Financial Data and Key Metrics Changes - Full-year revenue for 2025 was $121.6 million, representing a 5% increase from 2024 [16] - Q4 revenue was $29.5 million, a 3% decrease from Q3 and a 34% decline year-over-year [16] - Full-year swap volume reached $6.89 billion, a 21% increase from 2024 [16] - Q4 swap volume was $1.59 billion, down 9% sequentially and down 32% year-over-year [16] Business Line Data and Key Metrics Changes - Revenue from staking reached over $4 million for the year, nearly doubling 2024's total [17] - Fiat onboarding revenue increased by 28% compared to 2024 [18] - XO Swap generated $416 million in Q4 volume, accounting for 26% of total quarterly volume [17] Market Data and Key Metrics Changes - Funded users at the end of Q4 were 1.7 million, down 6% from the previous quarter and 11% year-over-year [18] - Monthly active users were 1.5 million at the end of Q4, down 35% from the previous year [18] Company Strategy and Development Direction - The company aims to transition from a speculation-driven model to a payments-focused model, emphasizing daily utility and infrastructure [8][14] - Exodus Pay is positioned as a central product to facilitate everyday transactions using stablecoins [9][10] - The W3C acquisition is a key part of the vertical integration strategy, allowing the company to own the full payment stack [10] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges faced in 2025 due to market conditions but emphasized the importance of building infrastructure [5][6] - The focus is on creating revenue streams that are less dependent on cryptocurrency market fluctuations [8] - The management expressed confidence in the future growth potential, particularly with the integration of AI and the expansion of Exodus Pay [12][14] Other Important Information - The company has paused its Bitcoin dividend plans to prioritize M&A and growth initiatives [19] - The integration of AI is expected to enhance productivity and create new customer classes for the company [12] Q&A Session Summary Question: Can you expand on the steps needed for agentic payments? - The CEO discussed the need for companies to maintain control over wallets used by AI agents and the importance of user experience [24][25] Question: What are the one-time expenses related to M&A in Q4? - The CFO mentioned legal costs and interest associated with the Galaxy loan, indicating that some costs would continue into Q1 and Q2 [29][30] Question: What are the drivers behind improved monetization in XO Swap? - The CFO noted the growth in the number of partners and the expectation of continued changes as the product matures [34][35] Question: When will the next wave of XO Swap partners ramp up? - The CFO indicated steady growth and mentioned that significant names would be announced in the future [38][39] Question: How will Exodus Pay be rolled out in the real world? - The CEO clarified that Exodus Pay aims to integrate various financial services into one app, focusing on mainstream payment experiences [44][46]

Financial Data and Key Metrics Changes - Full-year revenue for 2025 was $121.6 million, representing a 5% increase from 2024 [7][16] - Q4 revenue was $29.5 million, a 3% decrease from Q3 and a 34% decline year-over-year [16] - Full-year swap volume reached $6.89 billion, a 21% increase from 2024, while Q4 swap volume was $1.59 billion, down 9% sequentially and down 32% year-over-year [16][17] - Revenue from staking nearly doubled to over $4 million, driven by improvements in Solana staking [17] Business Line Data and Key Metrics Changes - XO Swap, the B2B swaps platform, generated $416 million in Q4 volume, accounting for 26% of total quarterly volume [17] - Fiat onboarding revenue increased by 28% compared to 2024 [17] - Funded users at the end of the year were 1.7 million, down 6% from the previous quarter and 11% year-over-year [17] Market Data and Key Metrics Changes - The broader retail environment impacted the number of monthly active users, which declined to 1.5 million, down 35% year-over-year [18] - The decline in digital asset prices during Q4 affected overall revenue and trading activity [16][18] Company Strategy and Development Direction - The company is transitioning from a speculation-driven model to a payments-focused model, aiming to create revenue streams independent of cryptocurrency market fluctuations [7][14] - Exodus Pay is central to this strategy, designed to integrate various financial services into a single app, making it user-friendly and accessible [9][45] - The W3C acquisition is a key part of the vertical integration strategy, allowing the company to own the full payment stack and diversify revenue [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but emphasized the importance of building infrastructure to reduce dependency on market conditions [5][14] - The company is optimistic about the future, with expectations that investments made in 2025 will start to yield results in 2026 [14] - AI is seen as a transformative factor, with potential to create a new class of customers needing wallet infrastructure [12] Other Important Information - The company is pausing Bitcoin dividend plans to prioritize M&A and growth initiatives [19] - The integration of AI tools is enhancing productivity within the engineering team [12] Q&A Session Summary Question: Can you expand on the steps needed for agentic payments? - Management discussed the need for secure wallet infrastructure to enable AI agents to transact, emphasizing user control over wallets and the importance of security measures [23][28] Question: What about the cost structure and one-time expenses in Q4? - Management noted legal costs and interest related to the Galaxy loan as part of the cost structure, with expectations for slightly lower costs moving forward [30][31] Question: What are the drivers behind improved monetization in XO Swap? - Management highlighted the growth in the number of partners and the expectation of continued growth in the B2B2C model, despite potential fluctuations in partner operations [35][36] Question: When will the next wave of XO Swap partners ramp up? - Management indicated steady growth and the anticipation of announcing significant new partners in the future, while emphasizing the integration timeline for partners [39][41] Question: How will capital be allocated for consumer-facing initiatives? - Management reiterated that Exodus Pay is an evolution of the company, focusing on consumer needs and aligning capital allocation with mainstream market demands [61][68]