Financial Data and Key Metrics Changes - Q1 2025 revenues reached $36 million, marking a 24% year-over-year increase, and it was the second highest revenue quarter ever for the company [4][17] - Exchange process volumes for the quarter were $2.1 billion, reflecting a 62% growth year-over-year but a 7% sequential reduction [20] - Monthly active users (MAUs) were 1.6 million, down 30% sequentially and 6% year-over-year [20] - Quarterly funded users (QFUs) were 1.8 million, down 5% sequentially but up 6% year-over-year [22] Business Line Data and Key Metrics Changes - ExoSwap contributed approximately 30% of Q1 swap volume, up from 19% in Q4 [9] - ExoSwap generated 17% of Q1 revenue, indicating significant growth from partnerships and promotional campaigns [19] - The Echo product, while not a revenue generator, resulted in over 1.2 million passkeys wallets created, showcasing user engagement [7][24] Market Data and Key Metrics Changes - The price of Bitcoin declined by 12% in Q1, with Ethereum and Solana experiencing losses of 45% and 34% respectively [11] - The overall crypto market faced headwinds due to macroeconomic factors, impacting user activity and engagement [12] Company Strategy and Development Direction - The company aims to grow and diversify its services, expand partnerships, and pursue selective acquisitions [16] - There is a focus on increasing visibility through marketing and sponsorships, such as the upcoming Bitcoin conference [12][78] - The company is optimistic about regulatory clarity in the U.S. and its potential to accelerate mainstream digital asset adoption [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to benefit from the evolving regulatory landscape and the growth of digital assets [14][15] - The company remains committed to innovation and is exploring acquisition opportunities in a consolidating market [26][27] - Management highlighted the importance of stablecoins and their potential to disrupt traditional payment systems [28] Other Important Information - The company holds $238 million in digital and liquid assets, with no debt and a growing Bitcoin treasury strategy [25] - The company pays 100% of salaries in Bitcoin, emphasizing its commitment to the cryptocurrency ecosystem [13] Q&A Session Summary Question: Insights on Ledger partnership and future partnerships - Management acknowledged the significance of the Ledger partnership and indicated ongoing discussions with other major players, emphasizing the long-term growth potential from additional partnerships [33][36] Question: ExoSwap volume and revenue contributions - Management noted that ExoSwap's performance was boosted by a successful promotional campaign and discussed the challenges in forecasting short-term volumes due to partner-driven marketing efforts [40][42] Question: Details on new partnerships and their focus - Management described the mix of partnerships, highlighting the demand for cross-chain swaps and the growing interest in stablecoins among traditional finance players [46][50] Question: Commercialization of Echo product - Management clarified that Echo is currently a demo product focused on user engagement and gamification, with no immediate plans for commercialization [55][59] Question: Take rates from exchange process volumes - Management discussed the impact of the Ledger partnership on brand trust and the ongoing efforts to improve take rates while acknowledging the revenue share model of ExoSwap [63][65]

Financial Highlights - As of March 31, 2025, Exodus had $238 million in assets and no debt[10] - Exodus' revenue model is scalable due to relatively fixed costs and durable in bear markets, with growth in bull markets[10] - Exodus' revenue is generated from third-party API providers, and the company does not touch user funds[54] - As of March 31, 2025, Exodus held 2,011 units of Bitcoin valued at $166 million, $1.7 million in US Treasury bills, $61.1 million in cash, cash equivalents, & USDC, 2,693 units of Ether valued at $4.9 million, and $4.3 million in other digital assets[61] Market Opportunity - The total addressable market includes over 650 million people investing in crypto globally[13] - The global crypto market cap is $3 trillion[13] - USD-denominated on-chain Bitcoin transfer volumes were approximately $45.6 billion per day[13] - Stablecoin issuance (market cap) is at $237 billion[17] User Metrics - Monthly Active Users (MAUs) reached 1.5 million in Q1 2025[56] - Quarterly Funded Users (QFUs) also reached 1.5 million in Q1 2025[58]

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2025 financial statements report **$36.0 million** revenues and a **$12.9 million** net loss, a significant shift from prior year net income Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $59,773 | $37,883 | | Digital assets | $175,207 | $196,359 | | **Total Assets** | **$263,202** | **$287,995** | | Total current liabilities | $6,945 | $8,345 | | **Total Liabilities** | **$21,655** | **$30,468** | | **Total Stockholders' Equity** | **$241,547** | **$257,527** | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenues** | **$35,996** | **$29,060** | | Loss (gain) on digital assets, net | $28,809 | $(56,799) | | (Loss) income before income taxes | $(21,741) | $67,953 | | **Net (Loss) Income** | **$(12,873)** | **$54,787** | | Basic net (loss) income per share | $(0.45) | $2.09 | | Diluted net (loss) income per share | $(0.45) | $1.75 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(6,166) | $450 | | Net cash provided by investing activities | $33,694 | $9,552 | | Net cash used in financing activities | $(5,638) | $(344) | | **Change in cash and cash equivalents** | **$21,890** | **$9,658** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports **$36.0 million** revenue for Q1 2025, a **24%** increase, but a net loss due to digital asset fluctuations and rising expenses Key Performance Indicators (KPIs) | Metric | As of March 31, 2025 | As of March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Monthly Active Users (MAUs) | 1.6 million | 1.7 million | -6% | | Quarterly Funded Users (QFUs) | 1.8 million | 1.6 million | +13% | Results of Operations Comparison (in thousands) | Account | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | **$35,996** | **$29,060** | **$6,936** | **24%** | | Technology, development and user support | $14,893 | $10,704 | $4,189 | 39% | | General and administrative | $14,318 | $8,055 | $6,263 | 78% | | Loss (gain) on digital assets, net | $28,809 | $(56,799) | $85,608 | (151)% | | **Net (Loss) Income** | **$(12,873)** | **$54,787** | **$(67,660)** | **(123)%** | - Revenue growth was primarily driven by a **$7.1 million (26%)** increase in exchange aggregation revenue, boosted by user growth and business-to-business partner efforts[87](index=87&type=chunk) - General and administrative expenses increased by **$6.3 million (78%)**, which included **$1.8 million** in transaction-related expenses for prospective business acquisitions, a **$2.2 million** increase in compensation, and a **$1.1 million** increase in marketing[90](index=90&type=chunk) - The company believes its existing cash, digital assets, and cash from operations will be sufficient to fund operations for the next twelve months[93](index=93&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are digital asset price volatility, interest rate fluctuations, and foreign currency exchange rates - A hypothetical **10%** change in digital asset prices would impact fair value by **$17.5 million** as of March 31, 2025[105](index=105&type=chunk) - A hypothetical **100 basis point** change in interest rates would result in a **$0.6 million** change in interest earned on cash and treasury bills[107](index=107&type=chunk) - The company's foreign currency exposure is mainly from Swiss Franc transactions, with **$0.5 million** net foreign currency gains for Q1 2025[108](index=108&type=chunk)[109](index=109&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to unremediated material weaknesses - Management concluded that the Company's disclosure controls and procedures were not effective as of March 31, 2025[112](index=112&type=chunk) - Material weaknesses related to insufficient personnel and inadequately designed control activities remain unremediated[113](index=113&type=chunk) - A remediation plan is underway, but material weaknesses are not yet fully resolved despite some completed activities[114](index=114&type=chunk)[115](index=115&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course legal claims and proceedings, not expected to have a material adverse effect - The Company is subject to a number of claims and proceedings that generally arise in the ordinary course of business, which are not expected to have a material adverse effect[62](index=62&type=chunk)[120](index=120&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the Annual Report on Form 10-K, except for a mitigated tax information reporting risk - A business-related risk regarding a proposed IRS rule on 'Gross Proceeds Reporting by Brokers' is no longer considered a risk due to new legislation[123](index=123&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - None[124](index=124&type=chunk) [Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[125](index=125&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[126](index=126&type=chunk) [Other Information](index=33&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted, modified, or terminated any Rule 10b5-1 trading arrangement during Q1 2025 - No director or Section 16 officer adopted, modified, or terminated any Rule 10b5-1 trading arrangement during the first quarter of 2025[127](index=127&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications - The report includes certifications from the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act[129](index=129&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 12, 2025 Exodus Movement, Inc. (Exact name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation) Delaware 001-42047 81-3548560 (Commission File Number) (IRS Employer 15418 Weir St. #333 Omaha, Nebraska 68137 (Address of Principal Executive Offices) (Zip C ...

First Quarter 2025 Revenue of $36.0 million; Highest Q1 in HistoryOMAHA, Neb., May 12, 2025 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (NYSE American: EXOD) ("Exodus"), a leading self-custodial cryptocurrency platform, today announced its unaudited results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights (Unaudited) In USD millions, except percentagesQ1 2025Q1 2024 % Change Revenue<td style="max-width:2%; width:2%; min-width:2%;;padding-right: ...

Core Viewpoint - Exodus Movement, Inc. is set to release its first quarter financial results on May 12, 2025, after market close, with a conference webcast scheduled for the same day at 4:30 PM ET [1]. Company Overview - Exodus is a financial technology leader that provides secure and user-friendly cryptocurrency software solutions, making digital assets accessible since 2015 through its multi-asset crypto wallets [3]. - The company emphasizes self-custodial wallets, allowing customers full control over their funds, enabling them to swap, buy, and sell cryptocurrencies [4]. - Exodus offers business solutions such as Passkeys Wallet and XO Swap, which are recognized tools for embedded crypto wallets and swap aggregation [4]. Investor Relations - Investors can access the upcoming webcast and supplementary materials through the company's website, specifically in the "Investor Relations" section [2]. - The company utilizes various channels for disclosing material nonpublic information, including its website, press releases, public videos, and social media platforms [5].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Exact name of Registrant as specified in its Charter) | Delaware | 81-3548560 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | 15418 Weir St. #333 | | | (1) Omaha, Nebraska | 68137 | | (Address of principal executive offices) | (Zip Code) | (I.R.S. Employer Identification No.) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCH ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-56643 Exodus Movement, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 81-3548560 ( State or other jurisdiction of incorporation or organizat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-56643 Exodus Movement, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 81-3548560 ( State or other jurisdiction of incorporation or organizatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-56643 Exodus Movement, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 81-3548560 ( State or other jurisdiction of incorporation or organizati ...