Exodus Movement, Inc. Class A (EXOD)
XASE:EXOD
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Exodus Movement, Inc. Class A
(NYSE MKT:EXOD)
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Rating:46Neutral
Price Target:
$7.00
▼(-12.28% Downside)
Action:Reiterated
Date:05/14/26
The score is primarily held back by weakening financial performance (declining revenue, widening losses, and negative free cash flow) and a bearish technical setup (price below major moving averages with negative MACD). Offsetting factors include a strong no-debt balance sheet and constructive longer-term strategy from recent acquisitions and product expansion, though near-term guidance is limited and integration/monetization remain unproven.
Positive Factors
Balance Sheet Strength
A debt-free balance sheet with meaningful cash and digital-asset reserves provides durable financial flexibility. It funds M&A, absorbs ongoing cash burn, and buys time for integration and monetization efforts without immediate financing pressure, supporting multi-quarter strategic execution.
Negative Factors
Revenue Decline & Profitability
Sustained revenue declines and negative operating margins reduce scale economics and constrain reinvestment capacity. Persisting top-line weakness undermines the ability to fund new product rollouts internally, lengthening payback horizons for acquisitions and making profitability recovery more challenging.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
A debt-free balance sheet with meaningful cash and digital-asset reserves provides durable financial flexibility. It funds M&A, absorbs ongoing cash burn, and buys time for integration and monetization efforts without immediate financing pressure, supporting multi-quarter strategic execution.
Read all positive factors
Exodus Movement, Inc. Class A (EXOD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$219.10M
Dividend YieldN/A
Average Volume (3M)64.84K
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue Growth-12.10%
EPS Growth-157.63%
CountryUS
Employees210
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-1.05
Shares Outstanding10,828,976
10 Day Avg. Volume66,647
30 Day Avg. Volume64,836
Financial Highlights & Ratios
PEG Ratio0.35
Price to Book (P/B)1.73
Price to Sales (P/S)3.53
P/FCF Ratio-16.61
Enterprise Value/Market Cap0.67
Enterprise Value/Revenue1.35
Enterprise Value/Gross Profit3.32
Enterprise Value/Ebitda-13.96
Forecast
1Y Price Target
$18.60Price Target Upside133.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.78
Revenue Forecast (FY)$123.19M
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. ...
How the Company Makes Money
null...
Exodus Movement, Inc. Class A Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: near-term financials showed material declines (revenue down 23% QoQ and 37% YoY; swap volume down 26%; funded users down double-digits), highlighting continued sensitivity to crypto market conditions. Offsetting these headwinds, management completed transformative acquisitions (Monavate/Baanx), launched Exodus Pay broadly, introduced XO Cash/AgentKit for AI-enabled payments, secured a high-profile UFC partnership, and maintained a strong balance sheet (no debt, $74M cash, $48M digital assets). The strategic moves position the company to diversify away from crypto-dependent trading revenue toward payments and recurring revenue streams, but integration execution, pro forma clarity and near-term monetization remain to be demonstrated.Positive Updates
Strategic Acquisitions Completed (Monavate & Baanx)
Closed Monavate and Baanx (largest transaction in company history) after a 15-month effort; acquisitions add issuer processing, card programs, interchange, issuance and settlement capabilities, expand payment rails and bring relationships with MetaMask, Ledger, Kraken and OKX—giving Exodus control of more of the payment stack.
Negative Updates
Significant Revenue Decline in Q1
Revenue for Q1 was $22.7 million, down 23% sequentially from Q4 2025 and down 37% year-over-year from Q1 2025, driven primarily by weaker Bitcoin/digital asset prices and lower trading volumes.
Read all updates
Q1-2026 Updates
Positive
Negative
Strategic Acquisitions Completed (Monavate & Baanx)
Closed Monavate and Baanx (largest transaction in company history) after a 15-month effort; acquisitions add issuer processing, card programs, interchange, issuance and settlement capabilities, expand payment rails and bring relationships with MetaMask, Ledger, Kraken and OKX—giving Exodus control of more of the payment stack.
Read all positive updates
Company Guidance
On the call management gave limited formal numerical guidance but said pro forma financials will be produced this quarter and that they expect roughly 40%+ of Exodus’ revenue to flow through the acquired Monavate platform by 2027; they reiterated no additional guidance since the November announcement and said they will provide more color over the next one to two quarters as integration proceeds. Key Q1 metrics cited: revenue $22.7M (down 23% sequentially and 37% YoY), swap volume $1.18B (down 26% QoQ), monthly active users 1.5M (down 6% YoY, flat QoQ), quarterly funded users 1.4M (down 18% QoQ and 22% YoY), exchange-related revenue fell below 90% of total, and the balance sheet showed no debt with $74M cash & equivalents and $48M in digital assets as of March 31; management also noted the Monavate deal structure changed (they did not acquire the original W3C holding company), and the original $175M purchase price was effectively reduced to roughly $108M under the revised agreements.Exodus Movement, Inc. Class A Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
78
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 108.30M | 121.55M | 117.52M | 56.26M | 50.61M | 95.85M |
| Gross Profit | 44.02M | 58.62M | 117.52M | 25.74M | 21.93M | 73.15M |
| EBITDA | -10.47M | -3.91M | 37.31M | 11.80M | -5.80M | 51.48M |
| Net Income | -30.62M | -11.35M | 112.96M | 12.79M | -23.15M | -21.91M |
Balance Sheet | ||||||
| Total Assets | 230.49M | 266.76M | 288.00M | 111.72M | 89.21M | 108.75M |
| Cash, Cash Equivalents and Short-Term Investments | 72.92M | 5.16M | 68.39M | 54.54M | 52.48M | 50.67M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 11.83M | 19.35M | 30.47M | 7.96M | 3.37M | 4.80M |
| Stockholders Equity | 218.67M | 247.41M | 257.53M | 103.76M | 85.84M | 103.96M |
Cash Flow | ||||||
| Free Cash Flow | -21.96M | -25.83M | -12.31M | 625.00K | 44.01M | 8.25M |
| Operating Cash Flow | -21.99M | -25.56M | -12.04M | 692.00K | 44.34M | 8.71M |
| Investing Cash Flow | 45.87M | 7.66M | 43.89M | -9.13M | -32.06M | -2.61M |
| Financing Cash Flow | -10.73M | -15.04M | -5.34M | -682.00K | 2.76M | -2.15M |
Exodus Movement, Inc. Class A Technical Analysis
Negative
7.98
Price Trends
7.39
Negative
10.05
Negative
16.58
Negative
Market Momentum
-0.20
Positive
42.04
Neutral
45.88
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 7.98 is above the 20-day moving average (MA) of 7.43, above the 50-day MA of 7.39, and below the 200-day MA of 16.58, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 42.04 is Neutral, neither overbought nor oversold. The STOCH value of 45.88 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 1 risk factors in its most recent earnings report. Exodus Movement, Inc. Class A reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Exodus Movement, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.18B | 33.25 | 10.20% | ― | 27.12% | ― | |
70 Outperform | $16.17B | 59.44 | 3.45% | ― | 11.84% | 730.76% | |
62 Neutral | $2.52B | 20.79 | 24.04% | ― | 7.22% | 6.31% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
50 Neutral | $529.99M | -2.11 | -116.83% | ― | -58.96% | -44.30% | |
46 Neutral | $219.10M | -1.47 | -11.78% | ― | -12.10% | -157.63% | |
40 Underperform | $458.04M | 230.81 | 16.51% | ― | -10.94% | -50.17% |
* Technology Sector Average
EXOD
Exodus Movement, Inc. Class A
6.60
-28.15
-81.01%
EEFT
Euronet Worldwide
67.46
-41.33
-37.99%
IMXI
International Money Express
15.24
4.14
37.30%
OKTA
Okta
93.81
-31.69
-25.25%
AVPT
AvePoint
10.37
-8.29
-44.43%
BKKT
Bakkt Holdings, Inc. Class A
11.81
0.38
3.32%
Exodus Movement, Inc. Class A Corporate Events
Executive/Board ChangesShareholder Meetings
Exodus Movement Shareholders Reaffirm Board and Auditor Oversight
Positive
May 6, 2026
On May 1, 2026, Exodus Movement, Inc. held its annual general meeting of shareholders in Omaha, Nebraska, with a quorum present representing at least a majority of the voting power of its Class A and Class B common stock. Shareholders re-elected d...
Business Operations and StrategyLegal ProceedingsM&A Transactions
Exodus Movement Completes Strategic Fintech Acquisitions and Simplification
Positive
May 5, 2026
On May 1, 2026, Exodus Movement, Inc. entered into a Stock and Asset Purchase Agreement to acquire all outstanding shares of Baanx US Corp. and certain assets from Howat in a $30 million transaction payable over four years, with an option to settl...
Business Operations and StrategyLegal Proceedings
Exodus Movement Enforces Secured Rights in UK Receivership
Negative
Apr 28, 2026
On April 28, 2026, Exodus Movement, Inc. announced it had exercised its rights as a secured lender under an English-law term loan facility to appoint receivers in the United Kingdom over Monavate Holdings Limited, Monavate Ltd and Baanx.com Ltd, s...
Business Operations and StrategyLegal ProceedingsM&A Transactions
Exodus Movement Sues W3C to Enforce Acquisition Deal
Negative
Apr 13, 2026
Exodus Movement, Inc. disclosed that on November 24, 2025, it entered into a Stock Purchase Agreement to acquire all outstanding shares of W3C Corp., whose group includes Monavate, a global payment solutions provider for fintech, Web3 and large en...
Business Operations and StrategyRegulatory Filings and Compliance
Exodus Movement Adopts 2026 Long-Term Stock Incentive Plan
Positive
Mar 25, 2026
In February 2026, Exodus Movement, Inc.’s board, compensation committee, and majority stockholders approved the 2026 Stock Incentive Plan, which became effective on March 19, 2026 and was detailed in a definitive information statement filed ...
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.