Exodus Movement, Inc. (EXOD) Q3 2025 Earnings Call Transcript

Access earnings results, analyst expectations, report, slides, earnings call, and transcript.

Overview

The earnings call indicates strong financial performance with a 51% YoY revenue increase and significant swap volume growth. The company is exploring innovative initiatives like Bitcoin dividends and stablecoin integration, despite some regulatory risks. The Q&A reveals optimism about non-exchange revenue growth and stablecoin opportunities in emerging markets, though some details are lacking. The sentiment is positive overall, with potential for stock price gains driven by strong earnings, optimistic guidance, and strategic moves in digital assets.

Key Financial Performance

Revenue $30.3 million in Q3, a 51% year-over-year increase driven by higher digital asset prices and favorable industry conditions.

Swap Volume $1.75 billion in Q3, an 82% year-over-year increase, with B2B swaps contributing $496 million (28% of quarterly volume). Growth driven by higher digital asset prices and significant volume from XO Swap partnerships.

Non-Exchange-Related Revenue Over 10% of total revenue in Q3, reflecting improvements in Solana staking and traction from XO Pay product in the U.S.

Monthly Active Users (MAUs) 1.5 million in Q3, similar to the previous quarter but down 6% year-over-year.

Quarterly Funded Users (QFUs) 1.8 million in Q3, up 6% from the previous quarter and 20% year-over-year, indicating strong user loyalty and platform stickiness.

Digital and Liquid Assets $315 million as of September 30, with a debt-free position and an increase in Bitcoin holdings to 2,123 BTC.

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Operating Highlights

Grateful acquisition: Exodus acquired Grateful, a company specializing in merchant checkout experiences built on stablecoins. This acquisition includes a payments app on passkeys and stablecoins, which will launch in Argentina and Uruguay next month.

Tokenization: Exodus extended its common stock token to the Solana blockchain, in addition to Algorand, with plans for further expansion. The company is exploring a Bitcoin dividend and other crypto-like value-added activities for shareholders.

Market expansion through partnerships: Exodus expanded its XO Swap partnerships to 16, with 10 already producing revenue. Notable partnerships include MetaMask, which is expected to integrate Bitcoin support soon.

Regional expansion: The Grateful payments app will initially launch in Argentina and Uruguay, targeting new markets.

Revenue growth: Q3 revenue reached $30.3 million, a 51% year-over-year increase, driven by higher digital asset prices and increased XO Swap partnerships.

Swap volume: Q3 swap volume totaled $1.75 billion, an 82% increase from the prior year, with B2B swaps contributing $496 million.

User metrics: Monthly active users remained at 1.5 million, while quarterly funded users increased by 6% from last quarter and 20% year-over-year.

Payment strategy: The Grateful acquisition strengthens Exodus' payment strategy, providing flexibility for targeted rollouts and feature testing.

Dividend strategy: Exodus is exploring issuing Bitcoin dividends to Class A stockholders, subject to Board approval and a charter amendment.

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Risk or Challenges

Forward-looking statements: The company acknowledges risks and uncertainties associated with forward-looking statements, which may result in actual results varying materially from expectations.

Grateful acquisition: While the acquisition of Grateful is seen as a positive development, there are risks associated with integrating new teams, technologies, and go-to-market strategies across jurisdictions.

MetaMask integration: The integration with MetaMask is not yet producing revenue, posing a risk to expected financial benefits from this partnership.

Tokenization initiatives: Efforts to tokenize assets and explore Bitcoin dividends involve regulatory and operational risks, as well as uncertainties in adoption and execution.

Market conditions: The company's performance is influenced by digital asset prices, which are volatile and could negatively impact revenue and user activity.

User metrics: Monthly active users decreased by 6% year-over-year, indicating potential challenges in user retention and engagement.

Regulatory hurdles: The company is navigating regulatory complexities, particularly in issuing Bitcoin dividends and expanding tokenization efforts.

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Guidance & Outlook

Future product development and market expansion: Exodus is building towards a future where its app can be used for payments and money transfers in the broader financial system, powered by stablecoins. The Grateful payments app will launch next month in Argentina and Uruguay, focusing on stablecoin-based merchant checkout experiences.

Partnerships and integrations: Exodus is expanding its XO Swap partnerships, with 16 signed partnerships, 10 of which are already producing. The integration with MetaMask is expected to generate revenue once Bitcoin support is added.

Tokenization and blockchain initiatives: Exodus is exploring a Bitcoin dividend and has extended its common stock token to the Solana blockchain, with plans for further blockchain integrations. The company aims to lead in on-chain stock trading.

Market trends and adoption: Exodus sees stablecoin and real-world asset tokenization as key catalysts for future growth. The company aims to become a comprehensive financial app for consumers.

Dividend strategy: Exodus is exploring the possibility of issuing Bitcoin dividends to its stockholders, subject to Board approval and a charter amendment.

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Shareholder Return Plan

Bitcoin Dividend: Exodus is exploring the possibility of issuing Bitcoin dividends to its stockholders. The company believes that issuing the right to receive a dividend in Bitcoin will allow it to leverage a core asset to reward public stockholders directly and promote business objectives such as the adoption of Exodus products and services and the advantages of common stock tokens. Exodus is seeking to amend its charter to allow the declaration and payment of dividends only to publicly listed Class A common stockholders. This amendment is subject to Board approval and completion.

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Key Q&A

Q:How quickly can Grateful be integrated into the XO wallet and platform? Are there any financial details or expectations around Grateful?

A:Grateful will go live next month, starting in Uruguay. The financial details were not disclosed, but it is a smaller acquisition financially. However, the technology is expected to be impactful as Grateful was early in its journey and had just launched its product when acquisition discussions began.

Q:What is the opportunity for revenue growth from non-aggregation sources like staking and XO Pay?

A:Aggregation will remain a large part of the revenue stack, acting as the 'glue' for various experiences. However, the Grateful acquisition and stablecoin-related products open opportunities for non-exchange-related revenue, such as merchant services and payment rails.

Q:What does the monetization model for Grateful look like?

A:Short-term monetization focuses on utility rather than merchant payment fees. The goal is to demonstrate cost savings for merchants using stablecoins. Long-term monetization includes consumers holding stablecoins, providing yield, and offering value-added services like loans and crypto swaps.

Q:How big is the opportunity for stablecoin-based payments in Latin America and other emerging markets?

A:The opportunity is significant, especially in countries like Argentina with high inflation. Stablecoins are popular as they allow consumers to use dollars conveniently. Argentina, with over 100 million people, presents a large market, while Uruguay, with 5 million people, is smaller but still relevant.

Q:How will Grateful and stablecoins be integrated into the wallet for Western consumers, and how will users be incentivized to use the platform?

A:The integration will focus on convenience, allowing users to manage crypto, stocks, and stablecoins in one app. Debit and credit card integration will ensure usability worldwide. The platform aims to appeal to younger generations who prefer app-based financial management.

Q:Was the Grateful deal cash or stock? Did it include a banking relationship in Uruguay and Argentina?

A:The deal was a mix of cash and stock. Banking relationships were not a driving factor in the acquisition, although they exist.

Q:Review of Unclear Management Responses

A:Management avoided providing specific financial details about the Grateful acquisition, only describing it as 'not very large' financially. Additionally, while they discussed the potential of stablecoin-based payments and Grateful's integration, they did not provide concrete timelines or detailed strategies for user incentivization in Western markets.

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Earnings Word Cloud

The most frequently occurring keywords in this quarter's earning call

EXOD Transcript

Exodus Movement, Inc. (EXOD) Q3 2025 Earnings Call Transcript

Positive11-10

Exodus Movement, Inc. (EXOD) Q2 2025 Earnings Call Transcript

Unknown8-11

The earnings call presents a mixed picture: a 16% revenue growth and strong digital asset holdings are positive, but declining user metrics and unclear details about key deals (e.g., MetaMask) raise concerns. The market may view the legal settlement expense and high marketing costs negatively, while the MetaMask partnership and strategic M&A could provide long-term benefits. Overall, the neutral sentiment reflects balanced positives and negatives, with no strong catalysts for a significant stock price movement in the short term.

Exodus Movement, Inc. (EXOD) Q1 2025 Earnings Call Transcript

Unknown5-12

The earnings call reveals positive aspects such as strong financial health, revenue growth, and strategic partnerships. However, concerns about declining user activity, market volatility, and competitive pressures offset these positives. The Q&A section highlights uncertainties in partnership timelines and revenue forecasts, with management's vague responses adding to the uncertainty. Despite some optimistic guidance and strong financial metrics, the challenges and lack of clear guidance result in a neutral sentiment, indicating limited stock price movement over the next two weeks.

Exodus Movement, Inc. (PNK:EXOD) Q4 2024 Earnings Call Transcript

Positive3-4

Exodus has shown strong financial performance with record revenue and a significant increase in user base. The NYSE uplisting enhances visibility, and the strategic treasury management indicates a robust financial position. Although there are risks related to market volatility and regulatory issues, the company's focus on shareholder value and potential share buybacks are positive indicators. The Q&A section didn't reveal critical concerns, and optimistic guidance for Q1 2025 supports a positive outlook. Overall, these factors suggest a positive stock price movement in the short term.

EXOD Slides

Exodus Movement Q2 2025 slides: Revenue growth slows amid strategic investments

2025-08-11

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