Exodus Movement, Inc. Class A (EXOD) AI Stock Analysis

• Market Cap: $277.85M
• Dividend Yield: N/A
• Average Volume (3M): 84.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 210
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -2.45
• Shares Outstanding: 10,626,754
• 10 Day Avg. Volume: 78,134
• 30 Day Avg. Volume: 84,503
• PEG Ratio: 0.35
• Price to Book (P/B): 1.73
• Price to Sales (P/S): 3.53
• P/FCF Ratio: -16.61
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 2.24
• Enterprise Value/Gross Profit: 3.70
• Enterprise Value/Ebitda: -69.58
• 1Y Price Target: $21.40
• Price Target Upside: 129.61% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 0.04
• Revenue Forecast (FY): $122.29M

• Rating: 52 Neutral
• Price Target: $11.00 ▲(18.03% Upside)
• Action: Downgraded Date: 03/12/26
• Date: Action: Downgraded 03/12/26

The score is held back primarily by weak recent cash flow and an unfavorable technical trend (below key moving averages with negative MACD). These are partially offset by a strong, low-debt balance sheet and a mixed-but-constructive earnings call emphasizing strategic progress (payments pivot and B2B traction) despite near-term declines in key Q4 metrics and ongoing execution risk around the W3C deal.

Positive Factors

Debt-free balance sheet & sizable equity base

A debt-free balance sheet and sizable equity reduce financial distress risk and provide durable flexibility to fund product investment, M&A, or cover operational shortfalls. This structural strength supports the company’s multi-quarter payments pivot and gives runway despite weak cash flow.

ExoSwap B2B traction and partnerships

Established B2B integrations and live partners create recurring, institutionalized swap volume that is less tied to retail volatility. These partnerships produce network effects, diversify revenue away from retail trading, and provide a scalable channel to grow swap-related fees over multiple quarters.

Product strategy: Exodus Pay & revenue diversification

A structural shift toward payments plus rising staking and fiat onboarding revenue indicates durable diversification. Moving from episodic swap spreads to payment rails and recurring staking/fiat fees can stabilize revenue, improve margin predictability, and expand TAM over the next several quarters.

Negative Factors

Negative operating and free cash flow (2024–2025)

Persistent negative operating and free cash flow despite profitable accounting periods shows weak cash conversion. Over multiple quarters this forces reliance on asset sales, debt or equity to fund operations and strategic bets, constraining discretionary investment and heightening refinancing risk.

Volatile revenue and inconsistent profitability

Large swings in revenue and margins undermine predictability needed to scale payments and B2B offerings. Inconsistent earnings make long-term planning harder, increase execution risk for strategic initiatives, and may require ongoing investment without clear near-term margin improvement.

Declining user engagement (MAUs & funded users)

Sustained declines in MAUs and funded users weaken the core transactional base that generates swap and payments fees. Reduced engagement slows network effects, raises acquisition costs to sustain volume, and threatens revenue scale needed to justify investments in Exodus Pay and card issuance.

Exodus Movement, Inc. Class A Business Overview & Revenue Model

Company Description

Exodus Movement, Inc. operates as a non-custodial cryptocurrency software platform company in the United States. Its multi-asset software wallet allows users to secure, manage, and exchange cryptocurrencies, such as Bitcoin, Ethereum, and others. The company was founded in 2015 and is based in Omaha, Nebraska.

How the Company Makes Money

Exodus primarily generates revenue through transaction-based fees tied to activity within its wallet application, most notably when users exchange (swap) cryptocurrencies using integrated third-party liquidity/exchange providers. In this model, a user initiates an exchange inside the Exodus app; the transaction is executed via external partners, and Exodus earns a spread/fee (often reflected in the exchange rate or explicitly disclosed within the transaction flow), which is recognized as revenue. Other specific revenue streams, material fee structures, and named partnerships beyond the general use of third-party exchange/liquidity integrations are null.

Exodus Movement, Inc. Class A Financial Statement Overview

Summary

Balance sheet strength is a major positive (debt-free positioning and sizable equity base), but operating reliability is weak: revenue/profitability have been volatile and the latest period swung back to a sizable net loss. The biggest drag is cash flow—operating and free cash flow were negative in 2024 and 2025, indicating poor cash conversion and higher reliance on funding if this persists.

Income Statement

Revenue has been volatile: strong growth earlier in the period, followed by a sharp decline in the latest annual report (2025 revenue down ~12%). Profitability is inconsistent—2024 showed extremely high net profitability, but 2025 swung back to a sizable net loss with negative net margin. Earlier years show mixed results (losses in 2021 and 2022, profit in 2023), indicating earnings quality and business performance are not yet stable.

Balance Sheet

The balance sheet is conservatively positioned with no debt reported in recent years and a sizable equity base relative to total assets. This reduces financial risk and gives flexibility through downturns. The main weakness is returns to shareholders are inconsistent, with return on equity swinging from strong positive (2024) to negative (2025), reflecting uneven profitability rather than leverage-driven risk.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow were negative in both 2024 and 2025, despite 2024 reporting very high net income—suggesting profits have not been translating into cash. While 2022 showed very strong positive cash flow and 2023 was modestly positive, the latest two years point to weaker cash conversion and a more funding-dependent operating profile if this persists.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	121.55M	117.52M	56.26M	50.61M	95.85M
Gross Profit	58.62M	117.52M	25.74M	21.93M	73.15M
EBITDA	-3.91M	37.31M	11.80M	-5.80M	51.48M
Net Income	-11.35M	112.96M	12.79M	-23.15M	-21.91M
Balance Sheet
Total Assets	266.76M	288.00M	111.72M	89.21M	108.75M
Cash, Cash Equivalents and Short-Term Investments	5.16M	68.39M	54.54M	52.48M	50.67M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	28.72M	30.47M	7.96M	3.37M	4.80M
Stockholders Equity	247.41M	257.53M	103.76M	85.84M	103.96M
Cash Flow
Free Cash Flow	-25.83M	-12.31M	625.00K	44.01M	8.25M
Operating Cash Flow	-25.56M	-12.04M	692.00K	44.34M	8.71M
Investing Cash Flow	7.66M	43.89M	-9.13M	-32.06M	-2.61M
Financing Cash Flow	-15.04M	-5.34M	-682.00K	2.76M	-2.15M

Exodus Movement, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.32
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXOD, the sentiment is Negative. The current price of 9.32 is below the 20-day moving average (MA) of 10.46, below the 50-day MA of 12.72, and below the 200-day MA of 22.51, indicating a bearish trend. The MACD of -0.57 indicates Negative momentum. The RSI at 35.30 is Neutral, neither overbought nor oversold. The STOCH value of 25.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXOD.

Exodus Movement, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMXI	69 Neutral	$475.86M	14.08	22.07%	―	-6.57%	-29.62%
EEFT	68 Neutral	$2.78B	11.26	23.78%	―	7.25%	-1.12%
AVPT	66 Neutral	$2.27B	82.10	7.96%	―	24.71%	99.52%
OKTA	64 Neutral	$13.65B	63.23	3.45%	―	12.12%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BKKT	53 Neutral	$294.62M	-3.85	-72.26%	―	101.97%	58.61%
EXOD	52 Neutral	$277.85M	-37.79	-4.27%	―	―	―

Exodus Movement, Inc. Class A Corporate Events

Exodus Movement Sets Key 2026 Shareholder Meeting Deadlines

Exodus Movement, Inc. has scheduled its 2026 Annual Meeting of Shareholders for Friday, May 1, 2026, with further details on time, location and agenda items to come in a proxy statement. The company is outlining key governance timelines for shareholder participation in the meeting.

Shareholders seeking to include proposals in the proxy materials under Rule 14a-8 must submit them by the close of business on February 27, 2026, while advance notice for other proposals or director nominations under the amended bylaws is due by February 23, 2026. Investors who plan to solicit proxies for their own board nominees under the universal proxy rules must provide additional notice by March 2, 2026, or risk having their proposals excluded or subject to discretionary voting by the company.

The most recent analyst rating on (EXOD) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on Exodus Movement, Inc. Class A stock, see the EXOD Stock Forecast page.

Exodus Movement Updates Crypto Holdings and Fully Repays Loan

On January 8, 2026, Exodus Movement, Inc. reported updated figures for its corporate treasury’s digital asset holdings and for user and exchange provider processed volume as of December 31, 2025, reflecting operational and transaction activity on its platform. The company also disclosed that in December 2025 it fully repaid the $60 million in indebtedness incurred on November 17, 2025 under a loan agreement with Galaxy Digital LLC, originally taken on to finance its previously announced acquisition of W3C Corp., a move that reduces its debt exposure following the deal.

The most recent analyst rating on (EXOD) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Exodus Movement, Inc. Class A stock, see the EXOD Stock Forecast page.