Exodus Movement Inc(EXOD) - 2025 Q4 - Earnings Call Transcript

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]