$EXOD

Exodus Movement, Inc.

CIK:0001821534|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES	$ 26,228	$ 25,827	$ 48,975	$ 61,823
EXPENSES (INCOME)
Web3 platform expenses	12,317	12,603	25,159	23,231
Partnership expenses	3,663	2,127	7,063	6,392
Payment processing expenses	4,350	0	4,350	0
General and administrative	44,712	18,817	60,170	33,135
Loss (gain) on digital assets, net	6,981	(52,500)	43,394	(23,691)
Loss (gain) on disposed investments	2	(2,000)	2	(2,000)
Impairment on other assets	2	0	413	137
Staking and other (income) loss	(2,590)	(113)	(2,700)	23
Gain on debt extinguishment	(20,377)	0	(20,377)	0
Other loss, net	74	15	77	462
Interest income	(1,435)	(586)	(6,294)	(1,589)
Interest expense	261	0	261	0
(Loss) income before income taxes	(21,732)	47,464	(62,543)	25,723
INCOME TAX BENEFIT (EXPENSE)	3,120	(9,797)	11,792	(929)
NET (LOSS) INCOME	(18,612)	37,667	(50,751)	24,794
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(2,300)	(1,059)	(2,199)	(1,313)
COMPREHENSIVE (LOSS) INCOME	$ (20,912)	$ 36,608	$ (52,950)	$ 23,481
Common Class A
Net (loss) income per share
Basic net (loss) income per share of common stock (in dollars per share)	$ (0.62)	$ 1.28	$ (1.70)	$ 0.86
Diluted net (loss) income per share of common stock (in dollars per share)	$ (0.62)	$ 1.12	$ (1.70)	$ 0.78
Weighted average number of shares and share equivalents outstanding
Weighted average number of shares used in basic computation (in shares)	10,825	9,819	10,681	9,147
Weighted average number of shares used in diluted computation (in shares)	10,825	12,500	10,681	11,790
Common Class B
Net (loss) income per share
Basic net (loss) income per share of common stock (in dollars per share)	$ (0.62)	$ 1.28	$ (1.70)	$ 0.86
Diluted net (loss) income per share of common stock (in dollars per share)	$ (0.62)	$ 1.12	$ (1.70)	$ 0.78
Weighted average number of shares and share equivalents outstanding
Weighted average number of shares used in basic computation (in shares)	19,185	19,641	19,185	19,546
Weighted average number of shares used in diluted computation (in shares)	19,185	21,021	19,185	20,172

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) income

$ (50,751)

$ 24,794

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

2,234

2,078

Deferred tax (benefit) expense

(13,375)

3,289

Impairment of other assets

413

137

Loss (gain) on digital assets, net

43,394

(23,691)

Loss (gain) on disposed investments

(2,000)

Gain on extinguishment of debt

(20,377)

Staking and other (income) loss

(2,700)

Other loss, net

462

Share-based compensation

8,279

5,755

Accrued interest income

(2,252)

(682)

Accretion of future purchase obligation

261

Other operating activities settled in digital assets and stablecoins

^[1]

(4,053)

(22,934)

Change in operating assets and liabilities:

Safeguarded assets

2,445

Accounts receivable

2,519

231

Prepaid expenses

(5,358)

333

Income tax receivable

(1,770)

Other current assets

(13,076)

(2,411)

Other long-term assets

520

Customer deposit liabilities

(6,574)

Accounts payable

2,317

1,980

Accrued liabilities

1,303

1,130

Payroll liabilities

4,407

Other long-term liabilities

Net cash used in operating activities

(52,115)

(11,433)

CASH FLOWS FROM INVESTING ACTIVITIES

Cash acquired in acquisition, net of cash paid

342,296

Investment in Simple Agreements for Future Equity notes ("SAFEs")

(100)

Purchase of equity security

(200)

Proceeds from the sale of disposed investments

2,000

Purchases of fixed assets

(98)

(143)

Purchase of treasury bills

(4,938)

Redemption of treasury bills

30,700

Purchases of digital assets

(1,712)

(1,580)

Disposal of digital assets held

76,915

10,392

Other investing activities

(907)

Net cash provided by investing activities

416,294

36,331

CASH FLOWS FROM FINANCING ACTIVITIES

Repurchase of shares to pay employee withholding taxes

(2,055)

(9,848)

Exercise of stock options

(5)

Net cash used in financing activities

(2,060)

(9,848)

Effects of exchange rate changes on cash

(11,978)

Change in cash and cash equivalents and restricted cash

350,141

15,050

Cash and cash equivalents and restricted cash, beginning of period

4,938

37,883

Cash and cash equivalents and restricted, end of period

355,079

52,933

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Non-cash issuance of stock

Non-cash fair value of loans receivable settled as acquisition consideration

106,900

Non-cash deferred purchase consideration recognized in connection with the acquisition

24,800

Fixed assets purchased with digital assets

(36)

Non-cash capitalized software costs settled in digital assets and stock (including stock-based compensation of $271 and $179, respectively)

(1,924)

(1,060)

Non-cash capitalized interest on loans receivable

2,786

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid for income taxes

$ 4,165

$ 1

[1]	See "Note 6 - Digital Assets".

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 21,211	$ 4,938
Restricted cash	333,868	0
Stablecoins	2,887	222
Restricted stablecoins	3,847	0
Accounts receivable	9,391	5,141
Prepaid expenses	10,090	2,996
Income tax receivables	2,957	3,401
Loans receivable, net	0	80,584
Other current assets	12,252	1,995
Total current assets	396,503	99,277
OTHER ASSETS
Fixed assets, net	447	458
Digital assets	37,315	156,447
Software assets, net	4,839	4,565
Goodwill	98,750	0
Definite and indefinite-lived intangible assets, net	52,091	4,928
Deferred tax assets	5,656	13
Other long-term assets	1,101	1,074
Total other assets	200,199	167,485
TOTAL ASSETS	596,702	266,762
CURRENT LIABILITIES
Accounts payable	7,275	1,176
Customer deposit liabilities	331,523	0
Payroll liabilities	9,563	3,975
Income tax payable	0	0
Accrued liabilities	26,638	2,210
Total current liabilities	374,999	7,361
LONG-TERM LIABILITIES
Deferred tax liability	5,320	11,991
Other long-term liabilities	15,419	0
Total long-term liabilities	20,739	11,991
Total liabilities	395,738	19,352
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY
Preferred stock $0.000001 par value, 5,000,000 shares authorized, no shares issued and outstanding	0	0
ADDITIONAL PAID IN CAPITAL	133,499	126,995
ACCUMULATED OTHER COMPREHENSIVE LOSS	(4,323)	(2,124)
RETAINED EARNINGS	71,788	122,539
Total stockholders' equity	200,964	247,410
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	596,702	266,762
Class A Shares
STOCKHOLDERS' EQUITY
Common stock value	0	0
Class B Shares
STOCKHOLDERS' EQUITY
Common stock value	$ 0	$ 0