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

• Market Cap: $540.95M
• Dividend Yield: N/A
• Average Volume (3M): 107.16K
• Price to Earnings (P/E): 4.3
• Beta (1Y): 1.73
• 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: 100,395
• 30 Day Avg. Volume: 107,157
• PEG Ratio: <0.01
• Price to Book (P/B): 3.18
• Price to Sales (P/S): 6.98
• P/FCF Ratio: -66.60
• Enterprise Value/Market Cap: 1.56
• Enterprise Value/Revenue: 6.12
• Enterprise Value/Gross Profit: 9.07
• Enterprise Value/Ebitda: 19.84
• 1Y Price Target: $38.67
• Price Target Upside: 136.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 1.23
• Revenue Forecast (FY): $157.31M

• Rating: 70 Outperform
• Price Target: $18.00 ▲(10.29% Upside)

The score is driven primarily by strong reported profitability and a conservative, debt-light balance sheet, tempered by materially negative recent operating/free cash flow that weakens earnings quality. Valuation looks inexpensive on P/E, but technicals remain mixed-to-bearish with the stock below key longer-term moving averages. Earnings-call and event flow are supportive on growth and strategy, though user-trend weakness is a notable risk.

Positive Factors

Conservative, debt-free balance sheet

Zero total debt and growing equity (assets $338.5M, equity $296.7M) materially reduce financial risk, giving Exodus flexibility to fund product expansion and acquisitions without immediate external debt. This capitalization supports multi-quarter strategic initiatives and optionality.

Strong reported profitability and revenue momentum

Sustained TTM revenue growth to $138M and exceptionally high reported margins indicate strong fee economics from the wallet/platform. If durable, these margins enable reinvestment and scalability across products, supporting multi-quarter profitability even as the company expands services.

Acquisition to build end-to-end payments infrastructure

Targeted W3C deal aims to internalize payments rails and reduce third-party dependency for swaps and on‑chain payments. Successful integration would enhance control of margins, enable merchant-facing stablecoin flows, and create a durable differentiated payments offering over months.

Negative Factors

Negative operating and free cash flow

Negative operating and free cash flow despite reported net income weakens earnings quality and limits internal funding capacity. Over several months this forces reliance on asset sales, treasury liquidity, or financing to fund operations and M&A, constraining strategic flexibility.

Sharp decline in monthly active users

A 66% YoY drop in MAUs is a structural retention risk that threatens the sustainability of transaction fee revenue, which depends on active user engagement. Even with higher swap volumes, material user attrition can compress long‑term growth and increase marketing and product investment needs.

Revenue reliance on third-party exchange/liquidity partners

Core revenue depends on third‑party liquidity and exchange providers for swaps, leaving Exodus exposed to counterparty terms, margin compression, and operational limits. Until internal payment rails from acquisitions are fully integrated, this structural dependence constrains control over fee capture and costs.

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

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.

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.

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.

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: 16.32
• 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 16.32 is above the 20-day moving average (MA) of 15.90, below the 50-day MA of 16.49, and below the 200-day MA of 28.15, indicating a neutral trend. The MACD of 0.25 indicates Negative momentum. The RSI at 49.47 is Neutral, neither overbought nor oversold. The STOCH value of 58.97 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	70 Outperform	$540.95M	4.34	44.59%	―	―	―
IMXI	68 Neutral	$460.64M	12.14	26.84%	―	-6.57%	-29.62%
EEFT	66 Neutral	$3.14B	10.90	23.10%	―	7.25%	-1.12%
AVPT	65 Neutral	$2.81B	-1,434.07	0.58%	―	24.71%	99.52%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
OKTA	60 Neutral	$16.54B	84.41	2.96%	―	12.12%	―
BKKT	53 Neutral	$655.79M	-3.82	-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.

Exodus Movement Launches Blockchain Stock Tokens on Solana

On October 20, 2025, Exodus Movement, Inc. announced that its shareholders can now choose to digitally represent their Class A shares with common stock tokens on the Solana blockchain through Superstate. This move, facilitated by Superstate’s Opening Bell platform, reflects Exodus’ commitment to expanding accessibility and transparency for its shareholders and its dedication to multichain functionalities. The initiative positions Exodus as a pioneer in the financial sector’s shift towards blockchain-based financial instruments, potentially enhancing the company’s market presence and stakeholder engagement.

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.