Exodus Movement, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Context

  • Management emphasized 2025 as the most consequential year in company history, driven by major product and infrastructure buildout despite weak crypto markets.
  • The company is shifting from a speculation-driven model (swap revenue tied to crypto prices) toward a diversified payments-driven model centered around Exodus Pay.
  • Focus areas include payments infrastructure (via W3C acquisition), B2B partnerships, stablecoin-powered transactions, and future AI agent financial tooling.

Financial Highlights

  • Full-Year Revenue 2025: $121.6M, up 5% compared to 2024, driven by better monetization and B2B expansion.
  • Q4 Revenue: $29.5M, down 3% from Q3 and down 34% from record Q4 2024 (which benefited from Bitcoin passing $100k and election-related catalysts).
  • Swap Volume:
    • Full year: $6.89B, up 21% versus 2024.
    • Q4: $1.59B, down 9% sequentially and down 32% YoY due to market pullback.
  • ExoSwap (B2B Swaps):
    • $416M in Q4 volume (26% of total).
    • 18 signed partners; 11 producing volume.
    • Notable partner MetaMask launched support for Bitcoin at year-end.
  • Staking Revenue: Over $4M for 2025, almost double 2024’s total.
  • Fiat Onboarding Revenue: Up 28% versus 2024.

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Chris Merkel: Hi, everyone. Welcome to Exodus Movement, Inc.'s fourth quarter 2025 earnings call. I am your host, Chris Merkel, and with us today are Exodus Movement, Inc.'s Co-Founder and CEO, JP Richardson, and CFO, James Gernetzke. During today's call, we may make forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Actual results may vary materially from those expressed or implied in the forward-looking statements due to a variety of factors. These factors are described in forward-looking statements in our earnings press release and our most recent Form 10-K filed with the Securities and Exchange Commission, available on the investor relations portion of our website. We do not undertake any obligation to update forward-looking statements. As always, feel free to visit our social media accounts on X or Reddit to submit questions for our investor relations team after our call. I will now turn the call over to JP to discuss Exodus Movement, Inc.'s fourth quarter and full year 2025. JP Richardson: Thank you everyone for joining. We want to try something a little different today. I have been told multiple times that my opening on earnings calls just does not sound like me, and I think that is a fair criticism, so we are going to keep this more conversational, a lot like how I speak publicly on interviews or even internally in company all-hands calls. So often

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