Exodus Movement, Inc.
For the period ended Jun 30, 2026. Filed Aug 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.
Jun 30, 2026 · Filed Aug 11, 2026
Contents
15. Segment Reporting
- Segment Reporting
Prior to the Acquired Entities, the Company operated and reported as a single operating segment and single reportable segment. Accordingly, all prior-period financial information was reported on a consolidated basis within a single segment structure. As a result of the Acquisition, the Company hastwo reportable segments: Web3 Services and Payment Processing. Web3 Services provides digital asset services through the Exodus platform, including exchange aggregation, fiat onboarding and offboarding, staking, and other Web3-related services. Payment Processing provides payment processing, card issuance, and payment infrastructure solutions to traditional commerce and crypto-native customers.
The Company's Chief Executive Officer serves as the Chief Operating Decision Maker ("CODM"). The CODM assesses the operating performance of each reportable segment and allocates resources based on the segment statements of operations for each reportable segment, which are presented using the same line items as the condensed consolidated statements of operations. Segment net (loss) income is the measure of segment profit or loss used by the CODM to evaluate performance and allocate resources. The CODM is not provided with and does not regularly review segment asset information when evaluating segment performance or allocating resources.
The following tables present the segment statements of operations for the Company's reportable segments:
| Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | |||||
|---|---|---|---|---|---|---|
| (Unaudited, in thousands) | Web 3 Services | Payment Processing Services | Total | Web 3 Services | Payment Processing Services | Total |
| External revenues | $21,240 | $4,988 | $26,228 | $25,827 | $— | $25,827 |
| Intersegment revenues | (45) | 45 | — | — | — | — |
| Revenues | 21,195 | 5,033 | 26,228 | 25,827 | — | 25,827 |
| Eliminations | 45 | (45) | — | — | — | — |
| TOTAL REVENUES | $21,240 | $4,988 | $26,228 | $25,827 | $— | $25,827 |
| EXPENSES (INCOME) | ||||||
| Web3 platform expenses | 12,317 | — | 12,317 | 12,603 | — | 12,603 |
| Partnership expenses | 3,663 | — | 3,663 | 2,127 | — | 2,127 |
| Payment processing expenses | — | 4,350 | 4,350 | — | — | — |
| General and administrative | 23,246 | 21,466 | 44,712 | 18,817 | — | 18,817 |
| Loss (gain) on digital assets, net | 6,973 | 8 | 6,981 | (52,500) | — | (52,500) |
| Loss (gain) on disposed investments | 2 | — | 2 | (2,000) | — | (2,000) |
| Impairment on other assets | 2 | — | 2 | — | — | — |
| Staking and other income | (634) | (1,956) | (2,590) | (113) | — | (113) |
| Gain on debt extinguishment | (20,377) | — | (20,377) | — | — | — |
| Other loss, net | 12 | 62 | 74 | 15 | — | 15 |
| Interest income | (1,290) | (145) | (1,435) | (586) | — | (586) |
| Interest expense | 152 | 109 | 261 | — | — | — |
| (Loss) income before income taxes | $(2,826) | $(18,906) | $(21,732) | $47,464 | $— | $47,464 |
| INCOME TAX (EXPENSE) BENEFIT | (618) | 3,738 | 3,120 | (9,797) | — | (9,797) |
| NET (LOSS) INCOME | $(3,444) | $(15,168) | $(18,612) | $37,667 | $— | $37,667 |
| Six Months Ended June 30, 2026 · Six Months Ended June 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Unaudited, in thousands) · Web3 Services · Payment Processing Services · Total · Web3 Services · Payment Processing Services · Total | |||||||||
| External revenues | $43,987 | $4,988 | $48,975 | $61,823 | $— | $— | $61,823 | ||
| Intersegment revenues | (45) | 45 | — | — | — | — | |||
| Revenues | 43,942 | 5,033 | 48,975 | 61,823 | — | 61,823 | |||
| Eliminations | 45 | (45) | — | — | — | — | |||
| TOTAL REVENUES | 43,987 | 4,988 | 48,975 | 61,823 | — | 61,823 | |||
| EXPENSES (INCOME) | |||||||||
| Web3 platform expenses | 25,159 | — | 25,159 | 23,231 | — | 23,231 | |||
| Partnership expenses | 7,063 | — | 7,063 | 6,392 | — | 6,392 | |||
| Payment processing expenses | — | 4,350 | 4,350 | — | — | — | — | ||
| General and administrative | 38,704 | 21,466 | 60,170 | 33,135 | — | — | 33,135 | ||
| Loss (gain) on digital assets, net | 43,386 | 8 | 43,394 | (23,691) | — | — | (23,691) | ||
| Loss (gain) on disposed investments | 2 | — | 2 | (2,000) | — | — | (2,000) | ||
| Impairment on other assets | 413 | — | 413 | 137 | — | — | 137 | ||
| Staking and other (income) loss | (744) | (1,956) | (2,700) | 23 | — | — | 23 | ||
| Gain on debt extinguishment | (20,377) | — | (20,377) | — | — | — | |||
| Other loss, net | 15 | 62 | 77 | 462 | — | 462 | |||
| Interest income | (6,149) | (145) | (6,294) | (1,589) | — | (1,589) | |||
| Interest expense | 152 | 109 | 261 | — | — | — | |||
| (Loss) income before income taxes | $(43,637) | $(18,906) | $(62,543) | $25,723 | $— | $25,723 | |||
| INCOME TAX BENEFIT (EXPENSE) | 8,054 | 3,738 | 11,792 | (929) | — | (929) | |||
| NET (LOSS) INCOME | $(35,583) | $(15,168) | $(50,751) | $24,794 | $— | $24,794 | |||
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