Exodus Movement, Inc. Class A (EXOD)
:EXOD
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Exodus Movement, Inc. Class A
(EXOD)
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Rating:50Neutral
Price Target:
$6.50
▼(-9.85% Downside)
Action:ReiteratedDate:04/14/26
The score is held back primarily by weak cash flow quality and bearish technical momentum, partially offset by a strong, debt-free balance sheet and a mixed-but-constructive strategic narrative from the earnings call. Valuation is not supportive due to losses (negative P/E), and recent corporate events introduce added M&A/legal and dilution risk.
Positive Factors
Debt-free balance sheet
A debt-free balance sheet provides durable financial flexibility: it lowers default risk, supports funding of strategic investments (M&A, product buildouts) without immediate refinancing pressure, and cushions the company through crypto market cyclicality over the next 2–6 months.
Negative Factors
Weak cash conversion
Consecutive years of negative operating and free cash flow signal that reported profits have not converted to cash. Persistent weak cash conversion raises funding dependence, increases dilution or financing risk for growth initiatives, and limits ability to self-fund payments and M&A execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free balance sheet provides durable financial flexibility: it lowers default risk, supports funding of strategic investments (M&A, product buildouts) without immediate refinancing pressure, and cushions the company through crypto market cyclicality over the next 2–6 months.
Read all positive factors
Exodus Movement, Inc. Class A (EXOD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$204.81M
Dividend YieldN/A
Average Volume (3M)87.93K
Price to Earnings (P/E)―
Beta (1Y)1.46
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees210
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-2.13
Shares Outstanding10,626,754
10 Day Avg. Volume56,747
30 Day Avg. Volume87,933
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 Cap1.02
Enterprise Value/Revenue1.72
Enterprise Value/Gross Profit2.85
Enterprise Value/Ebitda-53.60
Forecast
1Y Price Target
$19.60Price Target Upside171.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.09
Revenue Forecast (FY)$120.64M
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
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Exodus Movement, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but constructive picture: near-term financial and user metrics showed material declines in Q4 (notably revenue, swap volume, and MAUs), creating clear short-term headwinds. Offsetting this, management outlined several strategic positives—modest full-year revenue growth, strong full-year swap volume growth, ExoSwap B2B traction, staking and fiat onboarding increases, major product initiatives (Exodus Pay), partnerships, and acquisitions (Grateful and W3C) that aim to diversify revenue away from speculation toward payments and infrastructure. Management signaled continued investment (and associated costs) to realize this transition and acknowledged regulatory and timing risks tied to W3C. Overall the call balances meaningful long-term strategic progress with near-term execution and market challenges.Positive Updates
Full-Year Revenue Growth
Full-year 2025 revenue of $121.6 million, up 5% year-over-year, reflecting improved monetization and B2B expansion despite a softer retail environment.
Negative Updates
Q4 Revenue Weakness
Q4 2025 revenue was $29.5 million, down 3% sequentially and down 34% year-over-year versus a record Q4 2024, reflecting challenging market conditions and lower retail activity.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue Growth
Full-year 2025 revenue of $121.6 million, up 5% year-over-year, reflecting improved monetization and B2B expansion despite a softer retail environment.
Read all positive updates
Company Guidance
Management guided that 2026 is when their payments strategy should begin to materialize and reiterated confidence in closing the W3C acquisition in 2026; they reported FY‑2025 revenue of $121.6M (+5% YoY) and Q4 revenue of $29.5M (‑3% sequential, ‑34% YoY), FY swap volume $6.89B (+21% YoY) and Q4 swap volume $1.59B (‑9% Q/Q, ‑32% YoY), ExoSwap produced $416M in Q4 (26% of quarterly volume) across 18 signed partners (11 live), funded users were 1.7M (‑6% Q/Q, ‑11% YoY) and MAUs 1.5M (‑35% YoY, flat Q/Q), staking revenue topped ~$4M (nearly 2x 2024) and fiat onboarding revenue grew 28% YoY; they funded $80M of debt for W3C (paid off the Galaxy facility pre‑year‑end), reduced their Bitcoin treasury and continue asset sales in 2026 to prepare for deal disbursements, are pausing Bitcoin dividend plans to prioritize M&A, expect ongoing M&A/legal/interest costs (but slightly lower next quarter), and see continued ExoSwap/B2B ramp and future revenue diversification from Exodus Pay and card issuance post‑W3C.Exodus Movement, Inc. Class A Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
82
Very Positive
Cash Flow
36
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 121.55M | 117.52M | 56.26M | 50.61M | 95.85M |
| Gross Profit | 58.62M | 117.52M | 25.74M | 21.93M | 73.15M |
| EBITDA | -3.91M | 37.31M | 11.80M | -5.80M | 51.48M |
| Net Income | -11.35M | 112.96M | 12.79M | -23.15M | -21.91M |
Balance Sheet | |||||
| Total Assets | 276.13M | 288.00M | 111.72M | 89.21M | 108.75M |
| Cash, Cash Equivalents and Short-Term Investments | 5.16M | 68.39M | 54.54M | 52.48M | 50.67M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 19.35M | 30.47M | 7.96M | 3.37M | 4.80M |
| Stockholders Equity | 247.41M | 257.53M | 103.76M | 85.84M | 103.96M |
Cash Flow | |||||
| Free Cash Flow | -25.83M | -12.31M | 625.00K | 44.01M | 8.25M |
| Operating Cash Flow | -25.56M | -12.04M | 692.00K | 44.34M | 8.71M |
| Investing Cash Flow | 7.66M | 43.89M | -9.13M | -32.06M | -2.61M |
| Financing Cash Flow | -15.04M | -5.34M | -682.00K | 2.76M | -2.15M |
Exodus Movement, Inc. Class A Technical Analysis
Negative
7.21
Price Trends
9.17
Negative
12.33
Negative
20.23
Negative
Market Momentum
-0.95
Negative
41.33
Neutral
45.12
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 7.21 is above the 20-day moving average (MA) of 7.10, below the 50-day MA of 9.17, and below the 200-day MA of 20.23, indicating a bearish trend. The MACD of -0.95 indicates Negative momentum. The RSI at 41.33 is Neutral, neither overbought nor oversold. The STOCH value of 45.12 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $477.97M | 14.08 | 22.07% | ― | -6.57% | -29.62% | |
68 Neutral | $2.77B | 11.26 | 23.78% | ― | 7.25% | -1.12% | |
66 Neutral | $2.05B | 82.10 | 7.96% | ― | 24.71% | 99.52% | |
64 Neutral | $11.58B | 63.23 | 3.45% | ― | 12.12% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
50 Neutral | $204.81M | -2.05 | -4.27% | ― | ― | ― | |
47 Neutral | $266.50M | -0.40 | -139.50% | ― | 101.97% | 58.61% |
* Technology Sector Average
EXOD
Exodus Movement, Inc. Class A
7.21
-30.80
-81.03%
EEFT
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-24.78
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IMXI
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15.90
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34.40%
OKTA
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-36.04%
AVPT
AvePoint
9.40
-5.43
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BKKT
Bakkt Holdings, Inc. Class A
8.98
0.55
6.52%
Exodus Movement, Inc. Class A Corporate Events
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 ...
Regulatory Filings and ComplianceShareholder Meetings
Exodus Movement Sets Key 2026 Shareholder Meeting Deadlines
Neutral
Feb 13, 2026
Exodus Movement, Inc. has scheduled its 2026 Annual Meeting of Shareholders for Friday, May 1, 2026, with further details on time, location and agenda items to come in a proxy statement. The company is outlining key governance timelines for shareh...
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.