Core Insights - The company is transitioning from a speculative model focused on swap fees to a "daily utility" model, emphasizing stablecoins for routine payments [1][7] - Exodus Pay is launched to integrate banking, peer-to-peer payments, and investing into a single user-friendly interface [2][7] - 2025 is highlighted as a pivotal year for the company, focusing on product development and acquisitions during a softer digital asset market [3][4] Financial Performance - Full-year 2025 revenue reached $121.6 million, a 5% increase year-over-year, while Q4 revenue fell to $29.5 million, a 34% decrease year-over-year [5][10] - Monthly active users dropped to 1.5 million, down 35% year-over-year, while funded users remained stable at 1.7 million [5][12] - Full-year swap volume increased to $6.89 billion, up 21% from 2024, despite a decline in digital asset prices [5][13] Strategic Initiatives - The planned acquisition of W3C is central to the company's vertical integration strategy, aiming to create a comprehensive payments stack [6][8] - Management is confident in closing the W3C transaction in 2026, with ongoing regulatory discussions [9] - The company is prioritizing M&A and growth initiatives, pausing its Bitcoin dividend to fund these efforts [17][18] Revenue Diversification - Revenue from staking exceeded $4 million, nearly doubling from 2024, and fiat onboarding revenue increased by 28% [16] - The company has signed 18 partnerships for its B2B swaps platform, with 11 partners generating significant volume [14][15] Future Outlook - Management believes that the revenue does not yet reflect the full impact of the investments made in 2025, but anticipates a payments-focused strategy to materialize in 2026 [19]

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]

Core Insights - Exodus Movement, Inc. reported record full year revenue of $121.6 million for fiscal year 2025, a 5% increase from 2024, with full year swap volume growing 21% to $6.89 billion [1][7]. Financial Performance - Q4 2025 revenue was $29.5 million, down 34% from Q4 2024, while full year revenue increased by 5% compared to 2024 [3][7]. - Technology, development, and user support expenses rose 37% year-over-year to $62.9 million, while general and administrative expenses increased 68% to $66.3 million [3]. - The net loss for Q4 2025 was $(53.2) million, a significant decline from a net income of $67.0 million in Q4 2024 [3]. B2B Infrastructure and Growth Drivers - The B2B product, XO Swap, contributed 19% of Q4 revenue and has been gaining market share, reflecting demand for best-execution routing across liquidity sources [4][6]. - B2B swap partners generated $416 million in Q4 volume, accounting for 26% of the quarterly total [4]. - The acquisition of W3C Corp will enable the company to issue credit cards globally and facilitate real-time settlement in stablecoins, enhancing its B2B offerings [5][6]. Market Context - The digital asset market faced a decline in prices during Q4 2025, impacting revenue performance compared to the previous year, which was boosted by significant market events [8]. Balance Sheet and Financial Position - As of December 31, 2025, the company held $161.6 million in digital and liquid assets, including $149.2 million in Bitcoin and $5.6 million in Ether [10]. - The company took on $60 million in debt during 2025 for the W3C acquisition but repaid it in full before year-end [10]. Preliminary First Quarter 2026 Highlights - As of February 28, 2026, the company held over 610 Bitcoin and over 1,840 Ether, with monthly active users increasing to 1.6 million [12].

Core Viewpoint - Exodus Movement, Inc. is set to release its fourth quarter and full year 2025 financial results on March 11, 2026, after market close, followed by an earnings conference webcast [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 multi-asset crypto wallets [3]. - The company emphasizes user control over funds via self-custodial wallets, allowing users to send, receive, and store cryptocurrencies [4]. Upcoming Events - Exodus will participate in the KBCM Emerging Technology Summit and The Citizens Technology Conference on March 3, 2026, in San Francisco, CA [5].

Core Insights - Exodus Movement, Inc. holds 1,694 BTC as of January 31, 2026, a slight decrease from 1,704 BTC as of December 31, 2025, indicating a strategic adjustment in its cryptocurrency holdings [8] - The company reported 1.6 million monthly active users (MAUs) as of January 31, 2026, up from 1.5 million MAUs as of December 31, 2025, reflecting growth in user engagement [2] - Exodus' exchange provider processed volume reached $399 million in January 2026, an increase from $360 million in December 2025, with 23% of this volume ($90 million) coming from XO Swap partners, compared to 21% ($75 million) in the previous month [3] Digital Asset Holdings - As of January 31, 2026, Exodus holds the following digital assets: - Bitcoin (BTC): 1,694 BTC, down from 1,704 BTC - Ethereum (ETH): 1,887 ETH, down from 1,898 ETH - Solana (SOL): 13,807 SOL, up from 12,473 SOL [8] Company Overview - Exodus is a financial technology leader focused on providing secure and user-friendly cryptocurrency solutions, with a commitment to making digital assets accessible since 2015 [4] - The company emphasizes self-custodial wallets, allowing customers full control over their funds, and offers tools like XO Swap and Exodus Pay for enhanced user experience [5]

Core Insights - Exodus Movement, Inc. has ended 2025 with a debt-free balance sheet, highlighting its strong capital management during a period of product expansion [1][2] Financial Performance - The company fully repaid its debt to Galaxy Digital related to the acquisition of W3C, entering 2026 without any debt [2] - Monthly Active Users (MAUs) remained stable at 1.5 million as of December 31, 2025, unchanged from the previous month, indicating a loyal customer base [2] - Exchange provider processed volume for December 2025 was $360 million, a decrease from $549 million in November 2025, with 21% of December's volume coming from XO Swap partners compared to 36% in November [3] Digital Asset Holdings - As of December 31, 2025, Exodus held 1,704 BTC, down from 1,902 BTC in November 2025; 1,898 ETH, down from 2,802 ETH; and 12,473 SOL, down from 31,050 SOL [7]

Core Insights - Exodus Movement, Inc. has partnered with MoonPay to launch a USD-backed stablecoin aimed at enhancing digital dollar experiences within the Exodus ecosystem [1] - The stablecoin will be issued and managed by MoonPay, utilizing M0's open stablecoin infrastructure [1] - This initiative builds on Exodus Pay, allowing users to spend and send money using stablecoins while maintaining self-custody [1] Company Overview: Exodus Movement, Inc. - Exodus is a financial technology firm focused on providing secure and user-friendly crypto software solutions [1] - Since its inception in 2015, Exodus has aimed to make digital assets accessible through multi-asset crypto wallets that prioritize design and ease of use [1] - The company offers self-custodial wallets, enabling customers to control their funds and perform crypto transactions [1] Company Overview: MoonPay - MoonPay, founded in 2019, is a financial technology company facilitating value transfer across fiat and digital assets [1] - The company claims to have over 30 million customers in 180 countries and supports more than 500 enterprise clients in the crypto and fintech sectors [1] - MoonPay provides a comprehensive integration for on- and off-ramps, trading, crypto payments, and stablecoin infrastructure, connecting traditional payment systems with blockchains [1] Strategic Expansion - The digital dollar will be available through MoonPay's distribution network, enhancing access and utility for users, partner applications, and merchants [1] - MoonPay's enterprise stablecoin business was launched in November 2025, focusing on issuing and managing fully reserved digital dollars across multiple blockchains [1] - The integration with M0 allows MoonPay to provide the necessary technology and distribution for enterprises to quickly bring stablecoin solutions to market [1]

Core Insights - Exodus Movement, Inc. has partnered with MoonPay to launch a fully reserved, USD-backed stablecoin aimed at enhancing digital dollar experiences within the Exodus ecosystem [1][2] - The stablecoin will facilitate everyday payment experiences through the Exodus app, allowing users to spend, send money, earn rewards, and maintain self-custody without needing extensive cryptocurrency knowledge [2][3] Company Overview - Exodus is a self-custodial digital asset platform that has been operational since 2015, focusing on making digital assets accessible through user-friendly multi-asset crypto wallets [6] - MoonPay, founded in 2019, is a global financial technology company that supports over 30 million customers across 180 countries, providing services that connect traditional payment systems with blockchain technology [8][9] Product Development - The new stablecoin will be integrated into MoonPay's global distribution network, offering users broad access and real-world utility through various functionalities such as buying, selling, swapping, depositing, and checking out [3][4] - The launch of the stablecoin is part of MoonPay's enterprise stablecoin business, which aims to issue and manage fully reserved digital dollars across multiple blockchains [4] Future Plans - Additional details regarding the stablecoin, including supported networks and product integrations, will be disclosed closer to its launch in early 2026, subject to regulatory considerations [5]

Core Viewpoint - Exodus is entering the stablecoin market by launching a fully reserved, USD-backed stablecoin in partnership with MoonPay, expected to go live in January 2026 [1][2] Group 1: Company Strategy - The Exodus stablecoin is central to the upcoming product, Exodus Pay, which aims to facilitate everyday crypto payments while maintaining self-custody for users [2] - Users will be able to spend and send the digital dollar through the Exodus app, earning rewards and simplifying typical crypto transactions [2][3] Group 2: Market Position - This move positions Exodus among a select group of public companies offering stablecoin products, including Circle (USDC), PayPal (PYUSD), and Fiserv (FIUSD) [2] - The stablecoin will be accessible through MoonPay's global network, which includes buy, sell, and swap tools, with rollout contingent on regulatory approval [5] Group 3: Industry Insights - JP Richardson, co-founder and CEO of Exodus, emphasized that stablecoins are becoming the simplest way to hold and transfer dollars on-chain, highlighting the need for user experiences that meet modern consumer app expectations [3] - MoonPay's CEO noted that the Exodus partnership illustrates the potential for branded digital dollars to be integrated into consumer-facing financial tools, showcasing compliant stablecoin issuance at a global scale [4]