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Exodus Movement, Inc. Class A (EXOD)
:EXOD
RESEARCH TOOLSreports
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Exodus Movement, Inc. Class A
(NYSE MKT:EXOD)
Rating:82Outperform
Price Target:―
Positive Factors
Mergers and Acquisitions
Exodus Movement's access to U.S. capital markets provides a temporary advantage for pursuing mergers and acquisitions, potentially acting as a catalyst for shares.
Product Differentiation
Exodus Movement stands out for its multichain, non-custodial wallet model with integrated swap functionality, positioning it well to capitalize on the growing demand for stablecoin transactions.
Regulatory Developments
The enactment of the GENIUS Act is expected to legitimize stablecoins as mainstream financial instruments and spur their adoption, benefiting Exodus Movement.
Negative Factors
Profitability Challenges
B2B trading contributed around 30% of 1Q volumes but just approximately 5% of gross profit, highlighting challenges in profitability.
Revenue Concentration
Exodus Movement has outsized exposure to retail trading, contributing approximately 95% of revenue, which may pose a risk due to volatility.
Trading Volume Decline
Exodus Movement's 2Q trading volumes of $1.1 billion were down 26% quarter-over-quarter, indicating a decline in trading activity.
Exodus Movement, Inc. Class A (EXOD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$819.41M
Dividend YieldN/A
Average Volume (3M)137.03K
Price to Earnings (P/E)16.1
Beta (1Y)0.21
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees210
SectorTechnology
Sector Strength90
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.45
Shares Outstanding9,412,670
10 Day Avg. Volume135,761
30 Day Avg. Volume137,034
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.52
Enterprise Value/Revenue9.98
Enterprise Value/Gross Profit13.94
Enterprise Value/Ebitda36.97
Forecast
1Y Price Target
$58.00Price Target Upside96.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
Exodus Movement, Inc. Class A Business Overview & Revenue Model
Company DescriptionExodus Movement, Inc. Class A (EXOD) is a technology company operating in the cryptocurrency and blockchain sector. It is primarily known for its multi-asset cryptocurrency wallet, which allows users to manage, exchange, and secure their digital assets. The company focuses on providing a user-friendly interface and experience, enabling users to interact with a wide range of cryptocurrencies and blockchain networks.
How the Company Makes MoneyExodus 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 Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: -45.54%|
Next Earnings Date:Aug 11, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong financial performance with record revenue and growth in key areas such as XO Swap and PassKeys technology. However, challenges with user engagement and market volatility were noted. The proactive approach towards regulatory engagement and a strong balance sheet are positive indicators for future growth.Q1-2025 Updates
Positive Updates
Record Q1 Revenue
Q1 revenue reached $36 million, marking a 24% increase year-over-year and the highest first-quarter revenue ever recorded by Exodus.
XO Swap Expansion
XO Swap accounted for 30% of the Q1 swap volume, up from 19% in Q4, indicating substantial growth and new partnerships.
Strong Balance Sheet
Exodus holds $238 million in digital and liquid assets with no debt, and 2,011 Bitcoin as of March, reflecting a strong financial position.
PassKeys Wallet Technology
Echo, a demo product using PassKeys technology, resulted in over 1.2 million PassKeys wallets being created, showcasing potential for future product integration.
Proactive Regulatory Engagement
CEO J.P. Richardson's involvement in regulatory discussions, including participation in the White House Crypto Summit, underscores a proactive approach to future regulatory clarity.
Growing Market Position
Exodus is positioned to benefit from the anticipated growth of stablecoins and has a strategy for horizontal and vertical expansion through partnerships and M&A activity.
Negative Updates
Decrease in Monthly Active Users
Monthly active users were down 30% sequentially and 6% year-over-year, attributed to market fatigue and volatility.
Market Volatility Impact
The price of Bitcoin, Ether, and Solana saw significant declines in Q1, impacting overall market conditions and user engagement.
Uneven Revenue Contribution
XO Swap's revenue contribution is lower than the base exchange aggregator due to the revenue share component, highlighting potential margin challenges.
Company Guidance
During the Exodus First Quarter 2025 Earnings Conference Call, the company reported robust financial and operational performance. The first quarter revenue reached $36 million, marking a 24% year-over-year increase and representing Exodus' second-best revenue quarter ever. Key growth drivers included the XO Swap product, which accounted for approximately 30% of Q1 swap volume, up from 19% in Q4, highlighting its significant contribution to the quarter's success. The company also mentioned its innovative Echo product, which has led to the creation of over 1.2 million PassKeys wallets, despite not currently being a direct revenue source. Exodus emphasized its strong financial position with $238 million in digital and liquid assets, no debt, and 2,011 Bitcoin holdings. The company also highlighted the impact of macroeconomic conditions, noting a 12% decline in Bitcoin prices, a 45% decrease in Ether, and a 34% drop in Solana during Q1. Despite these challenges, Exodus remains optimistic about future growth, driven by its strategic focus on partnerships, regulatory engagement, and product innovation.Exodus Movement, Inc. Class A Financial Statement Overview
Summary
Exodus Movement, Inc. demonstrates strong financial performance with impressive revenue growth and profitability. The balance sheet is robust with no debt and high equity, indicating financial stability. However, the cash flow statement raises concerns with negative operating cash flow, which needs addressing to maintain financial strength.Income Statement
Exodus Movement, Inc. has shown impressive revenue growth, particularly in the latest year, with a significant jump from $56.2 million to $116.3 million, representing over 100% growth. The gross profit margin is robust at 100% due to no cost of sales being reported. The net profit margin has improved substantially, reaching 97.1% in 2024 from 22.8% the previous year, indicating excellent profitability. However, the absence of reported EBITDA in the most recent period is a notable omission. Overall, the company demonstrates strong financial performance on its income statement.88
Very Positive
Balance Sheet
The balance sheet of Exodus Movement, Inc. is strong, with no debt reported, leading to a favorable debt-to-equity ratio of 0. The equity ratio is high at 89.4%, suggesting that a significant portion of the company's assets are financed by equity. Return on equity is impressive at 43.9%, reflecting the company's ability to generate returns for shareholders. Overall, the balance sheet indicates financial stability and minimal risk from leverage.92
Very Positive
Cash Flow
The cash flow statement shows some concerns. While the company has had positive free cash flow in the past, the latest year records a negative free cash flow of $12.3 million. This is largely due to negative operating cash flow, which might be a concern if it persists. The operating cash flow to net income ratio is negative, indicating challenges in converting profit to cash flow. Despite these challenges, the company has a strong cash position, which can help navigate short-term issues.75
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 117.52M | 56.26M | 50.61M | 95.85M | 21.25M |
| Gross Profit | 117.52M | 25.74M | 21.93M | 73.15M | 11.71M |
| EBITDA | 37.31M | 7.53M | -20.63M | 51.48M | 6.96M |
| Net Income | 112.96M | 12.79M | -23.15M | -21.91M | 8.18M |
Balance Sheet | |||||
| Total Assets | 288.00M | 111.72M | 89.21M | 108.75M | 20.75M |
| Cash, Cash Equivalents and Short-Term Investments | 37.90M | 54.54M | 20.49M | 50.74M | 2.61M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 538.00K |
| Total Liabilities | 30.47M | 7.96M | 3.37M | 4.80M | 2.93M |
| Stockholders Equity | 257.53M | 103.76M | 85.84M | 103.96M | 17.82M |
Cash Flow | |||||
| Free Cash Flow | -12.31M | 625.00K | 44.01M | 6.21M | 625.00K |
| Operating Cash Flow | -12.04M | 692.00K | 44.34M | 8.71M | 2.67M |
| Investing Cash Flow | 43.89M | -9.13M | -32.06M | -2.61M | -2.04M |
| Financing Cash Flow | -5.34M | -682.00K | 2.76M | -2.15M | -1.39M |
Exodus Movement, Inc. Class A Technical Analysis
Negative
29.57
Price Trends
31.44
Negative
36.36
Negative
35.80
Negative
Market Momentum
-0.64
Positive
44.44
Neutral
17.21
Positive
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 29.57 is below the 20-day moving average (MA) of 32.94, below the 50-day MA of 31.44, and below the 200-day MA of 35.80, indicating a bearish trend. The MACD of -0.64 indicates Positive momentum. The RSI at 44.44 is Neutral, neither overbought nor oversold. The STOCH value of 17.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXOD.
Exodus Movement, Inc. Class A Risk Analysis
Exodus Movement, Inc. Class A disclosed 58 risk factors in its most recent earnings report. Exodus Movement, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Changes to business-related risks regarding tax information reporting obligations. Q1, 2025
Exodus Movement, Inc. Class A Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $819.41M | 16.10 | 20.56% | ― | ― | ― | |
74 Outperform | $1.50B | 68.56 | 1.98% | 4.76% | 27.63% | ― | |
70 Neutral | $1.28B | 26.66 | 24.36% | 1.35% | 4.90% | 9.91% | |
68 Neutral | $1.34B | ― | -55.90% | ― | 12.76% | 16.97% | |
62 Neutral | $34.80B | 6.83 | -10.78% | 2.06% | 6.36% | -8.52% | |
42 Neutral | $201.07M | ― | -60.94% | ― | 128.83% | 73.67% | |
35 Underperform | $157.95M | ― | -98.67% | ― | ― | ― |
* Technology Sector Average
Performance Comparison
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Exodus Movement, Inc. Class A
29.57
13.57
84.81%
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AISP
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BASE
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24.28
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.