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A self-custody version of Coinbase or Robinhood for crypto, enabling users to directly own and manage their digital assets.

Like Fidelity or Schwab for your crypto investments, where you act as your own bank and securely hold the private keys to your digital portfolio.

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• Exodus Wallet: A non-custodial cryptocurrency wallet application that enables users to securely store, manage, and exchange a wide range of digital assets.
• Built-in Exchange: An integrated feature within the Exodus Wallet allowing users to swap between different cryptocurrencies directly within the application.
• Staking: Provides functionality for users to earn rewards on supported cryptocurrencies by staking them directly from their wallet.
• NFT and Web3 Support: Offers capabilities to manage non-fungible tokens (NFTs) and interact with decentralized applications (dApps) through its integrated Web3 browser.

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Exodus Movement (EXOD) sells primarily to individuals rather than other companies. Its major customers can be categorized as follows:

1. General Cryptocurrency Users and Investors: Individuals who own various cryptocurrencies and digital assets and seek a secure, user-friendly platform to store, send, receive, and manage their holdings across multiple blockchains.
2. Decentralized Finance (DeFi) and Web3 Participants: Users who actively engage with decentralized applications (dApps), stake tokens, participate in yield farming, provide liquidity, and interact with the broader Web3 ecosystem, requiring a wallet that offers broad integration and functionality.
3. NFT Collectors and Traders: Individuals interested in non-fungible tokens (NFTs) who need a reliable wallet to securely store, display, and transact their digital collectibles.

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Jon Paul Richardson, Chief Executive Officer and Director
Jon Paul Richardson co-founded Exodus Movement with Daniel Castagnoli in 2015. He has served as CEO and director since Exodus's inception. Previously, he built Coin Bolt, a mobile Bitcoin wallet, in 2013. Richardson is recognized for his contributions to open-source blockchain development, having published over 200 open-source libraries and contributed code used by much of the Bitcoin and cryptocurrency software available today. Under his leadership, Exodus became the first U.S. company to conduct an SEC-qualified crypto-only public offering in 2021, and the only one to have its common stock tokenized on the blockchain.

James Gernetzke, Chief Financial Officer and Secretary
James Gernetzke has served as Exodus Movement's Chief Financial Officer since March 2019. Prior to joining Exodus, he was the Chief Financial Officer of Banyan Medical Systems, Inc., a healthcare technology company, from February 2017 to May 2019. Before that, he held the position of Director of Finance at First Data Corporation from December 2015 to January 2017. Gernetzke is a Certified Public Accountant in Illinois.

Daniel Castagnoli, Director, President of 3ZERO, LLC
Daniel Castagnoli is a co-founder of Exodus Movement, alongside Jon Paul Richardson, established in 2015. He has served as a director since co-founding the company. Since May 2023, he has been the President of 3ZERO, LLC, a subsidiary of Exodus. Previously, Mr. Castagnoli served as President of Exodus Movement, Inc. from July 2019 to May 2023 and as Chief Financial Officer and Secretary from July 2016 to March 2019. He is recognized as a master of emotional design, having designed experiences for prominent brands such as Apple, BMW, Disney, and Louis Vuitton prior to Exodus.

Matias Olivera, Chief Technology Officer
Matias Olivera has served as Chief Technology Officer of Exodus Movement since June 2022. His tenure at Exodus began in November 2019, where he held roles including lead software engineer, engineering manager, and director of engineering. Before joining Exodus, Mr. Olivera worked as an open-source developer at Github, contributing to numerous projects for companies such as Airbnb, Facebook, and Walmart. He also served as a professor for web programming at Universidad Católica del Uruguay.

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The key risks to Exodus Movement (symbol: EXOD) include its significant exposure to the volatile digital asset market, declining user engagement amid intense competition, and the inherent execution risks associated with its strategic business model shift.

1. Market Volatility of Digital Assets and Revenue Dependence on Swap Volumes

Exodus Movement's financial health is closely tied to the volatile cryptocurrency market, as its primary revenue generation comes from fees paid by third-party providers when users utilize in-app swap or fiat-purchase features. The company's balance sheet is heavily dominated by digital assets, with a significant portion of its treasury held in Bitcoin, Ether, and Solana, exposing it to fluctuations in their value. This was evident in Q4 2025, where the company experienced a $63.6 million loss on digital assets, net, reversing a prior-year gain and highlighting its exposure to crypto market fluctuations. Management has explicitly cited dependency on swap volume and the softness of retail activity as ongoing business risks, with Q4 2025 revenue declining significantly due to softer retail activity and broader market pullbacks.

2. Declining User Engagement and Competitive Pressures

Exodus Movement faces challenges in attracting and retaining its user base, with declining user engagement being a significant headwind. Monthly active users have fallen, from 2.3 million in Q4 2024 to 1.5 million in Q3 2025, indicating "retail fatigue" and reinforcing the need for new use cases beyond speculative trading. The company also operates in a highly competitive landscape, facing pressure from specialized digital asset exchanges and other FinTech companies offering self-custodial wallet solutions, in-app swaps, and fiat on/off ramps, such as Coinbase, Robinhood, and PayPal. The success of Exodus depends on its ability to offer significant advantages over these competitors.

3. Execution Risk of Strategic Business Model Shift and Acquisitions

Exodus Movement is undergoing a significant strategic pivot towards a payments-centric business model with the launch of Exodus Pay and the acquisition of W3C. While this shift aims to diversify revenue streams and de-risk from speculative crypto trading, it introduces substantial execution and integration risks. Analysts have raised concerns about the cost structure, the impact of mergers and acquisitions, and the challenges of scaling both business-to-business (B2B) and consumer products. The successful integration of the W3C acquisition and the effective rollout of Exodus Pay will be critical indicators of the strategic pivot's success, and these initiatives will be key themes for upcoming quarters.

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• Major technology companies or financial institutions launching deeply integrated and user-friendly cryptocurrency management solutions. Should established tech giants (e.g., Apple, Google) or traditional financial institutions leverage their vast user bases, existing trust, and platform integration capabilities to offer highly secure, intuitive, and seamless non-custodial or hybrid crypto wallet services directly within their core products (e.g., operating systems, banking apps), they could significantly diminish the value proposition and market share of standalone wallet providers like Exodus.
• The acceleration and tightening of global cryptocurrency regulations, particularly concerning self-custody and decentralized finance. Governments and regulatory bodies worldwide are increasingly developing and implementing stricter rules for the cryptocurrency industry. Emerging regulations that impose significant KYC/AML requirements on non-custodial wallet providers, restrict user interaction with decentralized exchanges or protocols (DeFi), or outright ban certain features or assets, could fundamentally alter the operating environment for Exodus. Such regulatory shifts could increase compliance costs, limit product functionality, or make the platform less attractive or even illegal in key markets, threatening its core business model.

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Addressable Markets for Exodus Movement

• Web3 Wallet Market: The global Web3 wallet market was valued at approximately $7 billion in 2025 and is projected to reach $8.93 billion in 2026. This market is anticipated to expand to $23.82 billion by 2030, growing at a compound annual growth rate (CAGR) of 27.8%. For 2024, other estimates for the global Web3 wallet market ranged from $5.2 billion to $8.4 billion. Regionally, North America is a significant market, accounting for approximately $2.1 billion of the Web3 wallet market in 2024 or around $3.2 billion, representing about 38% of the global market in the same year.
• Cryptocurrency Hardware Wallet Market: As Exodus Movement integrates with hardware wallets like Ledger and Trezor, this is a relevant, albeit smaller, segment. The global crypto hardware wallets market size was valued at approximately $450.7 million in 2024 and is expected to reach $1,896.96 million by 2032, with a CAGR of 19.68%.

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Exodus Movement (EXOD) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Expansion into a Payments-Centric Business Model and Strategic Acquisitions: Exodus Movement is transitioning towards a payments-centric business model, evidenced by the launch of Exodus Pay, an application designed to integrate banking, payments, and investing. This shift is bolstered by strategic acquisitions, such as the planned purchase of W3C Corp, which is expected to give Exodus complete control over its payment processes and is projected to significantly enhance revenue streams with an anticipated growth rate of approximately 10%. Additionally, the integration with Baanx is expected to provide substantial long-term growth potential.
2. Growth in User Base and Increased Transaction Volumes through Product Enhancements and Strategic Partnerships: The company's revenue model primarily relies on API integration fees generated when users utilize in-app swap or fiat-purchase features. Continued growth in Exodus's user base, coupled with strategic partnerships and ongoing feature expansions (such as ties with MetaMask and Ledger), are anticipated to drive higher transaction volumes on its platform. The Exodus Platform reported a robust 21% increase in full-year swap volume in 2025, indicating strong user engagement that is expected to continue contributing to fee-based revenue.
3. Diversification into New Customer Segments and Leveraging the Evolving Regulatory Landscape: Exodus Movement is exploring artificial intelligence (AI) as a potential new customer segment, signifying a strategic effort to diversify its offerings beyond its core digital asset wallet services. Furthermore, the company is well-positioned to benefit from favorable regulatory changes and rising stablecoin demand, which are expected to drive mainstream adoption of digital assets and increase overall wallet usage, thereby contributing to revenue growth.

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Share Repurchases

• Exodus Movement authorized a share repurchase program in November 2021 for up to $2 million of its Class A common stock at a price of up to $55 per share, with the program intended to run through December 2022.
• The company repurchased $15.08 million in common stock in fiscal year 2025, $5.35 million in fiscal year 2024, and $0.72 million in fiscal year 2023.

Share Issuance

• Exodus completed a Regulation A offering in 2021, raising approximately $75 million from over 6,800 investors by offering up to 2,733,229 shares of Class A common stock.
• The company issued $0.04 million in common stock in fiscal year 2025, $0.01 million in fiscal year 2024, and $0.03 million in fiscal year 2023.

Outbound Investments

• Exodus Movement agreed to acquire W3C Corp in a deal valued at $175 million on November 24, 2025.
• The company made purchases of investments totaling $11.68 million in fiscal year 2025, $79.2 million in fiscal year 2024, and $83.91 million in fiscal year 2023.
• Exodus generated proceeds from the sale of investments amounting to $99.35 million in fiscal year 2025, $123.56 million in fiscal year 2024, and $74.85 million in fiscal year 2023.

Capital Expenditures

• Capital expenditures were $0.27 million in fiscal year 2025, $0.27 million in fiscal year 2024, and $0.07 million in fiscal year 2023.
• The company invested $39K in capital expenditures in Q3 2025.