Revenue growth has shifted to a 36.8% contraction in 2026Q1, while gross margins have experienced extreme volatility, falling from 100% in 2025Q1 to 28.6% in the most recent quarter.
| Sales/Revenue | 108.3M | 121.55M | 117.52M | 56.26M | 50.61M | 95.85M | 21.25M | 7.92M |
| Revenue Growth % | -12.98% | 3.43% | 108.89% | 11.17% | -47.2% | 351.03% | 168.25% | - |
| Cost of Goods Sold | 64.28M | 62.93M | 0 | 30.52M | 28.68M | 22.7M | 8.81M | 6.62M |
| COGS % of Revenue | - | 51.77% | - | 54.25% | 56.67% | 23.69% | 41.44% | 83.59% |
| Gross Profit | 44.02M | 58.62M | 117.52M | 25.74M | 21.93M | 73.15M | 12.45M | 1.3M |
| Gross Margin % | 40.65% | 48.23% | 100% | 45.75% | 43.33% | 76.31% | 58.56% | 16.41% |
| Gross Profit Growth % | - | -50.12% | 356.55% | 17.38% | -70.02% | 487.75% | 857.31% | - |
| Operating Expenses | 67.42M | 66.28M | 85.54M | 18.5M | 46.89M | 28.63M | 8.05M | 4.64M |
| OpEx % of Revenue | - | 54.53% | 72.79% | 32.89% | 92.66% | 29.87% | 37.88% | 58.63% |
| Selling, General & Admin | 67.42M | 66.28M | 39.51M | 18.5M | 28.09M | 22.03M | 4.88M | 2.8M |
| SG&A % of Revenue | - | 54.53% | 33.62% | 32.89% | 55.5% | 22.99% | 22.98% | 35.4% |
| Research & Development | 30.97M | 62.93M | 46.03M | 0 | 0 | 8.05M | 3.46M | 3M |
| R&D % of Revenue | - | 51.77% | 39.17% | - | - | 8.4% | 16.31% | 37.87% |
| Other Operating Expenses | -2M | -62.93M | 0 | 0 | 18.81M | -1.45M | -299K | -1.16M |
| Operating Income | -23.4M | -7.66M | 31.98M | 7.24M | -24.96M | 44.52M | 4.4M | -3.35M |
| Operating Margin % | -21.61% | -6.3% | 27.21% | 12.86% | -49.33% | 46.44% | 20.69% | -42.22% |
| Operating Income Growth % | - | -123.96% | 341.98% | 128.98% | -156.08% | 912.63% | 231.42% | - |
| EBITDA | -19.88M | -3.91M | 37.31M | 11.8M | -24.61M | 44.88M | 4.53M | -3.28M |
| EBITDA Margin % | -18.36% | -3.22% | 31.75% | 20.98% | -48.62% | 46.82% | 21.33% | -41.43% |
| EBITDA Growth % | -224.31% | -110.48% | 216.07% | 147.98% | -154.83% | 890.23% | 238.09% | - |
| D&A (Non-Cash Add-back) | 3.52M | 3.75M | 5.33M | 4.57M | 360K | 362K | 136K | 63K |
| EBIT | -13.99M | -7.66M | 31.98M | 7.24M | -6.16M | 51.12M | 6.83M | -1.61M |
| Net Interest Income | 8.75M | 4.32M | 3.31M | 2.17M | 578K | 725K | 74K | 52K |
| Interest Income | 8.75M | 4.89M | 3.31M | 2.17M | 578K | 725K | 80K | 55K |
| Interest Expense | 0 | 570K | 0 | 0 | 0 | 0 | 6K | 3K |
| Other Income/Expense | -16.32M | -12.99M | 98.88M | 3.65M | 873K | -60.46M | 5.09M | 3.17M |
| Pretax Income | -39.72M | -20.65M | 130.86M | 10.88M | -24.09M | -15.95M | 9.49M | -175K |
| Pretax Margin % | -36.68% | -16.99% | 111.35% | 19.34% | -47.61% | -16.64% | 44.64% | -2.21% |
| Income Tax | -9.1M | -9.3M | 17.9M | -1.91M | -946K | 5.97M | 1.31M | 55K |
| Effective Tax Rate % | 22.92% | 45.03% | 13.68% | -17.51% | 3.93% | -37.42% | 13.81% | -31.43% |
| Net Income | -30.62M | -11.35M | 112.96M | 12.79M | -23.15M | -21.91M | 8.18M | -230K |
| Net Margin % | -28.27% | -9.34% | 96.12% | 22.73% | -45.74% | -22.86% | 38.48% | -2.9% |
| Net Income Growth % | -167.59% | -110.05% | 783.45% | 155.24% | -5.62% | -368% | 3655.22% | - |
| Net Income (Continuing) | -30.62M | -11.35M | 112.96M | 12.79M | -23.15M | -21.91M | 8.18M | -230K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.06 | -0.39 | 3.52 | 0.41 | -0.91 | -0.87 | 0.32 | -0.01 |
| EPS Growth % | -171.11% | -111.08% | 758.54% | 145.05% | -4.6% | -371.88% | - | - |
| EPS (Basic) | - | -0.39 | 4.30 | 0.50 | -0.91 | -0.87 | 0.32 | -0.01 |
| Diluted Shares Outstanding | 29.01M | 29.01M | 32.06M | 31.16M | 25.34M | 25.24M | 25.19M | 25.19M |
| Basic Shares Outstanding | 29.01M | 29.01M | 26.3M | 25.71M | 25.34M | 25.24M | 25.19M | 25.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and Revenue Volatility
According to the most recent quarterly filings, Exodus Movement experienced a significant revenue contraction of 36.8% in 2026Q1, marking a sharp reversal from the triple-digit growth observed in 2024Q4 and suggesting that the company's transaction-based model is struggling to maintain momentum in the current market environment.
The deceleration in top-line performance appears to indicate that the platform's reliance on swap-based transaction fees is highly sensitive to retail trading sentiment. Investors should monitor whether this trend reflects a permanent shift in user behavior or merely a cyclical downturn in crypto-asset activity.
As reported in financial statements, the company's gross margin fluctuated significantly, dropping to 28.6% in 2026Q1 from a peak of 100% in 2025Q1, which highlights the inherent unpredictability of costs associated with blockchain infrastructure and third-party API integration within the non-custodial wallet ecosystem.
The inability to maintain consistent gross margins suggests that Exodus lacks the pricing power of its custodial peers, as it must absorb variable network costs. This structural weakness may continue to pressure profitability unless the company can successfully diversify its revenue streams beyond simple transaction-based swaps.
Based on EXOD's reported figures, the company has failed to achieve positive operating leverage, with operating margins deteriorating to -39.4% in 2026Q1 as fixed costs for engineering and product development continue to outpace the company's ability to generate sufficient gross profit to cover its overhead.
The persistent negative operating income suggests that the current scale of the business is insufficient to support its existing cost structure. Without a meaningful increase in transaction volume, the company may find it difficult to reach a sustainable break-even point in the near term.
Data from recent income statements reveals that net income has been highly erratic, swinging from a $66.9 million profit in 2024Q4 to a $32.1 million loss in 2026Q1, largely due to the impact of non-operating items and the valuation of digital assets held on the balance sheet.
The wide variance in net income suggests that reported earnings are not a reliable proxy for core operational health. Investors should focus on cash-based metrics rather than GAAP net income, as the latter appears heavily influenced by factors outside of the company's primary software-as-a-service business model.
Analysis of the provided data indicates that the company's cash position has dwindled to approximately $4.9 million, a concerning trend that suggests the firm may face significant liquidity constraints if it cannot reverse its current trajectory of negative operating cash flow and mounting net losses.
The combination of slowing revenue growth and a shrinking cash runway warrants further investigation into the company's long-term viability. Short-term survival may depend on the ability to secure additional financing, which could lead to shareholder dilution if the underlying business model does not show rapid improvement.
Quick answers to the most common questions about buying EXOD stock.
For fiscal year 2025, Exodus Movement, Inc. (EXOD) reported total revenue of $121.6M. This represents a 1434.3% increase compared to $7.9M in 2019.
Exodus Movement, Inc. (EXOD) reported a net loss of $11.4M for the fiscal year ending 2025.
Exodus Movement, Inc. (EXOD) reported an operating income of $-7.7M, resulting in an operating profit margin of -6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Exodus Movement, Inc. (EXOD) generated $58.6M in gross profit for the year, representing a gross profit margin of 48.2%. This demonstrates the company's core pricing power and production efficiency.