Core Viewpoint - Exodus Movement, Inc. has announced a partnership with Superstate to create common stock tokens that will digitally represent Exodus' Class A shares on major public blockchains, starting with Solana [1][2][3] Group 1: Partnership and Tokenization - The partnership with Superstate will allow Exodus to utilize the Opening Bell platform for issuing stock tokens on major blockchains, enhancing the company's existing Algorand-based tokens and plans for Ethereum [2][4] - JP Richardson, CEO of Exodus, emphasized the belief in a tokenized asset future and the strategic importance of this partnership for innovation and investor access [3] - Superstate's approach involves direct collaboration with issuers to create compliant stock tokens, differentiating it from other tokenized stock offerings that often use synthetic models [4] Group 2: Future Developments - Exodus and Superstate will explore additional innovative use cases and benefits for common stock tokens, with announcements to follow as warranted [4] - The timing for the posting of Exodus common stock tokens on Superstate's Opening Bell platform will be announced in the future [5] Group 3: Company Background - Exodus is a financial technology leader focused on providing secure and user-friendly crypto solutions, with a commitment to making digital assets accessible since 2015 [7][8] - Superstate aims to reshape public capital markets by connecting financial assets with crypto capital markets, offering platforms like Opening Bell for compliant on-chain equity listings [9]

Group 1: Company Performance - As of July 31, 2025, Exodus reported 1.7 million Monthly Active Users (MAUs), an increase from 1.5 million MAUs in June 2025 [2] - The company's digital asset treasury increased, holding 2,087 BTC, 2,742 ETH, and 34,578 SOL as of July 31, 2025, compared to 2,058 BTC, 2,729 ETH, and 31,823 SOL in June 2025 [1][4] - The exchange provider processed volume for July 2025 was $632 million, up from $446 million in June 2025, with $149 million (24%) from XO Swap partners compared to $90 million (20%) in June [3] Group 2: Business Solutions - Exodus offers self-custodial wallets that allow customers to have full control over their funds, enabling them to swap, buy, and sell cryptocurrencies [5] - The company provides business solutions such as Passkeys Wallet and XO Swap, which are designed for embedded crypto wallets and swap aggregation [5] Group 3: Future Outlook - The CFO of Exodus, James Gernetzke, expressed optimism about the company's operations and indicated that further updates would be provided in the upcoming earnings call on August 11, 2025 [4]

Core Viewpoint - Exodus Movement, Inc. (EXOD) is anticipated to report a year-over-year increase in earnings driven by higher revenues for the quarter ended June 2025, with a consensus outlook suggesting a quarterly loss of $0.08 per share, reflecting a 78.4% improvement from the previous year, and revenues expected to reach $24.2 million, an 8.5% increase year-over-year [1][3]. Earnings Expectations - The upcoming earnings report is scheduled for August 11, and the stock may experience upward movement if the reported figures exceed expectations, while a miss could lead to a decline [2]. - The consensus EPS estimate has been revised 67.65% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP (Expected Surprise Prediction) model indicates that the Most Accurate Estimate for EXOD is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +126.67%, suggesting a bullish outlook from analysts [10][11]. - However, the stock currently holds a Zacks Rank of 4, complicating the prediction of an earnings beat [11]. Historical Performance - In the last reported quarter, EXOD was expected to post earnings of $0.22 per share but instead reported a loss of -$0.45, resulting in a surprise of -304.55% [12]. - Over the past four quarters, the company has only surpassed consensus EPS estimates once [13]. Industry Comparison - Grindr Inc. (GRND), another player in the Zacks Internet - Software industry, is expected to report earnings per share of $0.1 for the same quarter, reflecting a year-over-year change of +42.9%, with revenues projected at $104.8 million, up 27.3% from the previous year [17]. - The consensus EPS estimate for Grindr has been revised 8.3% lower in the last 30 days, resulting in an Earnings ESP of 0%, making it difficult to predict an earnings beat [18].

Company Update - Exodus Movement, Inc. will provide a business update and release its second quarter financial results on August 11, 2025, after market close [1] - An earnings conference webcast is scheduled for 4:30 PM ET on the same day [1] Company Overview - Exodus is a financial technology leader that offers secure, user-friendly cryptocurrency software solutions since 2015 [3] - The company focuses on making digital assets accessible through multi-asset crypto wallets that prioritize design and ease of use [3] Product Offerings - Exodus provides self-custodial wallets that allow customers full control over their funds, enabling them to swap, buy, and sell cryptocurrencies [4] - The company’s business solutions include Passkeys Wallet and XO Swap, which are tools for embedded crypto wallets and swap aggregation [4] Commitment to Finance - Exodus is dedicated to driving the future of accessible and secure finance [4]

Core Insights - Exodus Movement, Inc. is well-positioned to benefit from the increasing global adoption of stablecoins, emphasizing the importance of digital asset wallets for their functionality [4][5][6] Digital Asset Holdings - As of June 30, 2025, Exodus holds 2,058 BTC, 2,729 ETH, and 31,823 SOL, showing slight increases from May 31, 2025, where the holdings were 2,038 BTC, 2,721 ETH, and 29,109 SOL respectively [1] User Metrics - Monthly Active Users (MAUs) decreased to 1.5 million as of June 30, 2025, down from 2.2 million in May 2025, with a notable drop in Passkeys wallets from approximately 675,000 to 21,000 [2] Exchange Volume - The processed volume for Exodus' exchange provider was $446 million in June 2025, a decrease from $486 million in May 2025, with $90 million (20%) of the volume coming from XO Swap partners [3] Strategic Focus on Stablecoins - Exodus has supported stablecoins for nearly a decade, including major ones like Tether's USDT and Circle's USDC, and is equipped to support stablecoins across over 40 different networks [5][6] Product Offerings - The XO Swap product facilitates seamless swapping between stablecoins and blockchains, addressing the growing need for secure and trusted wallets in the financial sector [6] Vision for the Future - The company aims to build a better financial future through blockchain technologies, with stablecoins being a significant use case for its products [7]

Group 1 - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research framework identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation, emphasizing a structured and repeatable approach [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Group 2 - Research coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuation [1]

Company Overview - Exodus Movement, Inc. is a leading self-custodial cryptocurrency platform, focusing on secure and user-friendly crypto software solutions since 2015 [5][6] - The company emphasizes the importance of design and ease of use in its multi-asset crypto wallets, making digital assets accessible to a wide audience [5] Digital Asset Holdings - As of May 31, 2025, Exodus holds 2,038 Bitcoin (BTC), 2,721 Ethereum (ETH), and 29,109 Solana (SOL) in its corporate treasury [1] User Metrics - The company reported 2.2 million monthly active users (MAUs) as of May 31, 2025, with approximately 675,000 users utilizing Passkeys Wallets [2] Exchange Volume - The exchange provider processed a volume of $486 million in May 2025, with $69 million (14%) coming from XO Swap partners [3] Management Insights - The CEO highlighted the impact of a May promotion on user growth, particularly for Passkeys Wallets, although such promotions are not expected to continue in June [4] - The CFO noted that the increase in Bitcoin holdings reflects the operational philosophy of the company and its commitment to driving shareholder value through organic growth and potential acquisitions [4]

Core Insights - Exodus has launched XO Pay, a new service enabling customers to buy and sell cryptocurrency directly within the Exodus Mobile wallet, eliminating the need for third-party exchanges [1][3] - XO Pay supports popular cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, and allows purchases using Visa, Mastercard, Apple Pay, or Google Pay [2] - The service is currently available across the United States, excluding New York and Vermont [2] Company Overview - Exodus aims to empower individuals by providing secure and user-friendly crypto software, focusing on self-custodial wallets that give customers full control over their funds [5] - The company has been operational since 2015 and offers solutions like Passkeys Wallet and XO Swap for businesses [5] Technology and Integration - XO Pay integrates Coinme's Crypto-as-a-Service API platform, creating a seamless in-app purchase experience while maintaining user control over assets [4][6] - The user experience is designed for simplicity, allowing customers to initiate purchases easily through the Exodus Mobile app [3] Customer Support - Dedicated support is available for XO Pay users, with representatives ready to assist with transaction issues [4][7]

Company Performance - Exodus Movement, Inc. reported a quarterly loss of $0.45 per share, significantly missing the Zacks Consensus Estimate of $0.22, and a stark decline from earnings of $1.75 per share a year ago, representing an earnings surprise of -304.55% [1] - The company posted revenues of $36 million for the quarter ended March 2025, which was 10.01% below the Zacks Consensus Estimate, and an increase from $29.06 million year-over-year [2] - Over the last four quarters, Exodus Movement has only surpassed consensus EPS estimates once and has not beaten consensus revenue estimates during the same period [2] Stock Performance - Since the beginning of the year, Exodus Movement shares have increased by approximately 63.4%, contrasting with a decline of -3.8% in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $25 million, and for the current fiscal year, it is $0.40 on revenues of $120 million [7] Industry Outlook - The Internet - Software industry, to which Exodus Movement belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Exodus Movement's stock performance [5]

Financial Data and Key Metrics Changes - Q1 revenue reached $36 million, marking a 24% increase year over year, and it was the second highest revenue quarter ever for the company [3][15][29] - Exchange process volumes for the quarter were $2.1 billion, reflecting a 62% growth year over year, but a 7% reduction sequentially [19] - Monthly active users (MAUs) were 1.6 million, down 30% sequentially and 6% year over year [19][20] - Quarterly funded users (QFUs) were 1.8 million, down 5% sequentially but up 6% year over year [21] Business Line Data and Key Metrics Changes - ExoSwap contributed approximately 30% of Q1 swap volume, up from 19% in Q4 [8][18] - ExoSwap generated 17% of Q1 revenue, indicating its role as a key revenue growth driver [18] - The Echo product, while not expected to have a material impact on revenue, resulted in over 1.2 million passkeys wallets created [6][22] Market Data and Key Metrics Changes - The price of Bitcoin declined 12% in Q1, with Ether and Solana experiencing losses of 45% and 34% respectively [9] - The company holds over 2,000 Bitcoin on its balance sheet, reflecting its long-standing Bitcoin treasury strategy [11][24] Company Strategy and Development Direction - The company aims to grow and diversify its services, expand partnerships, and pursue selective acquisitions [14][15] - The focus is on creating user-friendly crypto products and leveraging blockchain technology for everyday consumers [4][29] - The company is optimistic about regulatory clarity in the U.S. and its potential to accelerate mainstream digital asset adoption [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted macroeconomic headwinds impacting user activity but expressed confidence in the long-term growth prospects of the wallet and digital assets [16][29] - The company is actively engaging with policymakers to promote clear regulations that protect innovation [13] - Management remains optimistic about the future growth of stablecoins and their potential to disrupt traditional payment systems [28] Other Important Information - The company has a strong balance sheet with $238 million in digital and liquid assets and no debt [24] - The company pays 100% of salaries in Bitcoin, emphasizing its commitment to the cryptocurrency [11] Q&A Session Summary Question: What is the expected cadence for signing additional partnerships? - Management indicated that while they are actively talking to major players, the process takes time due to the need for trust and consumer base considerations [32][34] Question: Can you provide insights on ExoSwap's revenue contributions and future mix? - Management noted that ExoSwap's revenue share will be lower margin than the base exchange aggregator but expects significant contributions as more partnerships are signed [41][42] Question: What is the focus of new partnerships and their makeup? - Management highlighted that partnerships are increasingly focused on supporting cross-chain swaps, reflecting a growing demand for multichain products [46][49] Question: When can we expect Echo to launch commercially? - Management stated that Echo is currently focused on the X platform, with no immediate plans for other platforms, but it serves as a demonstration of their technology [55][59]