached to payments infrastructure. While this deal is transformative for Exodus, the final transaction is slightly different from what we announced in November. We did not acquire the W3C holding company as originally intended, but we did acquire much of the target assets and teams of Monavate and Baanx. These bring over the issuer processing and card programs critical to both traditional and on-chain payment processing.
We understand many people may not appreciate the quality and size of the Monavate platform. Here are a couple of data points to highlight the platform relative to other providers, demonstrating favorable processing volumes, regulatory access points and processing partnerships.
One final slide on the transaction and how the adjusted deal changed from our originally communicated transaction back in November. We intend to have pro formas produced this quarter. Right now, we are focused on the integration of the entities under this new transaction structure.
Returning to a quick recap of our core business in Q1. Revenue was $22.7 million, representing a 23% decrease from Q4 of '25 and a 37% decline from our record first quarter in 2025. The sequential and year-over-year decline primarily reflected a materially softer Bitcoin and digital asset market with weaker overall industry volumes amid a muted retail environment.
Here is our revenue breakout for the quarter. It's worth noting exchange-related revenue fell below 90% in Q1. Moving on to volumes. Q1 swap volume of $1.18 billion was down 26% from Q4. Monthly active users at the end of Q1 2026 were 1.5 million, down 6% from the previous year and unchanged sequentially. Quarterly funded users, those who have placed their money with Exodus, finished the quarter at 1.4 million, down 18% from last quarter and 22% year-over-year. We expect this number to rebound should we see crypto market catalysts such as legislation and as new services gain traction such as Exodus Pay.
Turning to our balance sheet. As of March 31, we had no debt, $74 million of cash and cash equivalents and $48 million of digital assets. The strong capital position gives us flexibility as we build the next phase of Exodus. As we have said before, we view our treasury, including our digital asset holdings as a strategic source of capital to support M&A and other growth initiatives with the goal of increasing long-term treasury value over time. Jack, with that, let's open the call to questions.
Let's see what we have for questions. Our first question comes through Andrew Harte with BTIG.
2. Question Answer
JP, can you kind of talk about how you see the business competing as you move from this really volatile self-custodial wallet only that's dependent on crypto volumes to this more diverse money movement platform that you've talked about? How do you see yourself differentiating from the other solutions that are out there in the market?
Andrew, just for clarity, I'm assuming you're referring to the consumer business? Are you referring to our B2B business? Or do you want me to kind of touch on both?
I think more of the consumer business, but I guess the B2B business would be very helpful as well, but more thinking about the consumer side.
Yes. Okay. So I think, again, from historically, over the last year, the way that we've looked at it, the growth of Exodus is primarily, I would -- for the next 6 months to a year, most of, I think, our growth is going to come from partnerships, right? We're going to continue to strike big partnerships as we have historically. And the reason this is so important is because these partnerships have very strong distribution with very large customer bases. Like if you look at, again, Ledger and MetaMask, they themselves have millions of customers. So when we integrate and build XO Swap and give XO Swap to them as partners and customers of us, our products and technology then make it out to their customers. And so I think, again, that's really important for a growth perspective. And when you look at the technology that Monavate and Baanx provides, we can then, again, bring that card technology to these partners.
So back to Exodus Pay, the consumer app, like for us, the Exodus Pay, the consumer app is -- again, it's just the beginning from shifting what people have historically seen as, "Oh, Exodus the wallet, it's a really great wallet. It's a really great crypto wallet." But now it's a payments platform, and we're going to continue to simplify it and remove all of the crypto complexity. A lot of the crypto wallets out there, they still have a lot of the crypto complexity. And you're still focusing on, "Oh my gosh, I got to write down my 12 word secret phrase. Oh my gosh, I got to worry if I'm on Ethereum L2, Solana, whatever." When a person downloads Exodus Pay, it's just -- it's very simple. There's actually no crypto complexity whatsoever. And so that's just the base of what we're building on. And so we're moving the business on top of that. And so then over time, as we announced back at the Shareholder Summit, we announced that we're going to bring in tokenized stocks. We announced that we're going to do a lot of things like prediction markets. So the fundamental belief is this, that when you look at the apps that you have on your device, on your phone, you at least have 3 apps, right? You have a banking app, you have a payments app, like maybe like a Venmo and then you have at least a brokerage app. And so we just -- we see a future where this -- your financial life should not be scattered across multiple apps. So it really comes down to simplifying and putting them all in one app. And then finally, I know this is very long, but there's so much to discuss here, right?
Finally, the integration with AI agents, I think, is going to be critical for the success of our business. We are deep in this, and we're using agents behind the scenes in Exodus to accelerate our software development, right? Now anybody in the company can go and really make changes to the product and safely, of course. But again, we are so deep in this, and so we're going to make it so that consumers can easily connect Exodus Pay and then have all the functionality of Exodus Pay safely in an AI agent. And so when you think of the total addressable market of being the world of 8 billion, well, AI agents are going to make that into the trillions. And I think that's a really important aspect of growth.
Our next question comes from Gareth Gacetta.
I was just wanted to kind of double-click on the letter of intent with Visa for global card issuance. Could you maybe talk about what that means for the business? And then maybe some of the priority markets you guys mentioned at the Summit like Argentina, Latin America and then Nigeria, UAE and the opportunity you guys see there?
Yes, absolutely. So really, what it comes down to is that Exodus has great relationships with both Mastercard and Visa. But ultimately, at the end of the day, we're looking to get Exodus Pay out in as many markets as possible, but being very thoughtful about it. And so there's a lot of growth opportunities that we see all over the world. And of course, we'll never ignore the United States and Canada and a lot of the Western world. But I think when you look at places like South America and you look at places like Nigeria and you look at places like the UAE, they all have different elements and different reasons as to why people are really seeking out crypto type solutions, payment type solutions, right? If we look down into -- let's start with South America and let's look at Argentina. We already saw this trend before we even went down this path. One of the most popular assets inside of Exodus is actually it's USDT on TRON. And a lot of people here are going to wonder like why would it be USDT on TRON. So first of all, USDT, as many of you already know, is a dollar stablecoin. But why TRON? The reason people are using TRON is because in South America and Latin America, the way they're thinking about it is on TRON, they don't have to pay any fees for the initial transfer of the dollars. And this is why it's so important in Exodus Pay, consumers don't even have to think about, "Oh, I have to pay Solana gas fees or anything of that nature." So in Argentina, the people in Argentina, because of the currency is -- the Argentinian currency, the inflation is so nasty, right? A lot of people are really seeking out dollars. And so that's -- there's high demand there. So we bring Exodus Pay to a place like Argentina, make it very simple, connect it to a card like Visa and allow our customers to easily and people in Argentina be able to easily, again, send money to friends in a peer-to-peer way, pay for the groceries that tap to pay through Visa and again, be able to buy things that benefit their daily lives.
So then over into Nigeria, we just -- Nigeria is one of the largest African countries. And we're seeing a lot of strong crypto demand there. And now for Nigeria, it's going to be for similar reasons. Nigeria is fast becoming one of the largest countries that we're already using Exodus. So again, we just see it as an opportunity to get in there because we have Nigerians already using Exodus. Now the UAE is a little bit of a more different case. And the reason the UAE becomes really interesting for us, specifically Dubai and Abu Dhabi is that in these countries, you have a high count of expats in there, right? And a lot of expats and a lot of pricing of goods and services, like things like real estate, you will typically see in dollars. So this gives us a good inroad to have a global partnership with Visa and to do these things in these places. And so we see this as a big opportunity in growth areas.
Totally. That's super helpful. And I know it's still early days, but it seems like kind of combined, this has sort of a TAM uplift, but also an economic uplift. So could you maybe talk about the economic side of the uplift in the acquisition of Monavate and how that plays into the equation?
Yes. So we have not -- as you can imagine, we have not given any added guidance since the -- since our discussion in November and the deal has changed. But obviously, we absolutely see and I believe in the Summit, we talked about the 2027 kind of as a time frame. And we expect about 40-ish-plus percent of our revenue to start coming through the Monavate platform in 2027. In the short term here, we're actively integrating and we'll obviously have more here shortly as we get through a quarter or two, and we'll definitely be able to give you a lot more color here and especially once we get those pro formas out.
I would just note on the previous question, there are some advantages to local issuing. It's one of the advantages that Monavate has over some of the other platforms, as you saw in my slides. And the global issuing basically just helps round out that platform. So I guess the ultimate answer to that question is we absolutely see strong future economic impact here, but we'll be giving more color and clarity over the next quarter or two.
Our next question comes from Mike Grondahl with Northland.
Maybe the first one for James. I think I saw on one of your slides, the original purchase price was $175 million. Now it looked like it was about $108 million. Can you mention again why it's lower and what assets or businesses you did not receive?
Sure. It's lower for a number of reasons. I mean if you watched how this played out with the notes that we did in the original transaction that we ended up using as a mechanism to acquire the U.K. entities. I mean I think that was the first one. And then we did a separate agreement to acquire some of the other assets that we wanted. And that -- and because of that structure, there were things in the original agreement around -- that were papered, around things like retention of employees, et cetera. There was a Latvian company, [indiscernible] that didn't come over, and there were some things of that nature. And so we still expect that there will be more expenses related to this. It's just they did not necessarily make it into the transaction in the same manner that the first one was. So I don't know if that was -- gave you enough clarity or.
No, that makes sense. And then maybe for JP, I saw the UFC announcement. But for Exodus Pay Monavate -- how would you describe your go-to-market strategy? Is this going to be a big push? Like how is the word going to get out?
Yes. I mean what's great about the UFC is that there's 700 million fans worldwide. And so this partnership with the UFC, I mean, from a consumer perspective is really big. As mentioned, the official payments partner of the UFC. And so that's huge, right? And so there's a number of assets that come along with it, right? There's a lot of digital assets in the sense of commercials and when fights are happening, there's going to be Exodus Pay in-flight commercials and things like that with QR codes and activation points. And for us, I think those are all very exciting. But I think bigger than that is the aspect of -- and a lot of people aren't thinking about it like this, but the aspect of B2B and hospitality. And I think that's an underrated thing. And what I mean by that is years ago, there's a company who were still partners today, and I didn't even ask them if I could say their name in advance, I'm going to leave their name out. But before we signed a deal with them, they asked me like, JP, have you ever run out and experienced the F1? Never had. So they invited me out to go to an F1 race, and it was incredible. Then they invited me to a courtside basketball game. It is incredible. And just again, these really high hospitality conversations and experiences. And over time, it just helped to really develop a relationship of -- as I got to know the people at this company of really strong trust. And so for us, as we have entered into this UFC partnership, we're thinking about it in that same aspect of providing hospitality and experiences to our partners and allowing them to have great experiences with us.
So again, the UFC partnership, again, provided a lot on the consumer side, but the aspect that I think will be great for our business is on the B2B side. In fact, I'm not going to name this partner either, but I recently invited a top executive of a partner down to a UFC match, floor seats. He thought it was amazing. We never experienced anything like that and I anticipate at some point in time, we'll continue to have really big deals with this company.
Awesome. And maybe just one more. April and May activity, any comment on, call it, the last 5, 6 weeks?
No, we don't necessarily have a lot of color there other than you just see the general market moves, and that's reflected, obviously, in some of our volumes. We -- on the base business, we're absolutely looking forward to seeing the impact of some of the things like Clarity and things of that nature. And the other aspects of the business, again, the Monavate piece, again, that will come over the next couple of quarters. And Exodus Pay, we'll be watching that over time as well. So I think just from the base business perspective, it's somewhat business as usual at the moment.
Seeing no more questions, this will conclude our call. As a brief reminder, if you have any follow-up questions, please reach out to us directly or use our social channels on X and Reddit. Thanks for joining us today, and we look forward to talking to you again next quarter.
Exodus Movement — Q1 2026 Earnings Call
Exodus Movement — Q4 2025 Earnings Call
1. Management Discussion
Hi, everyone. Welcome to Exodus' Fourth Quarter 2025 Earnings Call. I'm your host, Chris Merkel. And with us today are Exodus' Co-Founder and CEO, JP Richardson; and CFO, James Gernetzke.
During today's call, we may 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 in the forward-looking statements due to a variety of factors. These factors are described in forward-looking statements in our earnings press release and our most recent Form 10-K filed with the Securities and Exchange Commission available on the Investor Relations portion of our website. We do not undertake any obligation to update forward-looking statements. As always, feel free to visit our social media accounts on X or Reddit to submit questions for our Investor Relations team after our call.
Let's go to JP to discuss Exodus' fourth quarter and full year 2025.
Thank you, everyone, for joining. I want to try something a little different today. I've been told multiple times that my opening on earnings calls just doesn't sound like me. And I think that's a fair criticism. So we're going to keep this more conversational, a lot like how we speak publicly on interviews or even internally in company all-hands calls.
So often, I love to tell stories and today is going to be no different. A couple of weeks ago, I took my kids skiing for the first time. A little boy, he's 7 years old. And so we're on the Bunny slope. And where they teach the young kids, and she could barely stand up. He kept falling over and over again. And I'm not sure many of you with kids can relate to this, but he kept getting up over and over again. And so ultimately, he asked about going from the lift on the mountain and to actually go down. And his mom looked at him and she goes, son, you're not ready yet. And your dad doesn't think that you're ready yet. And so he said to her, it's like, "I'm going to show him." Meaning me, of course. So me admiring his determination and said, "Okay, well, let's go. Let's go to the top of mountain. Let's check it out." So we all went up, and he's going up and he went down. And yes, he fell a couple of times, but he made it down without any issue, and it was actually really impressive.
And so thinking about this moment with my kids and kind of heading into this call today because it's kind of a lot like what 2025 felt like for this company. The market kind of knocked us around stock price and Bitcoin price. It tested everyone's patience. And every single time, the team just kept building. Even when we get knocked down, just kept building, focused. So we're building the infrastructure that makes us less dependent on market conditions, these very market conditions in the first place.
Let me walk you through what we built and where we're headed. Let's do a brief look back into 2025. 2025 was the most consequential year in the history of Exodus. This is because of what we built while the market has been pulling back. And as you remember, early 2025, it seems like an eternity now, we rang the bell on the New York Stock Exchange. And this ultimately being the New York Stock Exchange opened the door for more investors that couldn't touch us in the OTC markets. We announced Exodus Pay, one of the most important products in the company's history. And in November, we closed the Grateful acquisition, and this gave us a live payment sandbox in Latin America, where every lesson from Grateful is making its way back into Exodus Pay. And in the same month, we signed the W3C acquisition, and I'll come back to that in a moment. We expanded XO Swap to more signed partnerships. I'm going to talk about that even later. We expanded our tokenized equity to Solana through Superstate Opening Bell platform. For full year revenue, we grew 5% to $121.6 million. That growth came from improved monetization and B2B expansion, even as retail activity soften all the way toward the end of the year.
Now for 10 years, Exodus was built on speculation. When crypto is up, we thrive. Crypto pulls back, we feel it, much like what we're seeing in the markets today. As a public company, the stock reflects this reality directly. And this model has served us well for a decade, but it's not enough anymore. Everything we did in 2025 was in service of one goal, and that's creating more revenue streams, revenue streams that don't depend on where crypto trades tomorrow. We are becoming a payments company, one that serves people whether Bitcoin is at $30,000 or $130,000; one that earns revenue from the daily financial lives of real people, not just trading activity, the product at the center of the shift is Exodus Pay.
Most people use at least 3 financial apps, I'm guessing many of you on this call are going to be very familiar with this. No doubt you have a banking app. You have a payments app like Venmo or Cash App, and you probably have a brokerage app like Robinhood or Fidelity. Exodus Pay makes it one. We're building the product that lets people send, spend, invest and earn from a single interface.
No seed phrases, no blockchain jargon, no L1, L2, which later on, nobody cares about that stuff. No complexity. Self-custody should feel as easy as tap to pay. And as its core, Exodus Pay is built on stablecoins. Stablecoins are the dollars that move at Internet speed, you may have heard of them. We are making stablecoins usable for everyday payments, groceries, rideshare, restaurants, anywhere where Visa or MasterCard is accepted.
Again, from speculation-driven swap fees to revenue built on daily utility. And what's going to power Exodus Pay is the product of W3C. So let's talk about the W3C acquisition. It remains the centerpiece of our vertical integration strategy. Now let me remind everyone why this deal matters in the first place.
So the first reason this deal matters. We get to own the full payment stack from self-custodial wallet to the spend card at the terminal. No other wallet owns end-to-end payment rails. The second reason is revenue diversification. Our revenue today is heavily tied to swap volume. The third reason is the B2B2C infrastructure for partners. W3C already powers MetaMask, Ledger, OKX and Kraken in their cards. Only in this infrastructure means Exodus can provide card programs and payment rails to other wallets and apps. This means more revenue from partners without acquiring those end users directly. And we remain confident in the ability to close in 2026 and are working diligently towards closing.
Let's touch what seems these days on everybody's favorite topic, AI, because it's reshaping both how we build and what we build. Let's first talk about how we build. I actually write code every single day using Claude Code. Tasks that used to take me months now take me just hours. It's that wild how good these tools are these days. And so what's true for me here is true for our entire engineering organization. We are pushing hard toward a model where AI ultimately writes all of our code. So we're not there yet, we're not there yet. But the productivity gains we're seeing so far have already been quite significant.
Now what we build kind of how we think about the future here is that we think AI agents represent an entirely new class of customer for Exodus. These agents are going to need wallet infrastructure. They're going to need to send money, check balances and make purchases. So it's easy when you think of payments apps like Exodus Pay, it's easy to think of the total addressable market is just 8 billion people in the entire world, right? But with AI agents, it will potentially be in the trillions because each one of these agents is going to need a wallet, and Exodus aims to be the default wallet layer for this world.
Let's hit on XO Swap. XO Swap continues to be a meaningful volume driver. Q4, we signed -- in total, we have 18 signed partnerships, 11 that are producing, $416 million in Q4 volume, 26% of our quarterly total. This strength shows that our infrastructure is trusted by other major platforms like Ledger and MetaMask. And MetaMask just went live at the end of December with Solana. So following the close of W3C, we're going to be able to offer a card issuance as well to a lot of these partnerships that are using XO Swap, especially a lot of the new ones.
So I want to leave you with this. Our revenue today does not yet reflect the magnitude of what we have built. We have invested significant resources, capital, talent, time, into infrastructure, acquisitions and product development that have not yet hit the top line. I understand this. I understand the patience it requires from you, our shareholders. I want you to understand what's on the other side. We are shifting from a company built on speculation through a company built on payments, on daily utility, on infrastructure that earns revenue. Every time someone taps a card, invest into the future, save for a rainy day or buys their groceries, that is the company we are building. So 2025 laid the foundation and 2026 is where it starts to come to life.
With that, I'm going to hand it over to James to walk through our financial results. James?
Thank you, JP. Let's start with Q4 and full year revenue and swap volumes. Full year revenue was $121.6 million, that's up 5% from 2024. Q4 revenue was $29.5 million, which represents a 3% decrease from Q3 and a 34% decline from the record Q4 we had a year ago. To put that year-over-year comparison in context, Q4 2024 was our highest revenue quarter in company history, in a quarter where we saw major industry catalysts like the U.S. election and Bitcoin topping $100,000 for the very first time.
As a recent industry backdrop, Digital asset prices were also in decline for most of Q4 2025 after briefly enjoying early October highs. Full year swap volume was $6.89 billion, which is a 21% increase from 2024. This is a meaningful increase that demonstrates the underlying growth in the platform, even as digital asset prices declined. The Q4 swap volume of $1.59 billion was down 9% sequentially and down 32% year-over-year, tracking the broader market pullback. XO Swap, our B2B swaps platform, continued to be a significant volume driver for Exodus at $416 million of volume in Q4 or 26% of our total quarterly volume.
Our growing B2B swap volume demonstrates that Exodus is increasingly a critical piece of infrastructure for the broader ecosystem. And with regard to staking and other non-exchange revenue, full year revenue from staking reached over $4 million for the year, nearly doubling 2024's total. Our improvements to Solana staking in particular drove this acceleration. This is recurring revenue that can be compounded for as long as the assets remain under stake. Fiat onboarding also saw a 28% increase in revenue versus 2024.
Quarterly funded users, users who have actually put their money into Exodus, finished the year at $1.7 million. That's down 6% from last quarter and 11% from a year ago, reflecting the broader retail environment. Monthly active users at the end of Q4 were 1.5 million, down 35% from the previous year and unchanged sequentially. While monthly active users declined year-over-year in line with broader retail activity, our funded user base remained resilient, demonstrating the stickiness of our wallet.
To pursue ownership of a full payment stack, during 2025, we funded $80 million of debt related to the W3C acquisition. While we initially used the Galaxy credit facility, we made the decision to pay off that debt prior to the end of the year. This resulted in the first reduction of our Bitcoin treasury in quite some time. And during Q1 of 2026, we have continued to sell digital assets as we prepare for the next disbursement related to the W3C acquisition.
As we have stated in the past, we believe that our treasury, including our Bitcoin treasury is available to fund M&A and other growth initiatives, ultimately growing our Bitcoin treasury. On a related note, we continue to evaluate ways to demonstrate the power of tokenized equity. However, we are pausing our Bitcoin dividend plans as we are prioritizing M&A and other growth initiatives at this time. We remain committed to exploring opportunities afforded to us and our shareholders through the tokenized equities as their use continues to grow.
And finally, expanding on JP's earlier note regarding XO Swap, MetaMask is a notable name that we signed towards the end of last year. Their wallet launch support in the final days of 2025 for Bitcoin. Initial results are slowly ramping up as MetaMask users gain familiarity with the new multichain functionality.
Chris, with that, let's get back over to you for questions.
Thank you, James. It's time for our analyst questions, and I see we have Andrew Harte from BTIG.
2. Question Answer
JP, I thought your comments about agentic payments were really interesting. I think the idea was that agents are going to need the wallet infrastructure to operate out of. I guess can you just expand on the steps needed to go from where we are today, both in terms of capabilities or potential partnerships or integrations to make that a reality? That would be very helpful.
Yes, great question. So ultimately, when you want to enable agents to be able to transact with wallets and send stablecoins, what you want to be able to do is have a world where the company or individuals that are using or leveraging these agents can maintain control over their wallets. I mean I suppose what you could do, I mean, you could just set up an open claude on your Mac mini, right, and have it go hog wild with Exodus that would work today or should work today, right? But again, what you want is you want to be able to say like, okay, I have this massive amount of agents. And maybe I'm a company in the travel industry, right? I'm going to have a AI agent doing travel on behalf of consumers. Well, I need to be able to basically either give the consumer the ability to give access to, say, Exodus in that AI agent, or as a business to be able to give AI agent an access to a number of wallets that I have full control over and can control the keys as well. So effectively, what that means is that -- from the consumer perspective, again, I'm just going to step into the shoes of just like an Exodus Pay customer. That means having Exodus Pay or Exodus Connect directly to like a ChatGPT or a claude. Actually, that is something that behind the scenes, we've had working for a while, but we just -- we want to make sure that the user experience works really well.
When it comes to the business side, again, that travel agent example, what that ultimately means is that we are going to -- would have to produce back-end software for these agents to be able to, again, view all these separate wallets. So there's a number of angles that we're looking at here. The one that we're most interested in the short term is empowering consumers that have, again, just Exodus on their phone and be able to connect to, again, like ChatGPT or even in some cases, maybe even an open claude as these become -- these agents become more commercialized and say, go ahead, spend up to $500. I want you to go look for a flight -- the best flight to, I don't know, Florida, right, whatever it is. So that's going to be critical and to make all that work well and to make sure that the limits and restrictions are in because, again, you don't -- like the worst-case scenario is if you say, okay, AI agent, you have full access to my wallet, be good with it. And then you find out it went and speculated and bought a bunch of Dogecoin from your entire wallet, you'd be pretty pissed off about that. So there's a lot of security controls that have to have and come in place as well.
Ed Engel from Compass Point is next up.
I just wanted to ask some questions about the cost structure here. Do you mind kind of going through of the costs or some of the onetime expenses we might have had in the fourth quarter, whether to M&A or anything else to call out? And then would it be fair to assume that it might continue into 1Q or maybe in 2Q until the transaction closes?
Yes. So obviously, we had the -- there's -- the legal cost, there's the interest associated with the Galaxy loan. That the interest, obviously, since we paid it off, is not going to continue. There are the -- some legal costs. As we go through the regulatory, there's certainly going to be some legal, but it's -- I would -- my assumption would be that it would be slightly less, but as we go through that process, but there still will be some for sure. And then let's see -- and sorry, and then you said some other onetime costs, yes, and then we have our standard -- the similar onetime costs that we've seen for non-M&A items from previous quarters.
So yes, to answer the question, the M&A continues. We are still out there looking for other businesses and other opportunities. Obviously, we don't have anything to report at this time, and we're very focused on getting W3C closed and integrated. But that doesn't mean that we're not still working on a pipeline. But I would say that, in general, I would expect over the next quarter or so that the cost should be slightly lower than previous quarters, but not zero.
All right, we have Gareth [indiscernible] up next.
I was wondering if you could provide some detail on the drivers to the improved monetization in XO Swap in the quarter. Do you guys think that there might be future opportunities for similar expansion? Or was this maybe more of a onetime event?
Yes, let me start. I would say that -- in terms of XO Swap, we've grown the book of business in terms of the number of partners that we're working with. And as we grow that book, you'll see different -- you see different areas, different cost structures, et cetera, that come with it. And over time, that we'll see -- as that product matures, we'll start to get to a steady state. But we do expect changes in the short term on that as the book continues to grow. But we're pleased with the amount of new deals that have been signed and the work that is going on in that area. Now there are some -- as -- because this is a B2B2C product, we are relying on the partners. And so there is one partner that looks like it's probably going to stop operations over time. So you'll have those pluses and minuses, but I would say that we're definitely pleased at the direction and the amount of new contracts that have been signed in new partners that have come on.
We have Mike Grondahl from Northland.
So sort of two questions, guys. One, I think you mentioned 18 signed XO Swap Partners, 11 operating. When do you think the next -- I don't know, that next wave, the next 7 are going to ramp up and any significant partners in that next wave? And then secondly, I would like to understand better kind of the go-to-market with XO Pay. Is that only going to be within sort of XO Swap and the trading customers or -- help us understand how we're going to see that XO Pay offering in the real world?
Let me start with the XO Swap with the 11 and the 18. I think that we're seeing steady growth. And we're seeing it's steady growth right now. And in terms of significant names, we're pleased with the mix, the size of different clients that we're getting. Unfortunately, because it's a B2B product, they -- we need the clients' consent to share the names. So -- and I don't have any larger names that have shared consent to offer you, unfortunately, right now. But I can definitely say that, again, just to reiterate, we're pleased at the growth that we've seen in that and we're looking forward for that to continue over the -- for the rest of the year. So JP on XO Pay.
Yes. Let me hit a little bit more about the partners with XO Swap here. Even though that we cannot announce the names yet, the reality is, is that, yes, we have signed other big partners. And so we will be able to announce that in the future, which is going to be great. In addition to that, I think James had mentioned that's really important is that with the XO Swap partnerships, we have to rely upon the partner's time line. And so often what you see is that the partner in some scenarios, they might just enable like, say, just on one asset. And so you can swap from one pair to the other shoes, other pairs, and it doesn't have support for other assets and other blockchains. And so as we march forward and they get one go and like, "Oh, wow, this thing is working really, really well."
Now let's enable it for these other blockchains and make it work really, really well there and just keep that trend going. So we're going to see more and more of that, and we already have seen that time frames that we'll be able to announce in the future. But that's -- I anticipate that will be the pattern moving forward. We will sign the partners, and then there's the time to integrate, they go live on one blockchain and then they expand out on a different -- additional blockchains. But as we mentioned, we have some very big names in the industry that we would have been working now with for quite some time. And so that becomes quite the strong testimonial as we start working with other partnerships. So I think that's just really important to call out.
Now related to the question of -- so you referred to it as XO Pay, I'm assuming you were talking about Exodus Pay. So XO Pay, now called -- this is getting confusing, XO Pay is our Fiat on-ramp off-ramp. We have recently renamed that to XO Ramp to separate the confusion. So XO Ramp is to be very clear here. And you think that XO Swap is to allow people to swap from crypto to crypto. XO Ramp allows people to onboard into crypto via bank account or a debit card or off-ramp in time. So it's basically Fiat on-ramp offering.
Exodus Pay again, is our initiative to as earlier in this conversation, I had mentioned that we are bringing the world of all these disparate financial apps into one single app, right? The biggest is banking, payments app like Venmo or Cash App and the broker's app, Robinhood or Fidelity, E*TRADE, whatever you use, all into one application with no crypto complexity whatsoever. So now when you ask about go-to-market, okay? So we had a very early test group that we experimented and we had conversations with people and events at East Denver. Initial feedback was really good. We're marching forward. In fact, you're going to see something this week that is going to come out about another event that Exodus Pay is going to be a part of. Again, it's about mainstream payments, allowing people to easily use assets like stablecoins anywhere in the world that Visa or Mastercard is accepted, right, that's really important. But the big aspect of go-to-market and how we think about XO Pay is that we want to align to big cultural moments. I'm going to say that again, we want to align with big cultural moments.
Now I wish some of you were thinking like, oh, does that mean he's going to -- they go out and pull a trigger on a Super Bowl ad or something like that? We don't have any plans for that. You never know, but we have no plans for that whatsoever. But who knows? But when it comes to big cultural moments, there's things that you will see this year that will answer that question. And again, it's about being a part of mainstream conversations, mainstream payment experiences. So there's a lot more that we'll be able to unpack in future conversations. It's going to be great.
Kevin Dede from H.C. Wainwright.
It's tough for being a tech analyst and keeping your tech working. So JP, sort of a two-parter. I'm going to -- I think I'm going to ask Mike's question in a different way. The progress you're making with XO Swap, clearly indicates that you're embedding yourselves with complementary businesses, right? It's proving the B2B model that you've developed at Exodus. But with Exodus Pay, it seems to me that I mean, I hear what you say about leveraging cultural, big cultural moments, I get that. But you're taking on a sizable amount of risk in spending versus trying to build a consumer-facing app. And I'm wondering how you're going to approach that risk, how you plan to allocate capital to it? And how you expect it to roll out?
And then I'd also like to hear about the roadblocks you have to see W3C complete and the time frame to that. I didn't -- you guys didn't offer much detail there.
Kevin, can you just unpack the risk a bit more? I just want to make sure I really capture your question clearly.
Well, in my mind, there's a little bit of controversy over Exodus' development in the B2B world versus a consumer-facing app. And Exodus Pay, I think, is the culmination of your consumer-facing initiatives. And that's clear through today's call. What's not clear is the resources that you'll dedicate to building a consumer-facing business arguably the most difficult thing to do in business. So I'm just wondering how you're assessing the risk and allocating capital in developing that capability.
Got it. Okay. So you're probably going to hate this answer, but I'm going to say it anyway. Exodus Pay is the evolution of what Exodus is today. We were born in the way that we thought about Exodus from the early days was all about empowering consumers to control their wealth. That was the piece of it. So from 2015, there was -- actually, I had a conversation with our Co-Founder, Daniel, just recently, and he was like JP, do you remember in the early days when we put our phone number inside the software? I'm like, yes, I do, wasn't that crazy. People would -- they call it like I'm eating dinner with my family, and my kids got spaghetti -- out of his mouth and the phones ringing nonstop. And I'm trying like, oh my gosh, I'm eating. I share these stories because Exodus was always a company focused on consumer needs, always. And it just at that moment in time, the technology wasn't quite where we needed it to be.
Regulations quite -- weren't quite where we needed to be. Mastercard and Visa weren't quite where we needed them to be. The technology has now caught up where you don't have to think about the complexities of secret phrases and which layer you're on. You have to care about any of those things. The regulations have now started to catch up, especially with the Genius Act and embracing stablecoins, right? That's really key and critical. Visa and Mastercard, they see what's happening and then that's why with W3C, which will be a good segue to talk about W3C just a moment for your other question, but they see what's happening. That's why there is starting to be the rise of these crypto cards that allow you to connect the card directly to your wallet, your self custodial wallet, so you have full control and that you can go and you can tap to pay anywhere.
So again, Exodus was always a company built on the consumer experience. So that -- I think it's just really, really important to highlight and call out. Now related to W3C, as mentioned in the opening statements, we're very committed to getting this done. And anybody that's been through acquisitions knows that there's all sorts of complexities that come with it. And -- with this acquisition, there's a number of subsidiaries that blend into ultimately what we're buying as a company. And each one of these subsidiaries has different levels of complexity that we have to ultimately address. James, I'm sure you can -- you've done a lot of -- a big part of this as well along with me. You can probably add some more additional color to this.
Yes. I think on the regulatory -- I'm sorry, on the W3C front, we are in front of the regulators right now. And we are on the time line. We're progressing towards it on the time line that we brought up when we signed the deal. So I would say that. In terms of capital allocation, to just put a finer point on JP's comments, because Exodus Pay is the evolution of Exodus, I think that capital allocation, you should expect it to followed a similar path. And the things that we've said about our Consumer business going forward and in different fronts. But obviously, we've allocated a lot of capital to this W3C and the B2B side. So we still maintain that Amazon AWS playbook even with the W3C acquisition.
It might be important to mention to that per capital allocation, like one aspect that is going to be important here is that because Exodus -- even though we were focused as a consumer app, early on, it was more about those in crypto, right? And so you're going to allocate capital and like, oh, we're going to target crypto people. And there's a big market better pull back and not think about how to reach the mainstream, that was historically the thought process. But now shifting closer to the mainstream bear/bull market, it doesn't matter, right? Because Joe Plummer doesn't think about the price of bitcoin. Joe Plumber doesn't actually even care about the price of Bitcoin. Actually, Joe Plummer may not be our ideal target use case but it's going to be maybe a younger demographic, let's say, some 19-year-old watching college basketball on a Saturday or whatever it is, right? They may not really care about the price of bitcoin, but they definitely care about how they spend money and how they think about the future. And so we can't -- we still have to be thoughtful, but yet bold when it comes to capital allocation when reaching kind of that demographic.
Thank you. There are no more questions. So thanks to JP, James, and all of our analysts for submitting your questions. Please visit our social channels on X and Reddit to submit your questions for management, our Investor Relations team is standing by. Thanks for joining us today, and we'll see you next quarter.
Exodus Movement — Q4 2025 Earnings Call
Exodus Movement — Baanx.com Ltd, Exodus Movement, Inc., Monavate Holdings Limited, World Wide Web Consortium - M&A Call
1. Management Discussion
Good afternoon, everyone, and welcome to Exodus' Special Investor Update Call. I'm your host, [ Elizabeth Shores, ] and joining me today are Exodus' Co-Founder and CEO, J.P. Richardson; and our Chief Financial Officer, James Gernetzke. Now today's call focuses on the press release we issued this afternoon. We announced the definitive agreement to acquire W3C Corporation and its subsidiaries, Monavate and Baanx.
Now during this conversation, we may 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 in the forward-looking statements due to a variety of factors. These factors are described in our most recent earnings and press release and filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K available on the Investor Relations portion of our website.
We do not undertake any obligation to update forward-looking statements. Now you know we love to hear from our shareholders. So you can feel free to visit our social media accounts on X or Reddit to submit any questions you may have about this transaction for our Investor Relations team after our call. And now I'll turn the call over to JP to share more about this exciting news. Take it away, JP.
Thank you, [ Elizabeth, ] and thank you all for joining us. Let me start with a story that crystallized for me why this acquisition matters so much. All good stories begin and end in Las Vegas. A few months ago, I was in Las Vegas because my son is a major UFC fan. I lost my traditional payment card the night before, and I was completely stranded without it.
Here I was wanting to enjoy the UFC fights with my son and his friends with reservations and plans lined up, but no way to pay for them. Then I remember it. I had a bank's card connected to my Exodus wallet. Within 3 minutes, I ensured the card was activated and was able to seamlessly access the digital assets in my Exodus wallet to cover everything, dinner, entertainment, the entire evening. Not only was this convenient, it was transformative.
The wealth sitting in my crypto self-custodial wallet became instantly usable in the real world through the same payment rails you already know and trust. That experience drove home what we're really building here, the bridge between the digital assets consumers hold in their Exodus wallets and their everyday spending needs. When you need your money, you need it to work immediately, reliably and without friction.
With today's acquisition announcement, Exodus moves closer to owning and orchestrating this system, creating an elevated payments experience for our customers and a growing more predictable and diversified revenue stream. This afternoon, we announced that Exodus has entered into a definitive agreement to acquire W3C Corporation and through it, Monavate and Baanx. This acquisition equips Exodus with powerful new payment capabilities, including the ability to issue cards, provide virtual bank accounts and settle stablecoin transactions via payment networks such as Visa and Mastercard.
Baanx is a crypto-native platform that develops card programs for self-custodial wallets and crypto apps. Along with other crypto-focused payment programs, it allows consumers to spend from their self-custodial wallet. Some of its partners are already XO Swap partners like MetaMask and Ledger. Monavate is an FCA-regulated e-money institution and a principal member of Visa and Mastercard.
It provides BIN sponsorship, issuing, processing, fraud, compliance and multicurrency accounts. It also has a strong footprint in the U.K. and Europe and is currently expanding into LatAm and the Middle East. We've already been working with Baanx and through Baanx, Monavate as infrastructure partners. So we have direct experience with their technology and compliance teams.
This transaction will give us full ownership and the associated economics of the complete payment experience. It also lets our customers turn the assets and their Exodus wallets into money they can easily spend. Ultimately, I see the future of money as instant, global and programmable by default. People won't think in terms of separate bank accounts and crypto wallets. They'll just have one smart balance in one app that can move as dollars, stablecoins or Bitcoin depending upon what they're trying to do.
To make that work at scale, you need a deeply integrated regulated payments infrastructure sitting underneath a self-custodial experience. Bringing Baanx and Monavate in-house is what will let Exodus become the operating system for money. Our recent acquisition of Grateful, the LatAm-based stablecoin payments orchestrator, is a key piece of this enhanced payment solution.
It allows us to deploy and test multiple stablecoin technologies in the real world with the functionality launching initially in Argentina and Uruguay later this month. With the completion of this transaction, Exodus will be the only self-custodial platform that controls the end-to-end process for payment capabilities from wallet to card.
What we've been building for years will finally come together in a single integrated experience. The strategic rationale for this acquisition ultimately comes down to 4 major reasons. First, we are dramatically expanding how consumers use Exodus, giving them a way to easily spend and pay with their self-custody assets. This acquisition will give millions of people who use Exodus new ways to spend their digital assets on a daily basis.
By letting consumers save, swap, earn, spend, all in the same place, we are building a Neobanking experience that meets all of their payment needs in one single app. What does this mean for consumers of Exodus? More control over the money and a smoother, more reliable experience without the fragmented stop and start process of moving assets between platforms and exchanges.
It also means our customers will be able to use their cards to send the world's leading stablecoins, Tether and USDC. Tether has become a real payment infrastructure powerhouse in LatAm, powering remittances, merchant payments and even salaries. USDC dominates institutional retail use in North America and Europe, with both we're giving customers a true choice in how they access and spend their digital dollars alongside their other stablecoins.
Second, this acquisition strengthens Exodus' competitive positioning by giving us full control over the payments infrastructure that powers your card. And that control lets us deliver the kind of customer experience Exodus is known and loved for. By controlling the underlying licenses and payment stack and bringing these capabilities in-house, we remove these barriers to give customers access to the assets they want, shaping and perfecting the customer experience all the way to the point of sale.
Controlling payments experience means we can now connect different stablecoins and assets with more flexibility, offer higher limits to consumers and resolve issues faster because we own the licenses, technology and decision-making all the way to the moment a customer makes a purchase. Our customer service has always been a competitive advantage. We do it better than anyone. Owning the rails means owning the customer experience.
When we own that, consumers get the world-class service, we built a reputation on from wallet support to every transaction they make. Third, we expect the payments capabilities we're acquiring to meaningfully diversify our revenue model. We're adding new revenue streams from cards and payments processing, including interchange and processing fees on top of our existing swap and wallet economics, creating a more balanced and resilient mix of revenue over time.
Monavate also powers leading Buy Now Pay Later programs such as Zilch, with roughly 80% of its current volumes coming from non-crypto customers, it gives Exodus exposure to mainstream card and Buy Now Pay Later spend. This kind of spend tends to stay resilient and often spikes in tougher markets as consumers tighten budgets and lean more on installment products.
When more customers save and spend assets with Exodus, we participate in a greater share of their economic activity. That's good for consumers who get more of the Exodus experience they already trust and good for shareholders who benefit from more recurring transaction-driven revenue. Finally, this acquisition enables us to drive more value for our B2B partnerships.
We can now bring Baanx and Monavate products to new and existing XO Swap partners, and we can introduce XO Swap to existing Baanx and Monavate clients. That gives us a clear path to strengthening relationships with FinTech companies and enterprise customers by offering them a unified stack of swaps, cards, wallet and payment infrastructure all under one roof.
By connecting these businesses, more partners will choose Exodus for liquidity and payments, giving us an even bigger share in the broader on-chain economy. With the rationale for the deal in place, the next question is, how will we bring this to market? In 2026, we are launching a targeted go-to-market plan to reach valuable demographics. Our partnerships and activations will meet consumers where and when they spend at the stores, experiences and events they love.
By pairing a best-in-class payments experience with thoughtful brand partnerships and activations, we'll bring these capabilities to consumers at the exact moment when they're deciding how to pay, making Exodus the easy natural choice for saving, swapping and spending digital assets.
The goal that's driving all of this is straightforward, build a product that promotes financial sovereignty by default, where customers control their money every step of the way. With that, I'll turn the call over to James to walk through the financial and operational details of the transaction. James?
Thank you, JP, and good afternoon, everyone. I'll primarily focus on the deal structure, its financial impact and plans for integration. Regarding the structure of this deal, when we began acquisition discussions, Monavate and the Baanx entities were in the process of being acquired by a company named W3C Corporation. As of today, W3C has signed definitive agreements to acquire certain Monavate and Baanx' assets. Last week, we provided bridge financing to W3C, a material portion of which was used to fund this acquisition as well as to provide capital to W3C for future growth. The final purchase price for our acquisition of W3C contains customary adjustments for cash, indebtedness, transaction expenses and working capital.
Since we believe that using our stock at recent price levels would have been excessively dilutive, we elected to structure the transaction as an all-cash deal. And now turning to the financial impact of this deal. On a preliminary unaudited basis, we expect the W3C platform to generate approximately $35 million to $40 million in revenue, net of rev share items for 2025, with W3C gross margins initially in the range of 45% to 55% of revenue net of revenue share.
Now Baanx is still in investment mode, so the near-term contributions from this business on a GAAP net income basis will be modest, but its long-term strategic value is significant. Monavate, on the other hand, is the larger of the 2 companies with a business model that bridges both crypto and traditional payments businesses. While Monavate does have some significant crypto industry customers, such as Kraken and OKX, the majority of its revenue is non-crypto related. Baanx has previously entered into commercial agreements with significant crypto industry names, including MetaMask, Ledger and, of course, Exodus.
And we anticipate that the Baanx platform will continue to acquire customers, and we expect to see significant growth as they do. Additionally, we believe there is generally growing demand for the types of products that Baanx provides as stablecoin adoption is rapidly increasing. And these products are similar to Stripe's Bridge platform, for example. We view the number of cards issued as a key metric to evaluate the success of our strategy.
Monavate has issued approximately 5 million cards, and we expect Baanx' customer card programs that are coming online to deliver strong card growth in 2026. And we estimate that the upper bound for the Baanx' credit card programs currently signed to be 50 million cards. Within the current Exodus platform specifically, each Baanx' card issued to an Exodus Wallet represents a person who is not only storing assets, but relying on our technology for daily touch points that come with spending activity, which we expect to drive user activation and higher stickiness.
We currently expect W3C to generate $20 million to $30 million of gross profit in our full year 2026 projections. And over the next 3 years, we expect the impact on both revenue and margins to continue to be meaningful. The key drivers are as follows: First, there is meaningful vertical and horizontal integration as we bring capabilities that we currently access through third parties like issuance, processing and settlement in-house, improving unit economics and margins.
As JP noted, we expect economics from Monavate's interchange processing and programming fees to also serve as meaningful new revenue streams to help build a more stable recurring earnings base tied to daily payments and use of digital dollars. Second, we are optimizing the financial rails for our customers. Controlling the on-ramp conversion and off-ramp steps enable us to design efficient flows aligned with regulatory requirements across jurisdictions, which translates into a larger revenue opportunity.
The last revenue driver over the medium term is new product offerings. These acquisitions will allow us to expand our services for existing customers and B2B2C partners, including cards, programmable payouts, settlement flows for merchants and institutions and other payment use cases that sit adjacent to the existing Exodus experience.
We believe that the total addressable market for these services will grow into the entire TAM of Visa and Mastercard's $20 trillion annual payment volume as stablecoin infrastructure becomes the norm. I'll now turn to how we will execute from here on integration, product rollout and how we'll be measuring success.
We have been working with these teams for over a year and are approaching integration in a thoughtful and deliberate manner. Our initial focus will be on obtaining regulatory approval for the acquisition of W3C, which has a number of regulatory licenses for which Exodus will acquire control. During this approval period, we expect W3C to operate its business and the businesses of Monavate and Baanx as these groups had originally planned.
Additionally, our engineering teams will continue to work to integrate Baanx' card products into Exodus as previously announced. We expect the most critical integration work to begin shortly after regulatory approvals are received and the transaction is closed, and that is expected in approximately 3 to 9 months, barring any unforeseen obstacles. We have planned a phased integration with 3 steps.
The first step is the integration of certain Baanx assets and Monavate into W3C, which is actively underway by W3C's management. The second step comes immediately post close and involves Exodus' tech and product teams integrating with the legacy Baanx product and technology teams. The final step is integration with legacy Monavate. Success is measured by revenue, profit growth and driven -- which is driven by the satisfaction of our customers, partners and our team members.
Along those lines at close, we will be ensuring that W3C's current customers continue to be well served and new card programs and product launches are well executed. This includes, of course, Exodus' strategic plans and retaining key talent will play a critical role in our ability to serve our customers.
Ultimately, we see these transactions as a catalyst to expand our addressable market, strengthen our competitive moat and position Exodus at the center of value that is moving on chain as part of the rapidly evolving payments ecosystem. Thank you so much, and we're happy to respond to any questions or comments you may have. [ Elizabeth, ] over to you for Q&A.
All right. Thank you, James. And looking at the questions I see, we have Andrew Harte with BTIG here. Andrew, thanks for being here. Go head, mic is yours.
2. Question Answer
Team, can you hear me okay?
Yes, we hear you.
Great. Congratulations. James, real helpful the execution plan you laid out there towards the end. I guess my question is, can you maybe shed some light on what the customer base of the 2 acquired businesses looks like? Is there any potential overlap today? And I guess, longer term, what could a cross-sell motion look like between the acquired businesses and Exodus as we know it today? And congratulations again.
Yes. So the businesses right now, the larger one, as I mentioned, is Monavate, and it is primarily not crypto focused. So about 80%, give or take, of their revenue is for non-crypto clients. And JP mentioned Buy Now Pay Later. There's some shipping companies, some prepaid cards in France, things of that nature. And so we believe that like those different types of clients, so those are a little bit longer term, and they kind of follow the idea of every single person in the world will need a wallet to use stablecoins.
And so we believe there's definitely opportunities to help some of those Monavate clients get wallets and use them. But on the Baanx side of the house, we already overlap on Ledger and MetaMask. And -- but there are a number of other names that Exodus has in terms of our XO Swap and B2B partners as well as that Baanx has signed up and then some of the Monavate crypto clients. So we generally believe that there's a sizable amount of opportunity as we go and add services into our enterprise stack, if you will, our B2B2C stack. So I hope that answered the question...
I'll add up a little more to it as well. As James mentioned, Monavate, most of their customers are not crypto focused. But that being said, they have some very large crypto customers as well. One in particular, Kraken, as you, I mean, probably know. They just launched their Krak app and presumably, they're going to be -- they just tweeted out about an hour before this call, suggesting that there will be a card coming. So that is powered by Monavate. In addition, Monavate also powers the card for OKX as well. So a lot of big potential here.
Thank you, Andrew. All right. And next up on deck, we have Owen Rickert from Northland. Go ahead, Owen.
Congrats on this acquisition. Pretty awesome here. I guess quickly for me. Can you just talk about maybe how these acquisitions might interact with your earlier acquisition of Grateful? Are these capabilities pretty complementary?
Yes, there's a lot of synergies here in the sense that Grateful is about merchant processing. So in terms of if you want to accept stablecoins at the point of sale, specifically like in Argentina, Uruguay, then that's where Grateful is going to come in. It's really all about the merchant processing with stablecoins.
And so with what we have here, this is going to be, of course, like more of the credit card programs and BIN sponsorship. But there's a lot of synergies here when we think about stablecoins and empowering both businesses and consumers to use their stable coins.
Thanks for being here, Owen. Next up in the Q&A, we have Brett Knoblauch from Cantor. Brett, go ahead.
Congrats on closing the acquisition or announcing the acquisition. Could you maybe just dive a bit into the growth rate for Monavate and Baanx? Can you talk also a bit about the Bridge financing? Why is the -- why was there a need for that? And then maybe just help understand W3C appears to be in the process of acquiring both, but then you're acquiring them. So I guess, how did all that come to fruition?
I think I'll jump in and start with the -- I'll work backwards. So I think that's a logical flow. So the W3C, yes, they were -- I talked briefly about it in my remarks, they were in the process, Baanx and Monavate were in the process of merging when we first started discussions with them about acquiring them. And so they were pretty far along that path.
As part of that, they needed some Bridge financing in order to finalize that transaction. And so we were able to essentially help them finalize that transaction and then come on top of them. The other thing is with this, we provided some working capital, which essentially they needed for -- to help like some of the card program launches in new jurisdictions. And that is really tied to -- to get to the first part of your question, which was around growth rates, that is tied to some of these contracts that Baanx has signed that are still in the process of implementation.
And so as we look at the growth of the business, we really see Monavate has done well and has some decent growth, and we'll share those numbers when we start merging everything and get through the audits. But Monavate has had solid growth over the past 3 years, but it's definitely much more of a traditional finance, traditional company, right, where Baanx is definitely more of a start-up type feel, crypto native, and they have got the bull by the horns with these new contracts.
And so we expect most of the growth in the near future to come from that Baanx side of the house. Obviously, we'll take whatever Kraken and OKX and others throw at Monavate. But we're really excited specifically about the MetaMask card, the Exodus card, some of the Ledger programs, things of that nature on the Baanx side.
And then can you maybe just go into the build versus buy approach. Is it something that maybe you tinkered with in-house before deciding that it would take a while to get the regulatory approvals or build the product or maybe just compete with Baanx who's already got some type of share? Can you maybe just go through your thought process on that as well?
Happy to, and James, feel free to add anything to it. It really comes down to providing the best customer experience. That's what it is. So if we went with other existing programs out there, you'll find that you're at the mercy of those programs. And you can't have a peek under the hood to figure out like, oh, we would change this here, say, let's just say something as simple as a limit on a spend.
These programs out there, they have certain limits on the spend and say, if we wanted to change that, that would be very hard to do if we used another program. So for us, we want to empower consumers that have an Exodus wallet, that have a MetaMask wallet to -- that have any sort of wallet that's connected to a card to have the best experience and have full confidence in knowing that it always works anywhere that they go and that it's safe.
And so that's really what it comes down to is providing the best customer experience. Of course, the financials aside, those are all very important and good. And we -- obviously, we looked at those. But after looking at those and really thinking like, okay, if we want to take Exodus to the next level, this is absolutely compatible and part of our strategic road map. James, you might have more to add.
Yes, absolutely. So to your question about just build versus buy, I think Exodus as a company, I mean, we do not have deep in-house card scheme relationships, Visa, Mastercard. Obviously, we have some, and we're building towards that, especially with some of the products that we've talked about in the past. But we don't have the deep issuing platform experience that Monavate has.
We don't have EMIs and these licenses, and we don't have the experience doing the compliance and those types of things. So it's -- on some levels, it's a fairly simple calculation, the build versus buy. And I think the other thing is that this is -- I would point out, this is an extremely competitive marketplace that we're in, in these past 12 months. Talk to -- as everyone knows, stablecoins, payment rails, all of FinTech in general, the world has changed dramatically in the last 12 months, and there's a real arms race right now.
And there's not a lot of people out there that have these capabilities to merge Mastercard, Visa payments rails and Baanx is a clear leader in that space. And so the ability to work with them, to leverage what they've done and the relationships that they have with us and then others in the space that are key names. We think that there's a lot of opportunity here, and we think that everything is a lot faster to add that technology and teams and expertise that they provide. So I hope that answered it.
Thank you, Brett, for being here. And it looks like we have no more questions. So to round this out, I want to say thank you again to JP, James and our analysts. You can all feel free to visit our social channels on X or Reddit to submit your questions for management. Our Investor Relations team is standing by. Thanks again for joining us today, and we'll see you next time.
Exodus Movement — Baanx.com Ltd, Exodus Movement, Inc., Monavate Holdings Limited, World Wide Web Consortium - M&A Call
Exodus Movement — Q3 2025 Earnings Call
1. Management Discussion
Hi Everyone. Welcome to Exodus' third quarter 2025 earnings call. I'm your host, Elizabeth Shores, and joining us again are Exodus' Co-Founder and CEO, J.P. Richardson and CFO, James Gernetzke. Now during today's call, we may 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 are implied in the forward-looking due to a variety of factors. These factors are described in forward-looking statements in our earnings press release and our most recent Form 10-Q filed with the Securities and Exchange Commission available on the Investors portion of our website.
We do not undertake any obligation to update forward-looking statements. Now you can feel free to visit our social media accounts on X or Reddit to submit any questions you may have about this quarter for our Investor Relations team after our call.
And now our CEO will discuss our developments and our quarter. Take it away, J.P.
Thank you, Elizabeth, and thank you, everyone, for joining us this morning. I'm excited about the positive momentum in our business. We had a good quarter Exodus posted over $30 million in revenue this quarter. That's a 51% year-over-year growth as consumers and industrial partners continue to get value from Exodus products. We'll speak more to that value later in this call. Exodus is a company of builders. We've described many of the technologies we have built such as passkeys in previous calls. These products have laid the foundation for the next great wave of innovation in money. Exodus is building completely beyond the boundaries of a crypto wallet. We are building toward a future where people use Exodus as an app, not just to invest and save their money, but to make payments and transfer money in the broader financial system. It's a future where with one tap, you can send $20 to your mom across the world, a future where you can easily use crypto wealth to buy groceries, all without any crypto complexity. Many of these experiences will be powered with stablecoins, payments with stablecoins and purchases with cards using stablecoins.
Now I'm excited to share with you our acquisition of Grateful that we announced this morning. The tools that Grateful ship will be helpful to us as we work to produce useful products to consumers and merchants across the payment space. Grateful has built a merchant checkout experience built on stable coins. In addition, we've built a payments app on pass keys to pair with this merchant experience. We'll go live next month in Argentina and Uruguay. Finally, grateful as a company of builders themselves. The Grateful acquisition is bringing crypto builders and company founders into the fold at Exodus. And that's a positive development that we intend to make into a habit. We've gotten more traction with recent names signed, including MetaMask. While some of the notable recent signings are still in the integration phase, we are expanding across the industry with 16 signed partnerships, 10 of which are already producing. We've been tracking these producing partners in our monthly treasury updates.
In September, we served 37 of exchange provider volume to Ekso swap industry partners, up from 26% in the previous month. Also on this topic, since there were a lot of questions about MetaMask after the last call, this integration is not yet producing revenue, but MetaMask recently posted that they are expecting Bitcoin support soon. And as a result, we are optimistic about the prospects for our white label services with continued traction and success since launch. It's gratifying to see Exodus extend our services across the industry. Every new partnership validates our technology and drives benefits from scale. Now let's talk about tokenization. Tokenization is another area where Exodus works consistently to be on the leading edge because I strongly believe that tokenization of assets, particular stocks, is the future of financial markets. We announced that we are exploring a Bitcoin dividend. As those plans have progressed, our team has thought through a number of other crypto like value-added activities that we could power for our shareholders using our Exodus token within our Exodus products.
But first things first, we are working through the steps for a potential Bitcoin dividend, and James is going to have more on that later. Now we've partnered with Super State to Exodus common stock token to the Solana blockchain so now Exodus is on 2 blockchains, Solana and Algran with more to come. Enabling Solana is only the first step. All of you who now know how excited I am to be moving towards an on chain stock trading. And it's a priority for Exodus to be in front when U.S. companies start trading. So I'm excited to see the world of Solana and Exodus investment community come together. The time is now.
Now let's talk about the industry and market briefly. And while the price of Bitcoin and Ethereum crypto assets supported our overall economic environment for the quarter, we see stable coin in real-world asset tokenization adoption as key catalysts in the Exodus world future. I'd like to reiterate once again that Exodus is already a leader in key components of this future. Our multichain self custodial wallet technology, our exchange aggregator that power swaps across blockchains and groundbreaking common stock tokens all demonstrate our deep experience across many different rails. So it remains our long-term goal for Exodus to become the last and best app that consumer will ever need for their finances. So I'd like to quickly say thank you to everyone that's joining us on this journey.
James, over to you to discuss our finances.
Great. Thanks, JP. Let's jump in. Okay. So Q3 revenue Ops contributed $496 million. That's 28% of our quarterly volume. Key drivers to the overall volume increase here included higher digital asset prices and the emergence of very meaningful volume from our Exodus Swap partnerships. Non-exchange related revenue increased to over 10% of our revenue that's the first time that we've seen that in quite some time. This primarily reflects improvements in staking, specifically in Solana staking. And we've also seen traction from our XO Pay product in the United States.
From user front, our monthly active users ended at $1.5 million. That's similar to the end of last quarter, have been down 6% from the previous year. Quarterly funded users ended at $1.8 million, and that's up 6% from last quarter and up 20% from a year ago. So as a reminder, QFUs counts funded users. Those are users that have put their money on the Exodus platform and that demonstrates the real stickiness of the XO wallet and the loyalty shown by those users who've trusted us to put their money on our platform. And as we look at the grateful acquisition, our payment strategy is spearheaded by our -- by this acquisition. Grateful as a talented outfit that helps us implement and refine aspects of our software for mass consumption. Additionally, the benefit of Grateful that gives us is a great deal of flexibility with our go-to-market strategy across jurisdictions, including targeted rollouts and future tests -- and feature testing, excuse me.
And on to our balance sheet. It remains a source of strength for us. As of September 30, digital asset -- digital and liquid assets totaled $315 million, and Exodus maintains a debt-free position. And while we increased our Bitcoin to 2,123 Bitcoin.
With regards to our strategy, the Grateful acquisition provides a beachhead in the traditional payment space that can be augmented through development and successive acquisitions as we broaden our capabilities. Meanwhile, the Grateful team's focus on simple, efficient and multichain payment experience for merchants and customers gives us inroads to pursue new regions and new users in conjunction with our existing multichain software.
On the dividend front, we filed an information statement on Friday. So as previously reported, we are currently exploring the possibility of issuing Bitcoin dividends to our stockholders. We believe that issuing the right to receive a Bitcoin -- right to receive a dividend in BTC will allow us to leverage a core asset to reward our public stockholders directly and to promote business objectives such as the adoption of Exodus products and services and promoting the advantages of common stock tokens.
As part of this process, we are seeking to amend our charter to allow Exodus to declare and pay dividends as only -- to only our publicly listed Class A common stock. And we believe that this charter amendment will allow flexibility in our capital allocation strategy and potentially maximize the value of any potential dividend through targeted distributions to our Class A stockholders given that our founders -- sorry, JP, hold over 96% of our Class B common stock. But any potential dividend remains subject to Board approval and the charter amendment is subject to completion. So for additional information on the charter amendment, please refer to the preliminary information statement filed with the SEC on November 7.
And now let's go back to Elizabeth to begin questions and answers from our analysts.
[Operator Instructions] We have Andrew Harte from BTIG. Go ahead, Andrew.
2. Question Answer
Congratulations on the Grateful acquisition. I'm hoping maybe you can just unpack a little more. How quickly do you think you can have Grateful integrated into the Exodus wallet and platform? And any financial details you can share or expectations around Grateful as well would be really helpful.
Thanks, Andrew. So yes, the Grateful acquisition is super exciting for us. And so to answer your question, we are going to go live with Graateful next month. So going to start in Uruguay. And the reason for that is that down in South America during the -- its summer there now or will be summer here shortly and down in South America. And so there's a lot of activity that happens down in Uruguay and Argentina. So Grateful is an Argentinian and Uruguayan team. And so we'll launch there next month and in addition with the Grateful app. So you'll see merchant services, merchant checkout experiences and the app itself will all be live next month. And James, you probably have more on the finances.
Yes, exactly. So Andrew, thanks for the question. I would say that we didn't release the amounts, but just so you get an understanding of the size, they are a smaller team down there, and it's not a very large acquisition from a financial perspective. But I think what it really does show is just that as we have been very public about our M&A strategy, as we've talked about, as our team has gone out and looked at acquisition targets that we have all different types and the fact that we saw -- we really do appreciate and value the technology and that they've built. They just happen to be very rather early on their journey. They had essentially just gotten to their product launch stage when we started getting -- talking to them in earnest about the acquisition. So from a financial perspective, it's not that great, but from -- not -- sorry, not that large. But from a technology perspective, we think it's going to be pretty impactful.
Really helpful. And then just as my other question, James, you talked about a larger percentage of revenues coming from non aggregation sources. I think you called out staking and XO Pay in particular. As we think about the opportunity for that revenue line item to continue growing in these different sources, can you just break down some of the puts and takes in there and how you see that line item evolving over time?
Yes. So I think I've generally been fairly concise. I think that we'll always see aggregation exchange aggregation, in particular, be a rather large part of our revenue stack, if you will, to mix technological and finance terms. I look at the aggregator kind of as the glue because whether you're talking about a stable coin going from Amazon Stable coin to Walmart Stable coin, that aggregator is kind of the glue that's going to power a lot of the different experiences that we see in the future. But to your point, I mean, the Grateful acquisition, the stable coins and the technology and dealing with merchants and things like that, that's not necessarily going to be swapped. So I think as -- especially as we acquire other companies, I think you'll see and develop new, more stable coin and more payment rails type products. I think you can start seeing -- there's a lot of other opportunities that aren't necessarily exchange related. But I generally believe that, that exchange will be a large part of the revenue.
Thanks for the question, Andrew. And next, we have Owen Richard from Northland.
What does the monetization model like for Grateful? Are you guys going to be earning fees on merchant payment volume or stable coins spreads? I guess can you just provide some more color on that.
Yes, absolutely. So short term, we don't care as much about the merchant payment experience in terms of monetizing it. It's more about the utility and getting merchants to realize that if you have a checkout experience with stable coins, you're going to save a lot of money compared to spending fees on credit card exchanges. So while we'll experiment with some, I think, smaller takes and then we're up to 50 bps in some cases, the aspect for us is not the merchant experience. The monetization piece that really becomes, I think, interesting is for consumers to actually start holding crypto assets to hold stable coins to provide yield through stable coins and to provide other value-added services. I mean, if you can imagine that if you have people all over Latin America and the United States using a wallet, they're holding their money, they're holding their stable coins. That opens up a whole suite of monetization capabilities you could imagine things like mortgages, you can think any sort of loan capabilities. Things like that are really interesting to us to connect consumers with the money that they have with the utility that they will need so that's how we think about it.
And of course, not to mention that in time in the Grateful app, there's the possibility of even bringing in other crypto experiences like swaps. So if you have stable coins and you see all of a sudden that you want to buy some bitcoin or Ethereum, that becomes another value-added service. But the key, again, is adding -- making sure that merchants really understand the utility and convenience and cost savings with stable coins. That's the really important key here.
Great. Super helpful. And secondly, I guess, how big is the opportunity in Latin America and potentially other emerging markets for these stable coin-based payments.
Well, it's huge. It's absolutely huge. I mean everybody down in Latin America, especially in countries like Argentina, right, all know the stories of the high inflation of the Argentinian peso and how many consumers around there want to use stable coins. They want to use the dollar and so for us, this presents such a huge opportunity. And I've been told that Tether is actually a household name down in places like Argentina. So given that Argentina is a country of over $100 million, Uruguay is a much smaller country of about $5 million. The opportunity is quite big to really present consumers all across Latin America with an easy and convenient way to hold and store and use dollars as a part of their daily lives. So I think the opportunity is ginormous.
We have Kevin Dede from H.C. Ringright. Go ahead, Kevin.
Thanks for having me on. JP, I really appreciated your color sort of from the 20,000-foot perspective. I was wondering if you wouldn't mind maybe adding a little more to that. And you're thinking about integrating Grateful with stable coins and that possibility in the wallet for customers in the Western world where inflation isn't such a big deal or at least it's not as bad as Argentina? And then maybe -- maybe you could talk a little bit how you incentivize your users? Number one, to come to your platform and number two, to actually use it when most people are pretty satisfied with their credit card. I understand the merchant perspective, but just would love to hear your thinking on how users might approach it.
Yes. Kevin, this is a great question. So -- when you think about like Gen Z consumers or even younger Gen Alpha consumers, it's like I have an older son and I remember when I had a conversation with him, and I said to him, like, yes, we got to sign you up for the bank account and now you're going to have to direct deposit and with your job and then you're going to have to -- he had to write a check at one point in time. And I remember he asked me, he said, what's a check and as is like, wow, there's such a divide between older generations and younger generations, the Snapchat generation that I want it now generation.
These are the type that we want to do all of their banking directly inside of an app, one app. And so that's the opportunity here. And we're not -- to be very clear, we're going to integrate with credit cards and debit cards as well because the opportunity is, is that we want a person to be able to have dollars in their Exodus wallet and be able to use them anywhere in the world. That's the key important aspect is to be able to use it anywhere in the world and not have any friction. Because what we found is if we go back to Exodus for a moment, right, Exodus was created to help people manage a portfolio of assets. That's where it started, right, to manage a portfolio of bitcoin, Ethereum, Doge coin and just any crypto assets.
We saw a future that someday that would involve stocks and even though at the time, stable coins were early, we knew that that would involve stable coins. But at the end of the day, somebody just be able to buy Doge coin at $1 and then turn it around and selling it for $4 later. Like while that's cool, and it helps make money for us, people want to be able to bring that additional or get utility from that additional value, right? Like people buy crypto assets with the intention of being able to get value from them later. So again, for the consumer that becomes really powerful where you have one app that has all of your crypto in it. You have one app that has all of your stocks in it. You have one app that has all of your stable coins and it's presented in such a way that you're not really thinking about Oh, is this stable coin, is it on Solana? Is it on Ethereum. I don't know. I don't care as a consumer. I care about the convenience, I care about being able to use my dollars anywhere. I care about being able to take my bitcoin and sell it right away so that I can buy a new play station or whatever some Gen Z kid cares about.
So that's how we think about it. And again, just to be very clear, Exodus and Grateful we'll integrate with debit cards so that you can use these assets at the point of sale. So I just want to be very, very clear on that.
Yes. Thanks, JP. I appreciate it. James, a quick one for you. The Grateful deal, was that cash or stock? And did it come with a banking relationship in Uruguay and Argentina and is that important?
It was a mix of cash and stock. And from the importance of the banking relationship that is -- that was not a driving factor. Obviously, there are relationships on there, but that was not a driving factor. Just to add some color to what JP had mentioned earlier there, Kevin. Just as an anecdotal consumer, the other day, I went out and I went all day and swiped my card and I got charged 3% every time I did it. So I think that we're seeing a very rapidly changing environment on just payments in general.
And so I think that one of the highlights that Grateful does is it allows us to to really broaden our capabilities and address numerous different payment rails and methods where we can add some value.
So to your point, James, just lastly, you're swiping your credit card and absorbing the 3% fee that used to be charged to merchants.
Exactly.
[Operator Instructions] And it looks like there are no more questions so thank you so much again to JP and James and our analysts. If you want you can visit our social channels on an X or Reddit to submit your questions for management for the quarter, and our Investor Relations team is always standing by. Now thanks again for joining us today, and we will see you next quarter.
Exodus Movement — Q3 2025 Earnings Call
Financial data from Exodus Movement
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 109 109 |
14%
14%
100%
|
|
| - Direct Costs | 20 20 |
-
19%
|
|
| Gross Profit | 5.90 5.90 |
-
5%
|
|
| - Selling and Administrative Expenses | 93 93 |
68%
68%
86%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | -51 -51 |
331%
331%
-47%
|
|
| - Depreciation and Amortization | 3.91 3.91 |
20%
20%
4%
|
|
| EBIT (Operating Income) EBIT | -54 -54 |
420%
420%
-50%
|
|
| Net Profit | -87 -87 |
194%
194%
-80%
|
|
In millions USD.
Don't miss a Thing! We will send you all news about Exodus Movement directly to your mailbox free of charge.
If you wish, we will send you an e-mail every morning with news on stocks of your portfolios.
Exodus Movement Stock News
Company Profile
Exodus Movement, Inc. develops blockchain asset investors platform to secure, exchange and manage wealth inside one application. The company is headquartered in Omaha, Nebraska and currently employs 210 full-time employees. The company went IPO on 2021-09-15. The firm is engaged in the business of creating and distributing self-custodial wallets for digital assets. With self-custodial wallets, the Company puts customers in full control of their funds, enabling them to swap, buy, and sell crypto. Its products include Web3 Wallet, Mobile Wallet, Desktop Wallet, Ledger Hardware Wallet, Trezor Hardware Wallet, Earn Crypto Rewards, XO Swap, Passkeys Wallet & SDK, and Wallet-as-a-Service. XO Swap is a premium swap engine that can be integrated into its client’s product to enable more swap pairs for its customers specifically from BTC to other tokens. Web3 Wallet features include connect to web3 dapps, one home for its customers NFTs, and swap cross-chain. Its customers can manage and swap their cryptocurrencies in Exodus securely from their Trezor. The company offers one-click Web3 onboarding with Passkeys Developer kit.
StocksGuide Premium
| Head office | United States |
| CEO | Mr. Richardson |
| Employees | 215 |
| Website | www.exodus.com |


