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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-42047

Exodus Movement, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	81-3548560
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
15418 Weir St. #333 Omaha, NE(1)	68137
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (833) 992-2566

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Class A Common Stock, 
par value $0.000001 per share.

     EXOD

     NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025, the registrant had 9,859,366 shares of Class A common stock, par value $0.000001 per share, and 19,465,219 shares of Class B common stock, par value $0.000001 per share, outstanding.

(1) We are a remote-first company. Accordingly, we do not maintain a headquarters. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, and Securities Exchange Act of 1934, as amended, communications may be directed to the listed address.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	2

Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations and Comprehensive Income	3
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	25

PART II.	OTHER INFORMATION	27

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28
Signatures		29

Cautionary Note on Forward-Looking Statements

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act”). All forward-looking statements are based upon our current expectations and various assumptions and apply only as of the date of this Quarterly Report on Form 10-Q. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs and projections will be achieved. Forward-looking statements are generally identified by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “forecast,” as well as variations of such words or similar expressions. Forward-looking statements include statements concerning:

•

our business plans and strategy;

•

projected profitability, performance or cash flows;

•

future capital expenditures;

•

our growth strategy, including our ability to grow organically and through mergers and acquisitions (“M&A”);

•

anticipated financing needs;

•

business trends;

•

our capital allocation strategy;

•

liquidity and capital management; and

•

other information that is not historical information.

There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements, including those set forth in the sections titled “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q and “Item 1A. Risk Factors” of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025 (the “Form 10-K”). You should evaluate all forward-looking statements made in this Quarterly Report on Form 10-Q in the context of these risks and uncertainties.

We caution you that the risks, uncertainties and other factors referred to above and elsewhere in this Quarterly Report on Form 10-Q may not contain all of the risks, uncertainties and other factors that may affect our future results and operations. Moreover, new risks will emerge from time to time. It is not possible for us to predict all risks. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected and you should not place undue reliance on our forward-looking statements.

All forward-looking statements in this Quarterly Report on Form 10-Q apply only as of the date made, unless an earlier date is specified, and are expressly qualified in their entirety by the cautionary statements included in this Quarterly Report on Form 10-Q. Except as required by law, we disclaim any intent to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Exodus Movement, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except share and par value)


	September 30,			December 31,
	2025			2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	50,548		$	37,883
U.S. dollar coin		257			12
Treasury bills		-			30,490
Accounts receivable		5,953			7,654
Prepaid expenses		3,496			2,326
Income tax receivable		5,954			4,305
Other current assets		718			125
Total current assets		66,926			82,795
OTHER ASSETS
Fixed assets, net		426			357
Digital assets		263,911			196,359
Software assets, net		4,788			6,129
Other long-term asset		52			109
Indefinite-lived assets		2,146			2,146
Other investments		200			100
Deferred tax assets		2			-
Total other assets		271,525			205,200
TOTAL ASSETS	$	338,451		$	287,995
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	4,058		$	1,162
Other current liabilities		9,663			7,183
Total current liabilities		13,721			8,345
LONG-TERM LIABILITIES
Other long-term liabilities		376			344
Deferred tax liability		27,650			21,779
Total long-term liabilities		28,026			22,123
Total liabilities		41,747			30,468
STOCKHOLDERS' EQUITY
Preferred stock
$0.000001 par value, 5,000,000 shares authorized, no shares issued and outstanding		-			-
Class A Common Stock
$0.000001 par value, 300,000,000 shares authorized,		-			-
9,772,697 issued and outstanding as of September 30, 2025		-			-
8,460,707 issued and outstanding as of December 31, 2024		-			-
Class B Common Stock
$0.000001 par value, 27,500,000 shares authorized,		-			-
19,465,219 issued and outstanding as of September 30, 2025		-			-
19,749,388 issued and outstanding as of December 31, 2024		-			-
ADDITIONAL PAID IN CAPITAL		123,047			124,387
ACCUMULATED OTHER COMPREHENSIVE LOSS		(2,070	)		(752	)
RETAINED EARNINGS		175,727			133,892
Total stockholders' equity		296,704			257,527
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	338,451		$	287,995

The accompanying notes are an integral part of these condensed consolidated financial statements.

Exodus Movement, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited, in thousands, except per share amounts)


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
REVENUES	$	30,343		$	20,117		$	92,166		$	71,485
EXPENSES (INCOME)
Technology, development and user support		16,987			11,333			46,610			32,804
General and administrative		14,884			8,466			48,019			25,575
(Gain) loss on digital assets, net		(21,003	)		370			(44,694	)		(39,197	)
Gain on sale of future token interests		-			-			(2,000	)		-
Impairment on other assets		-			-			137			-
Staking and other income		(264	)		(146	)		(241	)		(701	)
Other loss, net		32			169			494			255
Interest income		(599	)		(1,026	)		(2,188	)		(2,668	)
Income before income taxes	$	20,306		$	951		$	46,029		$	55,417
INCOME TAX EXPENSE		(3,265	)		(108	)		(4,194	)		(9,393	)
NET INCOME	$	17,041		$	843		$	41,835		$	46,024
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment		(5	)		(637	)		(1,318	)		31
COMPREHENSIVE INCOME	$	17,036		$	206		$	40,517		$	46,055

Net income per share
Basic net income per share of common stock - Class A	$	0.58		$	0.03		$	1.45		$	1.74
Basic net income per share of common stock - Class B	$	0.58		$	0.03		$	1.45		$	1.74
Diluted net income per share of common stock - Class A	$	0.53		$	0.03		$	1.30		$	1.44
Diluted net income per share of common stock - Class B	$	0.53		$	0.03		$	1.30		$	1.44
Weighted average number of shares and share equivalents outstanding
Weighted average number of shares used in basic computation - Class A		9,714			6,396			9,337			5,314
Weighted average number of shares used in basic computation - Class B		19,463			20,337			19,515			21,161
Weighted average number of shares used in diluted computation - Class A		12,257			9,840			11,948			8,733
Weighted average number of shares used in diluted computation - Class B		20,034			22,485			20,119			23,314

The accompanying notes are an integral part of these condensed consolidated financial statements.

Exodus Movement, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited, in thousands)


									Accumulated			Retained
						Additional			Other			Earnings			Total
	Class A		Class B			Paid In			Comprehensive			(Accumulated			Stockholders'
	Shares		Shares			Capital			Loss			Deficit)			Equity
BALANCES as of January 1, 2024		4,320		21,760		$	122,558		$	(1,477	)	$	(17,320	)	$	103,761
Cumulative effect adjustment to the opening balance of retained earnings for ASU 2023-08 adoption, net of tax		-		-			-			-			38,254			38,254
Stock-based compensation		-		-			1,903			-			-			1,903
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		234		-			(334	)		-			-			(334	)
Conversion from Class B to Class A		240		(240	)		-			-			-			-
Foreign currency translation adjustment		-		-			-			703			-			703
Net income		-		-			-			-			54,787			54,787
BALANCES as of March 31, 2024		4,794		21,520		$	124,127		$	(774	)	$	75,721		$	199,074
Stock-based compensation		-		-			2,256			-			-			2,256
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		250		-			(883	)		-			-			(883	)
Foreign currency translation adjustment		-		-			-			(35	)		-			(35	)
Net loss		-		-			-			-			(9,606	)		(9,606	)
BALANCES as of June 30, 2024		5,044		21,520		$	125,500		$	(809	)	$	66,115		$	190,806
Stock-based compensation		-		-			1,599			-			-			1,599
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		248		-			(1,457	)		-			-			(1,457	)
Exercised options, non-cash		-		9			-			-			-			-
Conversion from Class B to Class A		1,192		(1,192	)		-			-			-			-
Foreign currency translation adjustment		-		-			-			(637	)		-			(637	)
Net income		-		-			-			-			843			843
BALANCES as of September 30, 2024		6,484		20,337		$	125,642		$	(1,446	)	$	66,958		$	191,154

BALANCES as of January 1, 2025		8,460		19,749		$	124,387		$	(752	)	$	133,892		$	257,527
Stock-based compensation		-		-			2,759			-			-			2,759
Exercised options, net of options withheld for taxes and exercise price		-		233			(1,764	)		-			-			(1,764	)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		241		-			(3,848	)		-			-			(3,848	)
Conversion from Class B to Class A		523		(523	)		-			-			-			-
Foreign currency translation adjustment		-		-			-			(254	)		-			(254	)
Net loss		-		-			-			-			(12,873	)		(12,873	)
BALANCES as of March 31, 2025		9,224		19,459		$	121,534		$	(1,006	)	$	121,019		$	241,547
Stock-based compensation		-		-			3,175			-			-			3,175
Exercised options, net of options withheld for taxes and exercise price		-		8			(97	)		-			-			(97	)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		270		-			(4,113	)		-			-			(4,113	)
Foreign currency translation adjustment		-		-			-			(1,059	)		-			(1,059	)
Net income		-		-			-			-			37,667			37,667
BALANCES as of June 30, 2025		9,494		19,467		$	120,499		$	(2,065	)	$	158,686		$	277,120
Stock-based compensation		-		-			5,000			-			-			5,000
Exercised options, net of options withheld for taxes and exercise price		-		16			(163	)		-			-			(163	)
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		261		-			(2,685	)		-			-			(2,685	)
Conversion from Class B to Class A		18		(18	)		-			-			-			-
Foreign currency translation adjustment		-		-			-			(5	)		-			(5	)
Equity warrants							396			-			-			396
Net income		-		-			-			-			17,041			17,041
BALANCES as of September 30, 2025		9,773		19,465		$	123,047		$	(2,070	)	$	175,727		$	296,704

The accompanying notes are an integral part of these condensed consolidated financial statements.

Exodus Movement, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	41,835		$	46,024
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization		2,931			3,862
Deferred tax expense		5,869			6,752
Impairment of other assets		137			-
Gain on digital assets, net		(44,694	)		(39,197	)
Gain on sale of future token interests		(2,000	)		-
Staking and other income		(241	)		(701	)
Other loss, net		494			255
Stock based compensation		10,941			5,252
Accrued interest income		(731	)		(1,824	)
Other operating activities settled in digital assets and USDC (1)		(33,753	)		(23,774	)
Change in operating assets and liabilities:
Accounts receivable		389			(89	)
Prepaid expenses		(297	)		(1,610	)
Income tax receivable		(1,649	)		(667	)
Other current assets		(704	)		(98	)
Other long-term asset		57			(40	)
Accounts payable		2,951			549
Other current liabilities		2,190			(1,532	)
Other long-term liabilities		32			35
Net cash used in operating activities		(16,243	)		(6,803	)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in SAFE Note		(100	)		-
Proceeds from sale of future token interests		2,000			-
Purchases of fixed assets		(182	)		(228	)
Purchase of treasury bills		(4,938	)		(73,262	)
Redemption of treasury bills		35,692			74,819
Purchases of digital assets		(2,399	)		(2,534	)
Disposal of digital assets held		11,586			26,097
Purchase of domain names		-			(151	)
Net cash provided by investing activities		41,659			24,741
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares to pay employee withholding taxes		(12,751	)		(2,684	)
Net cash used in financing activities		(12,751	)		(2,684	)
Change in cash and cash equivalents, and restricted cash and cash equivalents		12,665			15,254
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period		37,883			11,376
End of period		50,548			26,630

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash issuance of stock	$	81		$	10
Fixed assets purchased with digital assets		(36	)		-
Non-cash capitalized software costs settled in digital assets and stock (including stock-based compensation of $389 and $506 respectively)		(1,605	)		(2,959	)

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes		(3	)		(4,300	)

(1) See Note 5, “Intangible Assets”.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Exodus Movement, Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

1. Nature of Business

Exodus Movement, Inc. (“Exodus” or “the Company” or “we”) was incorporated in Delaware in July 2016. The Company operates in the FinTech subsector of the greater blockchain and digital asset industry. The Company has developed an un-hosted self-custodial digital asset wallet on the Exodus Platform and contracts with third parties to provide various services to users that utilize the Company’s wallet through the platform.

2. Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements of the Company are unaudited. These unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) on the same basis as the audited consolidated financial statements and in management’s opinion, reflect all the adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair statement of the Company’s condensed consolidated financial statements for the periods presented. The unaudited condensed consolidated results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the full year or any other period.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025 (the “Form 10-K”).

There were no changes to the significant accounting policies that were disclosed in Note 2 Summary of Significant Accounting Policies to the audited consolidated financial statements included in the Form 10-K.

Concentration of Revenue

Revenue from Application Programming Interface Providers (“API Providers”) exceeding 10% of total revenues for the three and nine months ended September 30, 2025 and 2024, were as follows (in thousands):


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024		Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Company A	$	4,382	$	3,692	$	11,450	$	14,224
Company B		6,089		4,157		15,036		14,443
Company C		4,199		3,418		14,504		12,512
Company D (1)		-		2,574		9,197		9,402
Company E (2)		3,760		-		14,133		-

(1) Company D did not have over 10% of revenue during the three months ended September 30, 2025.

(2) Company E did not have over 10% of revenue during the three and nine months ended September 30, 2024.

Digital Assets

As of September 30, 2025, the Company held $263.9 million of digital assets at fair value. The Company presents digital assets separately from other intangible assets on the condensed consolidated balance sheets. The net activity from remeasurement of digital assets at fair value is reflected in the condensed consolidated statements of operations and comprehensive income within expenses (income). Digital assets that are received as noncash consideration in our revenue arrangements and sold for cash within seven days are presented as cash flows from operating activities in other operating activities settled in digital assets and U.S. Dollar Coin (“USDC”), while other digital asset activity held longer than seven days is reflected as cash flows from investing activities under disposal of digital assets held in the consolidated statements of cash flows. The Company uses a mix of non-custodial and custodial services at multiple locations that are geographically dispersed to store its digital assets.

Digital assets are recorded at fair value based on quoted prices in the principal market for each respective digital asset as of the measurement date, in accordance with ASC 820, Fair Value Measurement. The principal market represents the market with the greatest volume and level of activity for the specific asset that the Company has access to on the measurement date. Fair value determinations are based on observable quoted prices (Level 1 inputs) in those markets. The cost basis of digital assets is calculated on a first-in, first-out basis, and changes in fair value are recognized in current-period earnings.

Amounts are recorded at fair value based on the principal market rates. Refer to Note 5, Intangible Assets, and Note 11, Fair Value Measurements.

Fair Value Measurements

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:

•

Level 1 – Quoted prices for identical instruments in active markets.

•

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

•

Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable.

Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted.

Recently Issued Accounting Pronouncements Pending Adoption

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-06, “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (herein, the “Update”). The amendments in this Update (i) remove all references to prescriptive software development “project stages,” (ii) refocus the capitalization threshold such that an entity begins capitalizing when (a) management authorizes and commits to funding the project and (b) it is probable that the project will be completed and used for its intended function (subject to evaluation of significant development uncertainty). The amendments in this Update do not (i) amend the accounting for external-use software under Subtopic 985-20, (ii) change the types of internal-use software costs eligible for capitalization (e.g., data conversion, training, maintenance costs generally remain expensed), or (iii) modify when capitalization ceases (i.e., when the software is substantially complete and ready for its intended use). The amendments in this Update are effective for annual periods beginning after December 15, 2027, and for interim periods within those annual periods. Early adoption is permitted, but only as of the beginning of an annual reporting period. Entities may elect a prospective, retrospective, or modified retrospective transition approach. The Company is currently evaluating the impact of adopting the standard on the condensed consolidated financial statements.

Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, "Expense Disaggregation Disclosures" (herein, the "Update"). The Update aims to enhance disclosures regarding a public business entity’s expenses, specifically addressing investor requests for more detailed information on the types of expenses included in commonly presented expense captions such as cost of sales, selling, general and administrative expenses ("SG&A"), and research and development ("R&D"). The amendments in this Update require additional transparency on the breakdown of expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date, or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of the Update on its financial reporting and will adopt the standard in accordance with the required effective date. In January 2025, the FASB issued ASU 2025-01 which clarifies the disclosure requirements for public business entities adopting the Update. ASU 2025-01 specifies that all public business entities should initially adopt the disclosure requirements presented in ASU 2024-03 in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting the standard on the condensed consolidated financial statements.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also

requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. This guidance only impacts footnote disclosures and will not impact our consolidated financial statements. The Company is currently evaluating the impact of adopting the standard on the condensed consolidated financial statements.

3. Revenue Recognition

The following table presents the Company’s revenues disaggregated by geography, based on the addresses of the Company’s customers (in thousands, except percentages):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Republic of the Marshall Islands	$	6,151	20.3	%	$	5,993	29.8	%	$	23,701	25.7	%	$	21,914	30.7	%
Hong Kong		8,480	27.9			4,687	23.3			21,807	23.7			15,590	21.8
British Virgin Islands(1)		4,031	13.3			-	-			16,100	17.5			-	-
Seychelles		4,382	14.4			3,692	18.4			11,450	12.4			14,224	19.9
Other(2)		7,299	24.1			5,745	28.5			19,108	20.7			19,757	27.6
Revenues	$	30,343	100.0	%	$	20,117	100.0	%	$	92,166	100.0	%	$	71,485	100.0	%

(1) Country did not exceed 10% in 2024 and was included in Other.

(2) No other individual country accounted for more than 10% of total revenue.

The following table presents the Company's revenue disaggregated by products and services for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Exchange aggregation	$	26,894	88.6	%	$	18,124	90.1	%	$	84,118	91.3	%	$	64,816	90.7	%
Fiat onboarding		1,321	4.4			852	4.2			3,449	3.7			2,816	3.9
Staking		1,817	6.0			488	2.4			3,515	3.8			1,655	2.3
Consulting		84	0.3			307	1.5			699	0.8			853	1.2
Other (1)		227	0.7			346	1.8			385	0.4			1,345	1.9
Revenues	$	30,343	100.0	%	$	20,117	100.0	%	$	92,166	100.0	%	$	71,485	100.0	%

(1) Other includes $0.2 million and $0.3 million related to non-fungible token revenue for the three and nine months ended September 30, 2025, respectively, and $0.3 million and $1.2 million related to non-fungible token revenue for the three and nine months ended September 30, 2024, respectively.

The following table presents the Company's contract balances as of September 30, 2025 and December 31, 2024 (in thousands):


Balance January 1, 2024	$	727
Prior period performance obligation satisfied		(727	)
Increase in contract liability		100
Current period performance obligation satisfied		(88	)
Balance December 31, 2024		12
Prior period performance obligation satisfied		(12	)
Increase in contract liability		71
Current period performance obligation satisfied		(71	)
Balance September 30, 2025	$	-

4. Prepaid Expenses

The Company prepays certain expenses due to the nature of the service provided or to capture certain discounts. The table below shows a breakout of these prepaid expenses for the periods presented (in thousands):


	September 30, 2025		December 31, 2024
Accounting, consulting, and legal services	$	1,198	$	540
Prepaid software		788		762
Prepaid cloud services		738		669
Prepaid insurance		383		53
Prepaid travel		221		—
Marketing		168		220
Partner fees		—		82
Prepaid expenses	$	3,496	$	2,326

5. Intangible Assets

Indefinite-Lived Asset

Indefinite-lived assets were $2.1 million as of September 30, 2025 and December 31, 2024. The Company purchased the exodus.com domain name in the first quarter of 2021 for $1.9 million. In the second quarter of 2024, the Company purchased a domain name for $0.2 million. The Company considers these assets to be indefinite-lived, resulting in no recognition of amortization.

Digital Assets

The table below outlines the fair value of our digital assets based on publicly available rates as of the dates presented as well as the cost (in thousands, except units):


	Units		Cost Basis		Fair Value
As of September 30, 2025
Bitcoin		2,123	$	96,482	$	242,387
Ethereum		2,770		5,321		11,490
Solana		47,502		6,328		9,936
Other		172,185,790		100		98
Digital assets			$	108,231	$	263,911

As of December 31, 2024
Bitcoin		1,941		69,707		181,238
Ethereum		2,655		4,967		8,847
Solana		24,472		2,241		4,628
Other		10,011,770		5,641		1,646
Digital assets			$	82,556	$	196,359

The following table summarizes other operating activities settled in digital assets and USDC (in thousands):


	Nine Months Ended September 30,
	2025			2024
Revenues	$	(92,006	)	$	(70,864	)
Expenses		29,218			16,744
Conversion of digital assets and USDC to cash, net		28,615			27,112
Accounts receivable and other current assets		1,422			315
Payroll liabilities		316			2,888
Currency translation related to digital assets		(1,318	)		31
Other operating activities settled in digital assets and USDC	$	(33,753	)	$	(23,774	)

Gain on Sale of Future Token Interests

In June 2025, the Company sold its right to receive 6,666,667 of its 13,333,334 Magic Eden tokens from Eden Protocol Limited. A gain on sale of future token interests of $2.0 million was recognized as a result of the sale and is presented in the condensed consolidated statements of operations and comprehensive income. The right to receive future Magic Eden token interests represents an embedded derivative that had a fair value of zero as of September 30, 2025 and December 31, 2024.

6. Fixed Assets, Net

Fixed assets, net, consisted of the following (in thousands):


	September 30, 2025			December 31, 2024
Computer equipment	$	943		$	940
Vehicles		202			237
Furniture and fixtures		19			21
Fixed assets, gross		1,164			1,198
Less: accumulated depreciation		(738	)		(841	)
Fixed assets, net	$	426		$	357

Depreciation expense was less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2025, respectively, and less than $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively.

7. Software Assets, Net

Costs incurred are used to develop internal software applications and consist of mainly compensation and benefits. We capitalize software development costs upon the establishment of technological feasibility. During the three and nine months ended September 30, 2025, we capitalized $0.5 million and $1.6 million, respectively, of software development costs. When the software is ready for use, these capitalized costs are amortized on a straight‑line basis over the estimated useful life, estimated to be three years.

Software assets, net, consisted of the following (in thousands):


	September 30, 2025			December 31, 2024
Software in development	$	771		$	1,400
Software assets in use		13,025			11,240
Less: accumulated amortization		(9,008	)		(6,511	)
Software assets in use, net		4,017			4,729
Software assets, net	$	4,788		$	6,129

The following summarizes the future amortization expense as of September 30, 2025 (in thousands):



Three months ending December 31, 2025	$	766
2026		2,070
2027		1,119
2028		62
	$	4,017

Amortization expense was $0.8 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $1.3 million and $3.7 million for the three and nine months ended September 30, 2024, respectively.

8. Stockholders’ Equity

The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible into one share of Class A common stock.

In December 2024, our Class A Common Stock was listed for quotation on the NYSE American under the symbol “EXOD”.

In April 2024, our Class A Common Stock was listed for quotation on the OTCQX under the symbol “EXOD”. OTC Markets approval was received in April 2024.

In January 2024, our Class A Common Stock was listed for quotation on the OTCQB under the symbol “EXOD”. OTC Markets approval was received in January 2024 and in January the initial qualifying deposit was made and initial trades have occurred.

Stock-Based Compensation

Options and Equity Grants Issued

The 2019 Equity Incentive Plan adopted in September 2019 (the “2019 Plan”) permitted the Company to grant non-statutory stock options, incentive stock options, and other equity awards to Exodus team members, directors, and consultants. The exercise price for options issued under the 2019 Plan is determined by the board of directors, but will be (i) in the case of an incentive stock option granted to an employee or consultant who owns stock representing more than 10% of the voting power of all classes of stock of Exodus, no less than 110% of the fair market value per share on the date of grant; or (ii) granted to any other team member or consultant, no less than 100% of the fair market value per share on the date of grant. The contractual life for all options issued under the 2019 Plan is 10 years. The 2019 Plan authorized grants to issue up to 3,000,000 options (prior to the 2021 Equity Incentive Plan) that are convertible into shares of authorized but unissued Class B common stock. As of September 30, 2025, there were 555,715 shares of Class B common stock options outstanding.

In August 2021, the Company also adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan permits the Company to grant non-statutory stock options, incentive stock options and other equity awards, such as restricted stock awards, to Exodus team members, directors, and consultants. The exercise price for options issued under the 2021 Plan is determined by the board of directors, but will be (i) in the case of an incentive stock option granted to an employee who owns stock representing more than 10% of the voting power of all classes of stock of Exodus, no less than 110% of the fair market value per share on the date of grant; or (ii) granted to any other team member or consultant, no less than 100% of the fair market value per share on the date of grant. The contractual life for all options issued under the 2021 Plan is 10 years. The 2021 Plan initially authorized the issuance of up to 2,780,000 awards convertible into shares of authorized but unissued Class A common stock. Pursuant to the terms of the 2021 Plan, the Company may increase the share pool annually by up to 5% of the Company’s outstanding shares of capital stock. As of December 31, 2024, a total of 6,662,936 shares of Class A common stock were reserved for issuance under the 2021 Plan. In August 2025, the Company added 1,453,470 additional shares to the reserve pool in accordance with the Evergreen provision, bringing the total number of shares reserved for issuance under the 2021 Plan to 8,116,406 as of September 30, 2025. As of September 30, 2025, there were 2,410,136 restricted stock units that are authorized and outstanding with a fair value of $66.9 million and 509 restricted stock units were vested but not yet issued.

Upon the approval of the 2021 Plan, the Company can no longer grant non-statutory stock options, incentive stock options, or other equity awards to Exodus team members, directors, or consultants under the 2019 Plan.

Terms of our share-based compensation are governed by the plan in which awards were issued.

The following table summarizes stock option activities for the nine months ended September 30, 2025 and 2024:


				Weighted
				Average
				Exercise Price
	Options			Price
Outstanding as of January 1, 2024		2,156,632		$	2.40
Exercised		(10,726	)		2.39
Forfeited		(302	)		2.39
Outstanding as of September 30, 2024		2,145,604		$	2.40

Outstanding as of January 1, 2025		866,135			2.41
Exercised		(310,420	)		2.40
Outstanding as of September 30, 2025		555,715		$	2.41
Vested and exercisable as of September 30, 2025		555,715		$	2.41

The following table summarizes RSU activities for the nine months ended September 30, 2025 and 2024:



						Weighted Average
						Grant Date

Exodus Movement, Inc. 10-Q