Company Overview

Exodus Movement, Inc. (“Exodus” or the “Company”) is a remote-first, NYSE American-listed fintech company operating in the blockchain and digital asset industry. The Company provides a platform integrating over 30,000 digital assets and offers digital asset exchanging, fiat onboarding, staking, and other third-party applications through its API Providers. Exodus aims to empower users to manage their digital assets securely and privately, without compromising on user experience.

• Trading Symbol: EXOD
• Exchange: NYSE American
• Class A Common Stock Outstanding: 10,626,754 shares
• Class B Common Stock Outstanding: 19,185,163 shares
• Public Float (as of June 30, 2025): \$240,121,380 (based on a closing price of \$28.83 per share)
• Business Address: 15418 Weir St., #333, Omaha, NE 68137

Key Financial and Structural Highlights

• Controlled Company Status:
  As of December 31, 2025, the Company’s co-founders, Messrs. Richardson and Castagnoli, controlled approximately 93% of the voting power of all outstanding common stock. Collectively, holders of Class B common stock control 95% of the voting power. As a result, Exodus qualifies as a “controlled company” under NYSE American rules, allowing it to rely on certain exemptions from corporate governance standards. This concentrated control is a critical factor for investors as it may influence future strategic direction, governance, and shareholder rights.
• Recent M&A Activity:
  During the reporting period, Exodus completed an asset purchase of a payments platform for \$2.7 million, with \$1.5 million paid in cash and \$1.2 million in newly issued Class A shares. This acquisition is expected to expand Exodus’ payments capabilities and could impact future revenue streams and earnings.

Business Model and Industry Trends

Exodus operates in the rapidly evolving fintech, blockchain, and digital asset industries. The platform’s integration with over 30,000 digital assets and third-party applications positions it as a comprehensive solution for users seeking privacy, security, and ease of use. However, the Company acknowledges potential regulatory risks, especially regarding privacy coins (which have been banned in some jurisdictions), the possibility of the platform being exploited for illicit activity, and user responsibility for self-custody of digital assets.

Management highlights that while traditional banking systems offer FDIC insurance, digital assets managed via Exodus require users to secure their own cryptographic keys, adding a layer of risk and responsibility.

Risk Factors and Forward-Looking Statements

• Regulatory Risks:
  The Company and its API Providers may face increased regulatory scrutiny, especially as their platforms could potentially be exploited for fraud, money laundering, gambling, tax evasion, or scams.
• User Responsibility:
  Users—rather than Exodus—are responsible for securing their digital assets and cryptographic keys. Loss or theft of keys may result in the permanent loss of assets.
• Concentration of Control:
  The highly concentrated voting power in the hands of the founders and Class B shareholders may limit the influence of public shareholders and affect governance, M&A strategies, and other material decisions.
• Emerging Growth and Small Reporting Company Status:
  Exodus is classified as both an emerging growth company and a smaller reporting company, permitting it to take advantage of reduced disclosure requirements, which may impact transparency.

The report contains numerous forward-looking statements regarding business plans, profitability, growth strategies (including organic and M&A-based growth), capital allocation, anticipated financing needs, business trends, and liquidity. These statements are subject to risks and uncertainties, and actual results may differ materially.

Matters Potentially Affecting Share Price

• Shareholder Influence:
  The “controlled company” status and the founders’ voting power could lead to strategic decisions that benefit insiders over minority shareholders, potentially affecting share value.
• Regulatory and Compliance Developments:
  Any adverse regulatory developments, especially related to digital asset security, privacy coins, or AML/KYC requirements, could materially impact business operations and share price.
• Acquisitions and Expansion:
  The recent payments platform acquisition demonstrates ongoing expansion, which, if successful, could drive earnings growth and share price appreciation.

Conclusion for Investors

Exodus Movement, Inc. is a rapidly growing fintech company with a unique position in the digital asset market. Its business model, concentrated control structure, and continued expansion through M&A are key factors for investors. However, shareholders should be mindful of the significant risks, especially those related to regulatory compliance, governance, and user self-custody of assets. These factors could materially move the share price, both positively and negatively, depending on regulatory developments, operational performance, and market perception of governance.