Exodus Movement, Inc. is a U.S.-based enterprise specializing in a non-custodial software platform for digital assets. The company provides a multi-asset software ...
Exodus Movement, Inc. (NYSE American: EXOD) is a pioneering financial technology company that empowers individuals and businesses to achieve self-custodial finance. Founded in 2015 by CEO Jon Paul Richardson and designer Daniel Castagnoli, the company has grown to employ 215 people as of 2025, with its headquarters in Omaha, Nebraska. ...Exodus Movement, Inc. (NYSE American: EXOD) is a pioneering financial technology company that empowers individuals and businesses to achieve self-custodial finance. Founded in 2015 by CEO Jon Paul Richardson and designer Daniel Castagnoli, the company has grown to employ 215 people as of 2025, with its headquarters in Omaha, Nebraska. The core product is the Exodus Platform, a multi-asset software wallet that allows users to securely store, send, receive, and exchange a wide range of digital assets, including Bitcoin, Ethereum, and over a hundred other cryptocurrencies, all without relying on a central authority. The platform, available on desktop and mobile, integrates an exchange service for seamless asset swaps, a portfolio tracker, and hardware wallet support, and it emphasizes user privacy and security by giving users full control over their private keys. In terms of financials, the company has shown a strong balance sheet with no debt, a current ratio of 14.2, and a modest market cap of around $156 million as of early 2025. While it has experienced some unprofitability in recent quarters, with a net margin of -28.3%, it maintains robust liquidity and a tangible book value per share of $7.37. Revenue per share stands at $3.73, and the company has a gross profit margin of 40.6%. Recent strategic moves include the launch of Exodus Markets, a partnership with Ondo Finance to enable trading of tokenized assets such as stocks and ETFs, and a decision to reduce its workforce by 25% in 2025 to streamline operations. The company is led by a dedicated executive team, including co-founder JP Richardson as CEO, and it aims to ignite an 'exodus' from traditional banking by offering user-centric, secure financial tools. With a beta of 2.99, the stock is volatile, but its price-to-book ratio of 0.69 suggests the market undervalues its assets, potentially offering growth opportunities in the evolving digital asset space.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$121.6M
+3.4%
+15.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-11.4M
-110.1%
+42.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+48.2%
-51.8%
-21.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-6.3%
-123.2%
-110.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-9.3%
-109.7%
+49.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-25.8M
-109.7%
-1794.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-21.2%
-102.8%
-1543.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
0.0%
—
—
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
13.49x
+35.9%
-92.6%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings. Welcome to Exodus Q2 2026 Earnings Webcast and Conference Call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the conference over to Benjamin Marcos from Exodus. Please go ahead.
Benjamin Marcos: Hi, everyone. Welcome to Exodus Second Quarter 2026 Earnings Call. I'm your host, Ben Marcos, and with us today are Exodus Co-Founder and CEO, JP Richardson; Monavate's CEO, Michael Rolph; and CFO, James Gernetzke. During today's call, we might make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may vary materially from those expressed or implied due to a variety of factors described in our earnings release, Form 10-K and other SEC filings. We undertake no obligation to update forward-looking statements. As always, we encourage investors to submit questions through X or Reddit following today's call. Today's call is our first opportunity to report on the combined Exodus and Monavate organization. JP will begin with a strategic transformation underway at Exodus. Michael will explain the payments platform, the combined market opportunity and James will review the quarter's financial performance and the steps we're taking to build a more durable financial model. With that, please go to you, JP.
J. Richardson: Thanks, Ben, and thank you, everyone, for joining us. If there's 1 takeaway from today's call, it's this, Exodus is becoming a payments company. And this quarter, the transformation moved from plan to execution. Over the last few months, Exodus began to execute on the strategy we presented to you in past calls, turning our company from 1 of the industry's leading self-custodial wallets to a diversified financial services platform built to help individuals and businesses manage and move money. Everything we'll discuss today builds on that theme. During the second quarter, we completed the most strategic acquisition in our company's history throughout the purchase of Monavate and Baanx. We spent the second quarter focused on integrating the businesses and creating a new combined organization that is optimized around the payments business. This is a strategic transformation. Again, we are becoming a payments company. We are fundamentally expanding our infrastructure and our enterprise capabilities to be a payments provider and a full-service fintech solution. Monavate opens the door to a new enterprise payments market with associated revenue streams that are largely independent of the crypto markets. So Exodus gains capabilities to tap into and potentially monetize many billions of dollars of self-custodial wallets currently held by our users. Finally, the combination of our core wallet and Monavate's payment infrastructure enables us to build novel solutions for new markets, most notably Agentic payments. Our product road map is built around 1 goal, …
