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

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EXOD

Exodus Movement, Inc. Class A

(NYSE MKT:EXOD)

Rating:82Outperform
Price Target:
Exodus Movement, Inc. demonstrates strong financial health, evidenced by robust revenue and profit growth, and a solid balance sheet. The positive sentiment from the earnings call further boosts confidence, despite the negative cash flow and dependency on exchange aggregation posing risks. Overall, the stock is well-positioned with potential for growth, though careful attention to cash flow management and diversification of revenue streams is recommended.
Positive Factors
Financial Position
EXOD trades at a significantly lower multiple compared to COIN, offering a better risk/reward opportunity for investors looking to capitalize on a continued rebound in crypto prices.
Growth Opportunity
Exodus Movement is evolving from a crypto software wallet platform into a distribution plus execution network, monetizing users’ swap activity through partnerships with large wallets like MetaMask.
Strategic Partnership
MetaMask announced it will integrate EXOD's XO Swap into the MetaMask wallet app, marking EXOD's 14th B2B partnership with well-known crypto companies.
Negative Factors
Financial Performance
Exodus Movement's 2Q25 results showed relatively soft performance with exchange provider volume processed through the platform down 37% sequentially amid muted market turnover.
Revenue Contribution Uncertainty
Gross profit and adjusted EBIT results were light against Street estimates, driven from a mix of one-time expenses and unfavorable volume mix with certain partners.
Uncertainty in Market
Despite the positive partnership with MetaMask, there is uncertainty and variability associated with trading in the cryptoverse, leading to a conservative view going forward.

Exodus Movement, Inc. Class A (EXOD) vs. SPDR S&P 500 ETF (SPY)

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:Aug 11, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While the company showed strong revenue growth, expanded partnerships, and regulatory improvements, challenges such as a decline in active users, high marketing spend, and legal expenses were noted.
Q2-2025 Updates
Positive Updates
Revenue Growth
Exodus posted $26 million of revenue in Q2 2025, marking a 16% year-over-year growth driven by the adoption of their products.
Partnership Expansion
Two new XO Swap partnerships became active this quarter, with a total of 14 signed partnership agreements, including a new integration with MetaMask.
Stablecoin Adoption
Exodus is seeing accelerating global adoption of stablecoins, supporting them across 40-plus blockchains.
Regulatory Improvements
The GENIUS Act was signed into law, improving regulatory clarity for digital assets in the U.S.
Balance Sheet Health
Exodus holds $291 million in digital and liquid assets and has increased its Bitcoin holdings to 2,058 Bitcoin while maintaining a debt-free position.
Negative Updates
Decline in Active Users
Q2 brought a 6% sequential decline in monthly active users, which was unchanged from a year ago.
High Marketing and Event Spend
Marketing and event spending reached $7.3 million, driven by sponsorship and advertising, which will not continue at these levels in Q3.
Legal Expenses
Exodus accrued approximately $2.6 million in expenses related to a proposed settlement of an outstanding legal matter with OFAC.
Company Guidance
During Exodus's Second Quarter 2025 Earnings Call, the company reported $26 million in revenue, marking a 16% year-over-year growth. The platform's exchange aggregator, XO Swap, played a significant role, contributing 15% of the quarterly volume and 10% of the revenue. Total Swap volume reached $1.38 billion. Exodus expanded its partnerships to nine active and 14 signed agreements, including a new integration with MetaMask. Additionally, the company highlighted a 30% increase in Bitcoin's price, a 36% rise for Ethereum, and a 24% gain for Solana over the quarter. Despite a 6% sequential decline in monthly active users, Exodus noted a 13% year-over-year increase in quarterly funded users. The company maintained a strong balance sheet with $291 million in digital and liquid assets and 2,058 Bitcoin holdings.

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
88
Very Positive
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.
Balance Sheet
92
Very Positive
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.
Cash Flow
75
Positive
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue127.97M117.52M56.26M50.61M95.85M21.25M
Gross Profit88.68M117.52M25.74M21.93M73.15M11.71M
EBITDA21.91M37.31M7.53M-20.63M51.48M6.96M
Net Income92.57M112.96M12.79M-23.15M-21.91M8.18M
Balance Sheet
Total Assets313.71M288.00M111.72M89.21M108.75M20.75M
Cash, Cash Equivalents and Short-Term Investments58.05M37.90M54.54M20.49M50.74M2.61M
Total Debt0.000.000.000.000.00538.00K
Total Liabilities36.59M30.47M7.96M3.37M4.80M2.93M
Stockholders Equity277.12M257.53M103.76M85.84M103.96M17.82M
Cash Flow
Free Cash Flow-19.45M-12.31M625.00K44.01M6.21M625.00K
Operating Cash Flow-21.56M-12.04M692.00K44.34M8.71M2.67M
Investing Cash Flow60.68M43.89M-9.13M-32.06M-2.61M-2.04M
Financing Cash Flow-13.96M-5.34M-682.00K2.76M-2.15M-1.39M

Exodus Movement, Inc. Class A Technical Analysis

Technical Analysis Sentiment
Negative
Last Price27.25
Price Trends
50DMA
30.52
Negative
100DMA
33.70
Negative
200DMA
36.55
Negative
Market Momentum
MACD
-1.35
Positive
RSI
42.36
Neutral
STOCH
41.87
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 27.25 is below the 20-day moving average (MA) of 27.99, below the 50-day MA of 30.52, and below the 200-day MA of 36.55, indicating a bearish trend. The MACD of -1.35 indicates Positive momentum. The RSI at 42.36 is Neutral, neither overbought nor oversold. The STOCH value of 41.87 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 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 (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
82
Outperform
$784.30M8.3739.57%
77
Outperform
$1.24B25.1824.39%1.36%11.04%18.70%
76
Outperform
$1.60B54.552.89%3.88%22.46%
68
Neutral
$1.35B-55.90%12.76%16.97%
61
Neutral
$36.05B6.66-10.10%1.86%8.68%-8.81%
41
Neutral
$191.58M-70.04%111.83%73.52%
35
Underperform
$152.53M-98.67%
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
EXOD
Exodus Movement, Inc. Class A
26.16
10.70
69.21%
ATEN
A10 Networks
17.59
4.01
29.53%
BKKT
Bakkt Holdings, Inc. Class A
8.69
-5.03
-36.66%
TUYA
Tuya
2.81
1.39
97.89%
AISP
Airship AI Holdings
4.74
2.09
78.87%
BASE
Couchbase
24.40
5.69
30.41%
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.Date of analysis: May 03, 2025