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

• Market Cap: $289.33M
• Dividend Yield: N/A
• Average Volume (3M): 106.00K
• Price to Earnings (P/E): 2.8
• Beta (1Y): 1.46
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 210
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.53
• Shares Outstanding: 9,934,432
• 10 Day Avg. Volume: 71,712
• 30 Day Avg. Volume: 105,996
• PEG Ratio: <0.01
• Price to Book (P/B): 3.13
• Price to Sales (P/S): 6.87
• P/FCF Ratio: -65.51
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 1.70
• Enterprise Value/Gross Profit: 2.53
• Enterprise Value/Ebitda: 5.52
• 1Y Price Target: $31.75
• Price Target Upside: 232.46% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.6
• Revenue Forecast (FY): $148.26M

• Rating: 71 Outperform
• Price Target: $12.50 ▲(30.89% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is driven primarily by solid financial strength (notably a debt-free balance sheet and strong reported profitability) but is held back by poor cash flow conversion and a clearly bearish price trend. A very low P/E supports valuation, while the latest earnings commentary and corporate actions are generally positive but tempered by user-metric softness and execution risk.

Positive Factors

Debt-free, strong capitalization

A debt-free balance sheet with a sizable equity base provides durable financial flexibility. It enables the company to fund strategic initiatives, endure crypto market volatility, pursue acquisitions, and consider shareholder distributions like Bitcoin dividends without near-term refinancing risk.

Transaction-driven revenue growth

Sustained revenue and swap-volume growth indicate structural demand for in-wallet trading and payments. Higher B2B swap mix and >10% non-exchange revenue diversity suggest multiple monetization engines, supporting recurring transaction fee income and longer-term revenue resilience.

Vertical integration into payments

Building end-to-end payments infrastructure reduces reliance on third-party providers and can improve margins and control over routing/liquidity. If executed well, integration strengthens the platform’s competitive moat in on-chain payments and stablecoin merchant flows over the medium term.

Negative Factors

Negative operating & free cash flow

Persistent negative operating and free cash flow despite reported net income signals weak cash conversion and earnings-quality risk. Over months this can force reliance on treasury assets, asset sales, or financing to fund operations or growth, constraining strategic optionality and payout plans.

Declining user engagement

A sharp fall in monthly active users undermines the core transaction base that drives fee revenue. Even with higher swap volumes, sustained user attrition risks lower future transaction frequency, weaker organic growth, and greater marketing spend per funded user to restore monetization.

M&A financing and execution risk

Large acquisitions funded with cash and Bitcoin‑secured financing introduce integration, collateral and margin risks. Execution challenges or adverse crypto price moves could strain treasury, require additional financing, or distract management, raising medium-term operational and governance risk.

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 Movement, Inc. generates revenue through its cryptocurrency wallet services by charging a spread on transactions that occur within its platform. This means that when users exchange one cryptocurrency for another using the Exodus wallet, a small percentage of the transaction is taken as a fee by the company. Additionally, Exodus may earn revenues from partnerships with blockchain networks and other cryptocurrency-related services that integrate with its platform. The company focuses on expanding its user base and enhancing its features to drive more transactions and, consequently, increase its revenue.

Exodus Movement, Inc. Class A Financial Statement Overview

Summary

Strong reported profitability and a very conservative balance sheet (zero debt, strong equity base) support the score, but it is materially offset by weak cash conversion: TTM operating cash flow and free cash flow are both negative despite high net income, raising earnings-quality and sustainability risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue rose to $138.2M (up ~8% vs. the prior annual level of $117.5M), showing continued top-line momentum. Profitability is exceptionally strong on paper, with TTM gross margin ~69% and net margin ~72%, and positive EBIT/EBITDA margins. However, results have been volatile across years (losses in 2021–2022 followed by a sharp jump in 2023–2025), and the unusually high net margins versus operating margins suggest earnings quality may be influenced by non-operating items rather than purely core operations.

Balance Sheet

The balance sheet is very conservative with zero total debt in both TTM (Trailing-Twelve-Months) and the last several annual periods, which materially reduces financial risk. Equity has grown to $296.7M on $338.5M of assets (strong capitalization), and returns on equity are high in the latest periods (TTM ~38%, 2024 ~44%). The main weakness is variability in profitability across earlier years, which can translate into swings in equity returns over time.

Cash Flow

Cash generation is the key weakness: TTM (Trailing-Twelve-Months) operating cash flow is negative (-$21.5M) and free cash flow is also negative (-$21.7M), deteriorating versus 2024 (also negative). This contrasts sharply with strong reported net income in TTM and 2024, indicating earnings are not currently translating into cash. While the company did produce positive operating and free cash flow in some earlier years (notably 2022 and modestly 2023), the recent trend is unfavorable and raises questions about sustainability and working-capital/cash timing dynamics.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	138.20M	117.52M	56.26M	50.61M	95.85M	21.25M
Gross Profit	93.25M	117.52M	25.74M	21.93M	73.15M	12.45M
EBITDA	42.65M	37.31M	11.80M	-5.80M	51.48M	6.96M
Net Income	108.77M	112.96M	12.79M	-23.15M	-21.91M	8.18M
Balance Sheet
Total Assets	338.45M	288.00M	111.72M	89.21M	108.75M	20.75M
Cash, Cash Equivalents and Short-Term Investments	50.80M	68.39M	54.54M	52.48M	50.67M	2.61M
Total Debt	0.00	0.00	0.00	0.00	0.00	538.00K
Total Liabilities	41.75M	30.47M	7.96M	3.37M	4.80M	2.93M
Stockholders Equity	296.70M	257.53M	103.76M	85.84M	103.96M	17.82M
Cash Flow
Free Cash Flow	-21.71M	-12.31M	625.00K	44.01M	8.25M	2.53M
Operating Cash Flow	-21.48M	-12.04M	692.00K	44.34M	8.71M	2.67M
Investing Cash Flow	60.80M	43.89M	-9.13M	-32.06M	-2.61M	-2.04M
Financing Cash Flow	-15.40M	-5.34M	-682.00K	2.76M	-2.15M	-1.39M

Exodus Movement, Inc. Class A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.55
• 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 9.55 is below the 20-day moving average (MA) of 11.34, below the 50-day MA of 14.00, and below the 200-day MA of 24.48, indicating a bearish trend. The MACD of -1.38 indicates Negative momentum. The RSI at 34.66 is Neutral, neither overbought nor oversold. The STOCH value of 22.95 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
EXOD	71 Outperform	$289.33M	2.77	44.59%	―	―	―
IMXI	68 Neutral	$468.96M	12.36	26.84%	―	-6.57%	-29.62%
EEFT	66 Neutral	$2.90B	9.91	24.39%	―	7.25%	-1.12%
AVPT	65 Neutral	$2.19B	-1,113.19	0.58%	―	24.71%	99.52%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
OKTA	60 Neutral	$12.61B	65.31	2.96%	―	12.12%	―
BKKT	53 Neutral	$260.19M	-1.99	-48.63%	―	101.97%	58.61%

Exodus Movement, Inc. Class A Corporate Events

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.

Exodus Movement Implements New Indemnification Agreements

On December 8, 2025, Exodus Movement, Inc. implemented new indemnification agreements with its directors and executive officers, superseding previous agreements. These agreements ensure indemnification and expense advancement for directors and officers involved in legal actions related to their service, potentially impacting the company’s governance and risk management strategies.

The most recent analyst rating on (EXOD) stock is a Buy with a $42.00 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 Reports Digital Asset Holdings Update

On December 9, 2025, Exodus Movement, Inc. announced updates to its digital asset holdings and user metrics as of November 30, 2025. The company reported a decrease in Bitcoin holdings and a slight increase in Ethereum holdings, while Solana holdings saw a significant drop. The announcement also highlighted the acquisition of W3C, emphasizing the strategic use of Exodus’ treasury for acquisitions. Monthly active users decreased slightly to 1.5 million, and exchange provider processed volume decreased to $549 million in October 2025. The company plans to transition to issuing monthly updates solely through press releases, discontinuing Form 8-K filings.

The most recent analyst rating on (EXOD) stock is a Buy with a $42.00 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 Announces Acquisition of W3C Corp

On November 24, 2025, Exodus Movement, Inc. announced a definitive agreement to acquire W3C Corp, including its subsidiaries Monavate and Baanx, for approximately $175 million. This acquisition will enable Exodus to integrate end-to-end payments infrastructure, reducing reliance on third-party providers and expanding its capabilities in the on-chain payments sector. The transaction is expected to close in 2026, pending regulatory approvals, and will be funded through cash and financing secured by Exodus’s Bitcoin holdings. This strategic move aims to position Exodus as a major player in the crypto payments industry, allowing it to offer a comprehensive payments experience and capitalize on the growing demand for stablecoin transactions.

The most recent analyst rating on (EXOD) stock is a Buy with a $40.00 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 Secures $60 Million Loan from Galaxy

On November 17, 2025, Exodus Movement, Inc. Class A secured a $60 million loan from Galaxy Digital LLC under its Master Digital Currency Loan Agreement. The loan, denominated in U.S. Dollars and secured by Bitcoin, is intended to maintain readiness for potential strategic transactions. It features a 9% annual interest rate and is structured as an evergreen facility with a 30-day recall or redelivery option. The collateral is held by Anchorage Digital Bank, and the agreement includes margin-call thresholds and customary remedies in case of default.

The most recent analyst rating on (EXOD) stock is a Buy with a $40.00 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 Reports Significant October Growth Metrics

On November 6, 2025, Exodus Movement, Inc. announced an update on its digital asset holdings and user metrics as of October 31, 2025. The company’s corporate treasury grew to 2,147 BTC, and its monthly active users increased to 1.6 million. Additionally, the exchange provider processed a volume of $683 million in October, marking a significant increase from September’s $539 million. These updates reflect Exodus’ ongoing growth and its impact on the cryptocurrency platform market.

The most recent analyst rating on (EXOD) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Exodus Movement, Inc. Class A stock, see the EXOD Stock Forecast page.