Exodus Movement, Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 11, 2026
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7. Software Assets, Net
- Software Assets, Net
Costs incurred are used to develop internal software applications and consist of mainly compensation and benefits. We capitalize software development costs upon the establishment of technological feasibility. As of March 31, 2026 and 2025, we capitalized $0.5 million of software development costs, respectively. When the software is ready for use, these capitalized costs are amortized on a straight-line basis over the estimated useful life, estimated to bethree years.
Software assets, net, consisted of the following:
| (in thousands) | March 31, 2026 | December 31, 2025 |
|---|---|---|
| Software in development | $1,611 | $1,069 |
| Software assets in use | 12,670 | 13,198 |
| Less: accumulated amortization | (10,217) | (9,702) |
| Software assets in use, net | 2,453 | 3,496 |
| Software assets, net | $4,064 | $4,565 |
The following summarizes the future amortization expense as of March 31, 2026:
| (in thousands) | |
|---|---|
| Nine months ended December 31, 2026 | $1,316 |
| 2027 | 1,006 |
| 2028 | 131 |
| 2029 | — |
| $2,453 | |
For the three months ended March 31, 2026 and 2025, amortization expense was $0.6 million and $1.0 million, respectively. During the three months ended March 31, 2026 and 2025, the Company recorded $0.4 million and $0.1 million, respectively, in software development impairment which is presented as impairment on other assets in the consolidated statements of operations and comprehensive loss.
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