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

EXOD$4.48+10.1%Stored close · as of Nov 9, 2026

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Contents

4. Revenue Recognition

Revenue Recognition

The following table presents net sales disaggregated by product and service categories for each segment:

Three Months Ended June 30, · Six Months Ended June 30,
2026 · 2025 · 2026 · 2025
(in thousands, except percentages) · Amount · % of Revenue · Amount · % of Revenue · Amount · % of Revenue · Amount · % of Revenue
Web3 services
Exchange aggregation	$18,740	71.5%	$23,417		90.7%		$38,743		79.1%	$57,224		92.6%
Fiat onboarding	2,047	7.8	988		3.8		3,994		8.2	2,128		3.4
Staking	451	1.7	1,110		4.3		1,110		2.3	1,698		2.7
Other (1)	2	—	312		1.2		140		0.3	773		1.3
Total exchange services	21,240	81.0%	25,827		100.0%		43,987		89.9%	61,823		100.0%
Payment processing services
Program management fees	2,647	10.1%	—		—		2,647		5.4%	—		—
Net interchange revenue	493	1.9		—		493		1.0			—
Other	1,848	7.0		—		1,848		3.7			—
Intersegment	45	0.2	—		—		45		0.1	—		—
Total payment processing services	5,033	19.2%	—		—		5,033		10.2%	—		—
Intersegment eliminations	(45)	(0.2)	—		—		(45)		(0.1)	—		—
Total revenues	$26,228	100.0%	$25,827		100.0%		$48,975		100.0%	$61,823		100.0%

(1) Other is primarily driven consulting and non-fungible token revenue related to the Company's Web3 services.

The following table presents the Company’s revenues disaggregated by geography, based on the addresses of the Company's customers:

Three Months Ended June 30, · Six Months Ended June 30,
	2026		2025		2026		2025
(in thousands, except units)	Amount	% of Revenue	Amount	% of Revenue	Amount	% of Revenue	Amount	% of Revenue
Republic of the Marshall Islands	$5,558	21.2%	$7,763	30.1	$10,537	21.5%	$17,550	28.4%
Hong Kong	4,979	19.0	5,671	22.0	10,711	21.9	13,327	21.6
British Virgin Islands	3,463	13.2	4,655	18.0	6,452	13.2	12,069	19.5
Seychelles	1,803	6.9	2,686	10.4	5,200	10.6	7,068	11.4
Other(1)	10,425	39.7	5,052	19.5	16,075	32.8	11,809	19.1
Revenues	$26,228	100.0%	$25,827	100.0%	$48,975	100.0%	$61,823	100.0%

(1)No other individual country or territory accounted for more than 10% of total revenue.

The following table presents the Company's contract liability balances which primarily consist of deferred setup fees billed to payment program customers:

(in thousands)
Balance as of December 31, 2024	$12
Increase in contract liability	71
Performance obligations satisfied	(83)
Balance as of June 30, 2025	$—
Balance as of December 31, 2025	$—
Increase in contract liability	1,744
Performance obligations satisfied	(44)
Foreign currency translation adjustment	(74)
Balance as of June 30, 2026	$1,626

Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue related to setup fees and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods.

As of June 30, 2026, approximately $4.1 million of transaction price was allocated to the remaining performance obligations. The Company expects to recognize substantially all of this amount as revenue over the remaining contractual terms of the related customer arrangements, which generally range up to four years.

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