Liquidity remains a primary concern as the company reported a negative free cash flow of $2.6 million in 2026Q1 while continuing to allocate $1.3 million toward share repurchases.
| Cash from Operations | -21.99M | -25.56M | -12.04M | 692K | 44.34M | 8.71M | 2.67M | -2.41M |
| Operating CF Margin % | - | -21.03% | -10.25% | 1.23% | 87.61% | 9.09% | 12.55% | -30.41% |
| Operating CF Growth % | -193.22% | -112.27% | -1840.17% | -98.44% | 408.93% | 226.54% | 210.75% | - |
| Net Income | -30.62M | -29.95M | 112.96M | 12.79M | -23.15M | -21.91M | 8.18M | -230K |
| Depreciation & Amortization | -234K | 0 | 5.33M | 4.57M | 3.46M | 1.76M | 736K | 103K |
| Stock-Based Compensation | -2.71M | 0 | 6.6M | 6.58M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -8.2M | 0 | 17.92M | 0 | -1.59M | -627K | 905K | 54K |
| Other Non-Cash Items | -2.87M | 4.63M | -151.21M | -25.71M | 62.34M | 34.11M | -1.29M | -73K |
| Working Capital Changes | 11.3M | -242K | -3.65M | 2.47M | 3.27M | -4.62M | -5.86M | -2.26M |
| Change in Receivables | 3.58M | 397K | 71K | 0 | 0 | 0 | -2.34M | -227K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 395K | 69K | 111K | 0 | -1.38M | 1.54M | 352K | 42K |
| Cash from Investing | 45.87M | 7.66M | 43.89M | -9.13M | -32.06M | -2.61M | -2.04M | -1.17M |
| Capital Expenditures | -937K | 0 | -273K | -67K | -324K | -2.51M | -2.04M | -1.17M |
| CapEx % of Revenue | 0.87% | 0.22% | 0.23% | 0.12% | 0.64% | 2.61% | 9.61% | 14.76% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 43.05M | 7.66M | 29.42M | 0 | -31.73M | 0 | 0 | 0 |
| Cash from Financing | -10.73M | -15.04M | -5.34M | -682K | 2.76M | -2.15M | -1.39M | 220K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 3.04M | 0 | -219K | 220K |
| Equity Issued (Net) | -10.73M | -15.04M | -5.35M | -715K | -260K | -2.08M | -1.17M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -10.77M | -15.08M | -5.35M | -715K | -264K | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 13K | 33K | -20K | -71K | 0 | 0 |
| Net Change in Cash | 13.15M | -32.95M | 26.51M | -9.12M | 15.12M | 2.76M | -513K | 3.13M |
| Free Cash Flow | -21.96M | -25.83M | -12.31M | 625K | 44.01M | 8.25M | 2.53M | -2.76M |
| FCF Margin % | -20.28% | -21.25% | -10.48% | 1.11% | 86.97% | 8.61% | 11.89% | -34.89% |
| FCF Growth % | -17.55% | -109.73% | -2070.4% | -98.58% | 433.44% | 226.51% | 191.43% | - |
| FCF per Share | -0.76 | -0.89 | -0.38 | 0.02 | 1.74 | 0.33 | 0.10 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.72x | 2.25x | -0.11x | 0.05x | -1.92x | -0.40x | 0.33x | 10.47x |
| Interest Paid | 2K | 0 | 5.38M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in financial statements, Exodus Movement consistently exhibits a wide divergence between net income and operating cash flow, with the company recording a net loss of $32.1 million in 2026Q1 while simultaneously reporting a negative operating cash flow of $2.6 million for the same period.
The recurring inability to convert accounting profits into positive operating cash flow suggests that the company's earnings are heavily influenced by non-cash items or unrealized gains on digital assets. Investors should monitor this disconnect, as it implies that the firm's core business model is not currently generating the liquidity required to sustain its operational footprint.
Based on recent SEC filings, Exodus Movement has struggled to maintain positive free cash flow, recording a negative $2.6 million in 2026Q1, which underscores the company's ongoing difficulty in achieving self-sustaining operations despite its role as a prominent non-custodial wallet provider.
The consistent negative FCF trajectory indicates that the company is consuming its limited cash reserves to fund ongoing product development and infrastructure maintenance. This trend warrants further investigation into whether the firm can reach a break-even point before its current capital runway is fully exhausted.
According to the provided data, Exodus Movement has continued to allocate capital toward share repurchases, including $1.3 million in 2026Q1, even as the company faces significant liquidity pressures and a dwindling cash balance that has fallen to approximately $4.9 million.
This deployment strategy appears counterintuitive given the firm's negative operating cash flow and the urgent need for liquidity to support core operations. Such capital allocation decisions may indicate a management focus on supporting equity value that potentially compromises the company's long-term financial stability.
As indicated by the quarterly data, Exodus Movement experienced a significant working capital inflow of $8.1 million in 2026Q1, which provided a temporary buffer against the company's underlying operational cash burn during a period of declining transactional activity.
The reliance on working capital fluctuations to mask operational cash deficits suggests that the company's cash flow profile is highly sensitive to timing differences in settlement. Analysts should be cautious, as these inflows are often transitory and do not represent a sustainable improvement in the firm's ability to generate cash from its core software platform.
Quick answers to the most common questions about buying EXOD stock.
Exodus Movement, Inc. (EXOD) generated $-25.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Exodus Movement, Inc. (EXOD) reported negative free cash flow of $25.8M in 2025, indicating capital requirements exceeded cash from operations.
Exodus Movement, Inc. (EXOD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Exodus Movement, Inc. (EXOD) spent $15.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.