Exodus Movement, Inc.

Hi, everyone. Welcome to Exodus's fourth quarter 2025 earnings call. I'm your host, Chris Merkle, and with us today are Exodus's co-founder and CEO, J.P. Richardson, and CFO, James Granetsky. 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. Let's go to JP to discuss Exodus' fourth quarter and full year 2025.

Thank you, everyone, for joining. I want to try something a little different today. I've been told multiple times that my opening on earnings calls just doesn't sound like me. I think that's a fair criticism. So we're 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 I love to tell stories, and today is going to be no different. A couple of weeks ago, I took my kid skiing for the first time. My little boy, he's seven years old, and so we're on the bunny slope, and where they teach the young kids, and he could barely stand up. He kept falling over and over again. And I'm not sure many of you with kids can relate to this, but he kept getting up over and over again. And so ultimately he asked about going up the lift on the mountain and to actually go down. And his mom looked at him and she goes, son, you're not ready yet. And your dad doesn't think that you're ready yet. And so he said to her, he's like, I'm going to show him. Meaning me, of course. So me, admiring his determination, I said, okay, well, let's go. Let's go to the top of the mountain. Let's check it out. So we all went up. And he's going up and he went down. And, yeah, he fell a couple times. But he made it down without any issue. And it was actually really impressive. And so thinking about this moment with my kids and kind of heading into this call today, because it's kind of a lot like what 2025 felt like for this company. The market kind of knocked us around stock price and Bitcoin price. It just tested everyone's patience. And every single time, the team just kept building. Even when we get knocked down, just kept building. Focused. So we're building the infrastructure that makes us less dependent on market conditions, these very market conditions, in the first place. We walk you through what we build and where we're headed. Let's do a brief look back into 2025. 2025 was the most consequential year in the history of Exodus. This is because of what we built while the market has been pulling back. And as you remember, early 2025, it seems like an eternity now, we rang the bell on the New York Stock Exchange. And this ultimately, being the New York Stock Exchange, opened the door for more investors that couldn't touch us in the OTC markets. We announced Exodus Pay, one of the most important products in the company's history. And in November, we closed the Grateful acquisition, and this gave us a live payment sandbox in Latin America, where every lesson from Grateful is making its way back into Exodus Pay. And in that same month, we signed the W3C acquisition. I'm going to come back to that in a moment. We expanded Exoswap to more signed partnerships. I'm going to talk about that even later. We expanded our tokenized equity to Solana through Superstate's opening bail platform. For full year revenue, we grew 5% to $121.6 million. That growth came from improved monetization and B2B expansion. even as retail activity softened all the way toward the end of the year. Now, for 10 years, Exodus was built on speculation. When crypto is up, we thrive. When crypto pulls back, we feel it, much like what we're seeing in the markets today. As a public company, the stock reflects this reality directly. And this model has served us well for a decade, but it's not enough anymore. Everything we did in 2025 was in service of one goal, and that's creating more revenue streams, revenue streams that don't depend on where crypto trades tomorrow. We are becoming a payments company, one that serves people whether Bitcoin is at $30,000 or $130,000. one that earns revenue from the daily financial lives of real people, not just trading activity. The product at the center of the shift is Exodus Pay. Most people use at least three financial apps. I'm guessing many of you on this call. are going to be very familiar with this. No doubt you have a banking app. You have a famous app like Venmo or Cash App. And you probably have a brokerage app like Robinhood or Fidelity. Exodus Pay makes it one. We're building a product that lets people send, spend, invest, and earn from a single interface. No seed phrases, no blockchain jargon, no L1, L2, which later on nobody cares about that stuff. No complexity. Self-custody should feel as easy as tap to pay. And at its core, excess pay is built on stablecoins. Stablecoins are the dollars that move at internet speed. You may have heard of them. We are making stablecoins usable for everyday payments. Groceries, rideshare, restaurants, anywhere where Visa or MasterCard is accepted. Again, from speculation-driven swap fees to revenue built on daily utility. And what's going to power Exodus Pay is the product of W3C. So let's talk about the W3C acquisition. It remains the centerpiece of our vertical integration strategy. Now, let me remind everyone why this deal matters in the first place. So the first reason this deal matters, we get to own the full payment stack from self-custodial wallet to the spend card at the terminal. No other wallet owns end-to-end payment rails. The second reason is revenue diversification. Our revenue today is heavily tied to swap volume. The third reason is the B2B2C infrastructure for partners. W3C already powers MetaMask, Ledger, OKEx, and Kraken in their cards. Owning this infrastructure means Xs can provide card programs and payment rails to other wallets and apps. This means more revenue from partners without acquiring those end users directly. We remain confident in the ability to close in 2026 and are working diligently towards closing. Such what seems these days on everybody's favorite topic AI because it's reshaping both how we build and what we build. First talk about how we build. I actually write code every single day using cloud code. Tasks that used to take me months now take me just hours. It's that wild how good these tools are these days. And so what's true for me here is true for our entire engineering organization. We are pushing hard toward a model where AI ultimately writes all of our code. We're not there yet. We're not there yet. But the productivity gains we're seeing so far have already been quite significant. Now, what we build, kind of how we think about the future here is that we think AI agents represent an entirely new class of customer for Exodus. These agents are going to need wallet infrastructure. They're going to need to send money, check balances, and make purchases. So it's easy when you think of payments apps like Exodus Pay, it's easy to think of the total addressable market as just, you know, 8 billion people, the entire world, right? But with AI agents, it will potentially be in the trillions because each one of these agents is going to need a wallet. And Exodus aims to be the default wallet layer for this world. Let's hit on Exoswap. Exoswap continues to be a meaningful volume driver. In total, we have 18 signed partnerships, 11 that are producing, $416 million in Q4 volume, 26% of our quarterly total. This strength shows that our infrastructure is trusted by other major platforms like Ledger and MetaMask. And MetaMask just went live the end of December with Solana. So following the close of W3C, we're going to be able to offer a card issuance as well to a lot of these partnerships that are using ExoSwap, especially a lot of the new ones. So I want to leave you with this. Our revenue today does not yet reflect the magnitude of what we have built. We have invested significant resources, capital, talent, time, into infrastructure, acquisitions, and product development that have not yet hit the top line. I understand this. I understand the patience it requires from you, our shareholders. I want you to understand what's on the other side. we are shifting from a company built on speculation to a company built on payments on daily utility on infrastructure that earns revenue every time someone caps a card invests into the future saves for a rainy day or buys their groceries that is the company we are building So 2025 laid the foundation and 2026 is where it starts to come to life. With that, I can hand it over to James to walk through our financial results. James.

Thank you, JP. Let's start with Q4 and full year revenue and swap volumes. Full year revenue was $121.6 million. That's up 5% from 2024. Q4 revenue was $29.5 million, which represents a 3% decrease from Q3 and a 34% decline from the record Q4 we had a year ago. To put that year-over-year comparison in context, Q4 2024 was our highest revenue quarter in company history, in a quarter where we saw major industry catalysts like the US election and Bitcoin topping $100,000 for the very first time. As a recent industry backdrop, Digital asset prices were also in decline for most of Q4 2025, after briefly enjoying early October highs. Full year swap volume was $6.89 billion, which is a 21% increase from 2024. This is a meaningful increase that demonstrates the underlying growth in the platform, even as digital asset prices declined. Q4 swap volume of $1.59 billion was down 9% sequentially and down 32% year-over-year, tracking the broader market pullback. ExoSwap, our B2B swaps platform, continued to be a significant volume driver for Exodus at $416 million of volume in Q4, or 26% of our total quarterly volume. Our growing B2B swap volume demonstrates that Exodus is increasingly a critical piece of infrastructure for the broader ecosystem. And with regard to staking and other non-exchange revenue, full-year revenue from staking reached over $4 million for the year, nearly doubling 2024's total. Our improvements to Solana staking in particular drove this acceleration. This is recurring revenue that can be compounded for as long as the assets remain under stake. Fiat onboarding also saw a 28% increase in revenue versus 2024. Quarterly funded users, users who have actually put their money into Exodus, finished the year at 1.7 million. That's down 6% from last quarter and 11% from a year ago, reflecting the broader retail environment. Monthly active users at the end of Q4 were 1.5 million, down 35% from the previous year and unchanged sequentially. While monthly active users declined year over year in line with broader retail activity, our funded user base remained resilient, demonstrating the stickiness of our wallet. To pursue ownership of a full payment stack, during 2025, we funded $80 million of debt related to the W3C acquisition. While we initially used the Galaxy credit facility, we made the decision to pay off that debt prior to the end of the year. This resulted in the first reduction of our Bitcoin treasury in quite some time. And during Q1 of 2026, we have continued to sell digital assets as we prepare for the next disbursement related to the W3C acquisition. As we have stated in the past, we believe that our treasury, including our Bitcoin treasury, is available to fund M&A and other growth initiatives, ultimately growing our Bitcoin treasury. On a related note, we continue to evaluate ways to demonstrate the power of tokenized equity. However, we are pausing our Bitcoin dividend plans as we are prioritizing M&A and other growth initiatives at this time. We remain committed to exploring opportunities afforded to us and our shareholders through the tokenized equities as their use continues to grow. And finally, expanding on JP's earlier note regarding Exoswap, MetaMask is a notable name that we signed towards the end of last year. Their wallet launched support in the final days of 2025 for Bitcoin. Initial results are slowly ramping up as MetaMask users gain familiarity with the new multi-chain functionality. Chris, with that, let's get back over to you for questions.