Exodus Movement, Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $109m, down 14.2% on a year earlier, a steeper fall than the 12.1% decline a quarter earlier. That puts it 22 of 22 for growth among the transaction & payment processing services companies we cover.
Our model value for Exodus Movement is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Exodus Movement, Inc.'s trailing-twelve-month revenue fell 14.2% year on year, with a free-cash-flow margin of -61.1%. Where it lags: net margin of -79.9% ranks 30 of 30 transaction & payment processing services companies we cover.
Current signal Balance sheet growing far ahead of sales: Total assets grew 90% year over year while revenue fell 14% — the balance sheet is expanding 104 points faster than the business it supports.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Exodus Movement, Inc. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Exodus Movement, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.32 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$27 ~$19–$39 | Left out: out of range vs price (5.36x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$26 ~$23–$29 | Left out: out of range vs price (5.14x) |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.9 ~$15–$75 | Left out: out of range vs price (0.18x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Exodus Movement, Inc. with asset managers, brokers and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 9, 2026, after the close. Analysts expect revenue of $29m and EPS of −$0.25 (range −$0.25 to −$0.25) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$1.39 | −637% | $111m | −9% |
| Next | $0.06 | +104% | $149m | +35% |
Next year's EPS estimate has moved −95.7% in 90 days, across 1 analysts.
The consensus EPS forecast for the current fiscal year is +4533.3% on 90 days ago. In the last 30 days, 1 analyst raised Exodus Movement, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.03 | $1.39 |
| 60 days ago | −$0.03 | $1.39 |
| 30 days ago | −$0.03 | $1.39 |
| 7 days ago | −$0.03 | $1.39 |
| Now | −$1.39 | $0.06 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.18 | −$0.13 | +30.2% |
| Mar 2026 | $0.04 | $0.01 | −67.5% |
| Dec 2025 | $0.13 | $0.25 | +102.2% |
| Sept 2025 | $0.20 | −$0.02 | −109.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| EXOD | −90% | +12% | +1234% | −52% | −66% |
| Industry peers (median) | −26% | +6% | +9% | −23% | +9% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| EXOD | 42% | 42% | 83% | 42% | 27% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| EXOD | −96% | −71% | −45% | −85% | −75% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since September 16, 2021: 96% from November 29, 2021 to December 9, 2022. Getting back needed a 2650% gain, reached on November 13, 2024, 705 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 10, 2026 | −9.1% | −0.3% | +20.2% | +14.8% |
| May 11, 2026 | −14.8% | +0.1% | −11.7% | −24.7% |
| May 1, 2026 | +4.3% | −0.1% | +7.8% | −6.3% |
| March 11, 2026 | −8.9% | −1.6% | −25.9% | −41.4% |
| November 10, 2025 | −1.5% | +1.8% | −26.0% | −27.2% |
| August 11, 2025 | −12.7% | +0.9% | −16.7% | −13.8% |
| May 12, 2025 | −16.1% | +4.0% | −32.4% | −38.0% |
| March 3, 2025 | +0.7% | −2.9% | −41.7% | +8.1% |
| November 12, 2024 | +10.1% | −0.3% | +10.0% | +33.0% |
| August 12, 2024 | +3.8% | +1.7% | −5.1% | −11.1% |
| May 7, 2024 | +150.0% | +0.1% | +137.5% | +62.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $56.2M |
| FY24 Q1 | $71.9M |
| FY24 Q2 | $81.8M |
| FY24 Q3 | $89.9M |
| FY24 Q4 | $116.3M |
| FY25 Q1 | $123.2M |
| FY25 Q2 | $126.7M |
| FY25 Q3 | $137M |
| FY25 Q4 | $121.6M |
| FY26 Q1 | $108.3M |
| FY26 Q2 | $108.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q4 | 106.9% |
| FY25 Q1 | 71.4% |
| FY25 Q2 | 54.9% |
| FY25 Q3 | 52.3% |
| FY25 Q4 | 4.5% |
| FY26 Q1 | -12.1% |
| FY26 Q2 | -14.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 1.1% |
| FY24 Q1 | -0.5% |
| FY24 Q2 | -4.3% |
| FY24 Q3 | -10.3% |
| FY24 Q4 | -10.6% |
| FY25 Q1 | -15.3% |
| FY25 Q2 | -17.2% |
| FY25 Q3 | -15.9% |
| FY25 Q4 | -21.2% |
| FY26 Q1 | -20.5% |
| FY26 Q2 | -61.1% |
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 56 | 116 | 122 | 109 |
| Net income | 13 | 113 | −11 | −87 |
| Growth (year on year) | ||||
| Revenue | — | +106.9% | +4.5% | −14.2% |
| Net income | — | +783.5% | −110.1% | −193.9% |
| Margins | ||||
| Net margin | 22.8% | 97.1% | −9.3% | −79.9% |
| Free-cash-flow margin | 1.1% | −10.6% | −21.2% | −61.1% |
| Cash flow | ||||
| Cash from operations | 1 | −12 | −26 | −66 |
| Capital spending | 0 | 0 | 0 | 0 |
| Free cash flow | 1 | −12 | −26 | −66 |
| Stock-based pay | 6 | 7 | 14 | 16 |
| Free cash flow after stock pay | −5 | −19 | −39 | −83 |
| Balance sheet | ||||
| Cash | 11 | 38 | 5 | 21 |
| Total debt | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −11 | −38 | −5 | −21 |
| Returned to shareholders | ||||
| Buybacks | 1 | 5 | 15 | 7 |
| Total returned | 1 | 5 | 15 | 7 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 20 | 45 | 36 | 26 | 30 | 29 | 23 | 26 |
| Gross profit | 9 | — | — | — | — | — | — | — |
| EBITDA | 1 | — | — | — | — | — | — | — |
| Operating income | −0 | — | — | — | — | — | — | — |
| Net income | 1 | 67 | −13 | 38 | 17 | −53 | −32 | −19 |
| Growth (year on year) | ||||||||
| Revenue | +67.9% | +142.7% | +23.9% | +15.8% | +50.8% | −34.4% | −36.8% | +1.6% |
| Net income | — | +543.9% | −123.5% | — | +>999% | −179.5% | — | −149.4% |
| Margins | ||||||||
| Gross margin | 43.7% | — | — | — | — | — | — | — |
| EBITDA margin | 6.5% | — | — | — | — | — | — | — |
| Operating margin | −0.3% | — | — | — | — | — | — | — |
| Net margin | 4.2% | 149.4% | −35.8% | 145.8% | 56.2% | −181.0% | −141.3% | −71.0% |
| Free-cash-flow margin | −24.5% | −11.8% | −17.3% | −20.7% | −16.0% | −32.0% | −11.5% | −189.1% |
| Cash flow | ||||||||
| Cash from operations | −5 | −5 | −6 | −5 | −5 | −9 | −3 | −50 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −5 | −5 | −6 | −5 | −5 | −9 | −3 | −50 |
| Stock-based pay | 2 | 1 | 3 | 3 | 5 | 3 | 4 | 4 |
| Free cash flow after stock pay | −7 | −7 | −9 | −9 | −10 | −12 | −7 | −54 |
| Last 12 months unless stated | EXOD | PAYS | USIO | RPAY | RSKD | SEZL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $109m | $101m | $93m | $338m | $345m | $532m | $1.6bn |
| Revenue growth, last 12 months | −14.2% | 46.8% | 10.4% | 8.8% | 5.2% | 43.1% | 9.3% |
| Revenue growth, 3-year average | — | 33.4% | 5.9% | 5.2% | — | 56.7% | 7.9% |
| Revenue growth, latest quarter | 1.6% | 48.1% | 18.6% | 33.2% | — | 51.7% | 14.0% |
| Gross margin | — | 61.0% | 22.3% | 73.5% | 51.7% | — | 45.0% |
| Operating margin | — | 17.0% | −1.2% | −44.2% | −9.9% | 40.4% | 9.8% |
| Operating margin, 3-year average | — | 8.8% | −1.6% | −36.4% | — | 33.3% | 11.1% |
| Net margin | −79.9% | 15.7% | −1.6% | −49.6% | −8.0% | 30.4% | 6.1% |
| Cash from operations / revenue | −60.9% | 74.4% | 0.7% | 33.3% | 9.8% | 51.8% | 18.4% |
| Free-cash-flow margin | −61.1% | 73.0% | −0.3% | 32.6% | 9.6% | 51.6% | 16.1% |
| Free-cash-flow margin, 3-year average | −27.5% | 54.9% | −8.6% | 37.6% | — | 34.0% | 16.3% |
| Stock pay / revenue | 14.8% | 5.1% | 1.8% | 5.8% | 15.0% | 0.8% | 2.2% |
| Change in share count | — | 10.6% | 2.4% | −99.9% | −7.9% | −1.7% | −2.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -14.2% | 9.7% | 28 of 30 |
| Change in growth rate Growth | -2.1pp | -0.3pp | 23 of 30 |
| Net margin Profitability | -79.9% | 6.6% | 30 of 30 |
| Stock pay as % of revenue Cash generation | 14.8% | 2.3% | 29 of 30 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Exchange Aggregation | $111M | 90.8% | ▲ 3.4% |
| Fiat Onboarding | $5M | 4.1% | ▲ 28.0% |
| Staking | $4.3M | 3.6% | ▲ 90.5% |
| Consulting | $910,000 | 0.7% | ▼ 30.4% |
| Other | $540,000 | 0.4% | ▼ 67.1% |
| Non Fungible Token | $400,000 | 0.3% | ▼ 73.3% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| MH | $31.3M | 25.8% | ▼ 13.3% |
| Hong Kong | $27.4M | 22.6% | ▲ 10.7% |
| VG | $20.4M | 16.8% | ▲ 6.1% |
| SC | $14.8M | 12.2% | ▼ 28.9% |
| Us and Outside the US | $14.3M | 11.8% | ▲ 46.4% |
| VC | $13.3M | 10.9% | ▲ 141.5% |
From Exodus Movement, Inc.'s 10-K filed March 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Ftx Recovery Trust | $9.4M | 1.8M | 56.2% | 0.0% |
| Tidal Investments LLC | $1.7M | 333K | 10.3% | ▼ 0.3% |
| Vanguard Capital Management LLC | $1.2M | 233K | 7.2% | ▼ 0.7% |
| Blackrock, Inc. | $925,234 | 179K | 5.5% | ▲ 34.4% |
| Mirae Asset Global Etfs Holdings Ltd. | $759,096 | 147K | 4.5% | ▲ 84.3% |
| Vanguard Portfolio Management LLC | $509,566 | 99K | 3.0% | ▲ 2.9% |
| UBS Group AG | $398,783 | 77K | 2.4% | ▼ 8.7% |
| Geode Capital Management, LLC | $342,868 | 66K | 2.0% | ▼ 14.0% |
| Vanguard Fiduciary Trust Co | $212,880 | 41K | 1.3% | ▲ 26.1% |
| Bank Of America Corp | $173,836 | 34K | 1.0% | ▲ 0.4% |
| State Street Corp | $142,475 | 28K | 0.8% | 0.0% |
| Citadel Advisors LLC | $137,837 | 27K | 0.8% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Exodus Movement, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Gernetzke James Chief Financial Officer | October 2, 2026 | Sell | 5,579 | $7.04 | $39,276 |
| Knight Margaret Director | October 1, 2026 | Sell pre-set plan | 135 | $7.08 | $956 |
| Gernetzke James Chief Financial Officer | September 3, 2026 | Sell | 5,682 | $7.35 | $41,763 |
| Knight Margaret Director | September 1, 2026 | Sell | 135 | $7.31 | $987 |
| Olivera Matias Chief Technology Officer | August 28, 2026 | Sell | 2,835 | $9.00 | $25,515 |
| Olivera Matias Chief Technology Officer | August 27, 2026 | Sell | 2,835 | $8.52 | $24,154 |
| Olivera Matias Chief Technology Officer | August 26, 2026 | Sell | 2,835 | $8.35 | $23,672 |
| Olivera Matias Chief Technology Officer | August 25, 2026 | Sell | 2,835 | $8.40 | $23,814 |
| Olivera Matias Chief Technology Officer | August 24, 2026 | Sell | 2,835 | $7.68 | $21,773 |
| Olivera Matias Chief Technology Officer | August 21, 2026 | Sell | 2,835 | $7.81 | $22,141 |
| Olivera Matias Chief Technology Officer | August 20, 2026 | Sell | 2,835 | $7.73 | $21,915 |
| Olivera Matias Chief Technology Officer | August 19, 2026 | Sell | 2,835 | $7.03 | $19,930 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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