• Coinbase, but for self-custody cryptocurrency.
• Fidelity for self-custodied cryptocurrency portfolios.
• Apple Wallet for your decentralized digital assets.

Exodus Movement (EXOD) primarily offers the following major products and services:

• Exodus Wallet: A self-custodial software wallet that allows users to manage, send, and receive over 300 cryptocurrencies and NFTs across multiple networks.
• In-Wallet Exchange (Swap) Service: Enables users to exchange various cryptocurrencies directly within the Exodus wallet without needing to transfer assets to an external exchange.
• Staking Service: Allows users to stake supported cryptocurrencies directly from their Exodus wallet to earn passive rewards.
• NFT Gallery: Provides a feature within the Exodus Wallet for users to view, manage, and store Non-Fungible Tokens.

Exodus Movement (EXOD) primarily sells its cryptocurrency wallet software and related services directly to individuals, not other companies. Therefore, its major customers are individual users of its products.

The company serves the following categories of individual customers:

1. Retail Cryptocurrency Users: This broad category includes individuals ranging from experienced cryptocurrency investors and enthusiasts who manage diverse portfolios to new entrants seeking an accessible platform to store, send, receive, and exchange digital assets.

2. Users Prioritizing Self-Custody and Security: These customers specifically choose non-custodial wallets like Exodus because they value maintaining complete control over their private keys and digital assets. They prioritize security and autonomy, preferring not to entrust their funds to centralized exchanges or third-party custodians.

3. Users Seeking an Intuitive and Multi-Asset Wallet: This group consists of individuals who are looking for a user-friendly interface, broad support for a wide range of cryptocurrencies, and integrated features (such as in-wallet exchange services). They appreciate the convenience of managing multiple digital assets from a single, easy-to-navigate application.

Amazon Web Services (part of Amazon.com, Inc. (AMZN))

Jon Paul Richardson, Chief Executive Officer and Chairman of the Board

Jon Paul Richardson co-founded Exodus Movement with Daniel Castagnoli in 2016, and has served as its Chief Executive Officer and a director since its inception. Previously, Mr. Richardson served as Exodus' President from July 2016 until July 2019. He has published over 200 open-source libraries and written code utilized in much of the Bitcoin and cryptocurrency software on the web. 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. He has led the company to adopt a Bitcoin Treasury Strategy, accumulating over $200 million worth of Bitcoin holdings. All Exodus employees, numbering around 225, receive 100% of their salary in Bitcoin.

James Gernetzke, Chief Financial Officer, Principal Accounting Officer and Secretary

James Gernetzke has served as Exodus Movement's Chief Financial Officer since March 2019. Prior to joining Exodus, Mr. Gernetzke 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. Mr. Gernetzke is a Certified Public Accountant in the State of Illinois.

Matias Olivera, Chief Technology Officer

Matias Olivera has served as Exodus Movement's Chief Technology Officer since June 2022. He initially joined the company in November 2019 and previously served as lead software engineer, engineering manager, and director of engineering. Since 2014, Mr. Olivera has worked as an open-source developer at Github, contributing to numerous projects for companies including Airbnb, Facebook, and Walmart. From 2015 to 2020, he was a professor for web programming at Universidad Católica del Uruguay.

Veronica McGregor, Chief Legal Officer

Veronica McGregor serves as the Chief Legal Officer of Exodus Movement.

Daniel Castagnoli, Director and President, 3ZERO

Daniel Castagnoli co-founded Exodus Movement with Jon Paul Richardson in 2015. He oversees the creative aspects of Exodus, with a focus on emotional design, and has designed experiences for notable companies such as Apple, BMW, Disney, Louis Vuitton, and Nike. He currently serves as a Director and President of 3ZERO.

The key risks to Exodus Movement (EXOD) include:

1. Cryptocurrency Market Volatility: Exodus Movement's business is highly susceptible to the volatile nature of the cryptocurrency market. A significant portion of EXOD's balance sheet consists of digital assets, and its liquidity is therefore exposed to fluctuations in crypto prices. Additionally, the company's revenues are strongly correlated with crypto market conditions, with approximately 90% of its revenue derived from XO Swap, which declines when crypto prices and trading volumes decrease.
2. Declining User Engagement and Intense Competition: Exodus Movement faces challenges with softened user engagement, as evidenced by a decline in Monthly Active Users (MAUs) from 2.3 million in Q4 2024 to 1.5 million in Q3 2025. This decline in user activity directly impacts the company's revenue streams. Furthermore, Exodus operates in a highly competitive landscape, facing pressure from specialized digital asset exchanges and other FinTech companies, such as Coinbase, Robinhood, and PayPal, which offer similar crypto trading and self-custodial wallet solutions.
3. Reliance on Third-Party API Providers: Exodus Movement's operational model has a heavy dependence on third-party API providers for service dispersal and its swap aggregation activities, which generate a significant portion of its revenues. This reliance introduces structural and concentration risks, as the availability and terms of these third-party services could significantly impact Exodus's ability to operate and generate income.

• The emergence of new wallet paradigms, such as Multi-Party Computation (MPC) and smart contract wallets with features like social recovery, directly threatens Exodus's traditional seed phrase-based self-custody model. These newer technologies aim to enhance security by eliminating a single point of failure and improve user experience, potentially offering a superior method for managing digital assets as they gain wider adoption.
• Aggressive expansion of Web3 features and self-custody solutions by major Centralized Exchanges (CEXs) like Coinbase, Binance, and OKX. These exchanges are integrating comprehensive Web3 wallets and dApp browsers directly into their platforms, bundling services that Exodus offers. For many users, an all-in-one platform from a large, trusted CEX could become a more convenient and preferred solution for both trading and self-custody, potentially eroding Exodus's market share for its in-app exchange and Web3 browsing capabilities.

Exodus Movement (EXOD) operates a self-custodial platform that allows users to secure, manage, and exchange various digital assets, including cryptocurrencies like Bitcoin and Ethereum. Their main products and services include the Exodus Wallet, fiat on and off-ramps, and staking services. The addressable markets for these services are primarily the global crypto wallet and broader digital asset management markets.

• Crypto Wallet Market: The global crypto wallet market was estimated at USD 12.59 billion in 2024 and is projected to reach USD 100.77 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 26.3% from 2025 to 2033.
• Web3 Wallet Market: The global Web3 wallet market size was approximately USD 8.4 billion in 2024 and is anticipated to grow to USD 68.8 billion by the end of 2033, with a robust CAGR of 23.7% from 2025 to 2033.
• Digital Asset Management (DAM) Market: The global digital asset management market, which encompasses solutions for managing and distributing digital assets, was estimated at USD 5.3 billion in 2024 and is projected to reach USD 10.3 billion by 2029, growing at a CAGR of 14.0% from 2024 to 2029. While often discussed in the context of enterprise content, Exodus specializes in digital asset management and self-custody solutions for individual users in the cryptocurrency sector.

Exodus Movement (EXOD) is poised for future revenue growth over the next two to three years, driven by several key factors:

1. Growth in User Base and Exchange Volume: Exodus continues to expand its user base and the volume of transactions processed through its platform. The company reported 1.6 million Monthly Active Users (MAUs) as of October 31, 2025, an increase from 1.5 million in September 2025. Exchange provider processed volume also saw significant growth, rising from $539 million in September 2025 to $683 million in October 2025. In fiscal year 2024, Exodus reported a 107% increase in annual revenue, reaching $116.3 million, with MAUs growing by 64% to 2.3 million by the end of Q4 2024. This indicates that continued user acquisition and increased transaction activity are fundamental drivers of revenue.

2. Expansion of XO Swap Partnerships (B2B Strategy): The company's business-to-business (B2B) strategy, particularly through its XO Swap partnerships, is a significant growth area. XO Swap partners contributed 37% of the processed volume in October 2025, totaling $251 million. Exodus' CEO, JP Richardson, highlighted the "expanding partnership ecosystem and the continued momentum of XO Swap" in March 2025, emphasizing its role in promoting seamless digital asset ownership. Analysts also consider XO Swap a key revenue growth driver, expecting its momentum to continue due to its benefits for Exodus, its partners, and end consumers. Strategic collaborations with entities like Ledger and Magic Eden further strengthen Exodus' position in the decentralized finance sector.

3. New Product Innovation and Features: Exodus is continually enhancing its product offerings to improve user experience and attract new customers. In January 2025, the company introduced a new swap experience, aiming for increased speed, reduced costs, and greater flexibility for digital asset transactions. This includes expanded liquidity, support for thousands of tokens, and low fees for SOL-based transactions. Additionally, the development and integration of Passkeys Wallet technology are designed to simplify the self-custody experience by removing onboarding friction and eliminating the need for traditional passwords and recovery phrases. Exodus' B2B solutions also include Passkeys (wallet embedding) and XO Pay (payment rails), further diversifying its service offerings.

4. Broader Cryptocurrency Market Growth and Stablecoin Adoption: Exodus benefits from the overall expansion and increased adoption within the cryptocurrency market, particularly the growing use of stablecoins for payments. The company's financial results reflect this, with a significant increase in gain on digital assets, which surged by 6,616% for the full year 2024 compared to 2023. A positive sentiment and increased activity in the crypto ecosystem contribute to higher transaction volumes and greater demand for self-custody solutions, which Exodus provides.

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, intending for the program to run through December 2022.
• The company has repurchased shares to cover employee withholding taxes, including $9,848 and $1,227 during Q2 2025, and $0.2 million during Q1 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 tokenized its Class A common stock in 2021, initially on the Algorand blockchain, and later expanded to Solana with plans for Ethereum.
• A non-cash adjustment in early 2021 related to the conversion of SAFEs to 2.9 million Class B shares resulted in a $61.0 million loss on extinguishment of SAFE notes.

Inbound Investments

• Exodus raised approximately $75 million from over 6,800 investors through its Regulation A offering in 2021.
• The company raised an undisclosed amount in a Series C funding round on May 10, 2021, with 12 institutional investors participating.

Outbound Investments

• Exodus has made investments in at least three companies, including Prenetics and Debifi.
• The company has acquired at least three companies, including Banxa and globalcenter.net.
• Exodus actively accumulates digital assets, with its Bitcoin treasury growing from 694 BTC in 2020 to 2,147 BTC as of October 31, 2025.

Capital Expenditures

• Annual capital expenditures were $474K in 2024, $67K in 2023, and $320K in 2022.
• For the trailing twelve months as of June 2025, capital expenditures were -$77,000.
• As of August 11, 2025, Exodus has no material commitments for capital expenditures.