Exodus Movement, Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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16. 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: Digital Asset Services and Payment Processing. During the third quarter of 2026, the Company renamed its Web3 Services reportable segment to Digital Asset Services. The change was limited to the segment's name and did not affect the composition of the Company's reportable segments or the measurement of segment financial results. Digital Asset Services operates through the Exodus platform, including exchange aggregation, fiat onboarding and offboarding, staking, and other digital asset 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 September 30, 2026 | Three Months Ended September 30, 2025 | |||||
|---|---|---|---|---|---|---|
| (Unaudited, in thousands) | Digital Asset Services | Payment Processing Services | Total | Digital Asset Services | Payment Processing Services | Total |
| External revenues | $21,635 | $10,904 | $32,539 | $30,343 | $— | $30,343 |
| Intersegment revenues | (61) | 61 | — | — | — | — |
| Revenues | 21,574 | 10,965 | 32,539 | 30,343 | — | 30,343 |
| Eliminations | 61 | (61) | — | — | — | — |
| TOTAL REVENUES | $21,635 | $10,904 | $32,539 | $30,343 | $— | $30,343 |
| EXPENSES (INCOME) | ||||||
| Digital asset services expenses | 12,496 | — | 12,496 | 12,350 | — | 12,350 |
| Partnership expenses | 3,139 | — | 3,139 | 4,637 | — | 4,637 |
| Payment processing expenses | — | 9,459 | 9,459 | — | — | — |
| General and administrative | 17,098 | 11,842 | 28,940 | 14,884 | — | 14,884 |
| Gain on digital assets, net | (11,318) | (59) | (11,377) | (21,003) | — | (21,003) |
| Staking and other income | (1,087) | (313) | (1,400) | (264) | — | (264) |
| Other loss, net | 91 | 3 | 94 | 32 | — | 32 |
| Interest income | (351) | (158) | (509) | (599) | — | (599) |
| Interest expense | 397 | 265 | 662 | — | — | — |
| Income (loss) before income taxes | 1,170 | (10,135) | (8,965) | 20,306 | — | 20,306 |
| INCOME TAX (EXPENSE) BENEFIT | (1,753) | 978 | (775) | (3,265) | — | (3,265) |
| NET (LOSS) INCOME | $(583) | $(9,157) | $(9,740) | $17,041 | $— | $17,041 |
| Nine Months Ended September 30, 2026 · Nine Months Ended September 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Unaudited, in thousands) · Digital Asset Services · Payment Processing Services · Total · Digital Asset Services · Payment Processing Services · Total | |||||||||
| External revenues | $65,622 | $15,892 | $81,514 | $92,166 | $— | $— | $92,166 | ||
| Intersegment revenues | (106) | 106 | — | — | — | — | |||
| Revenues | 65,516 | 15,998 | 81,514 | 92,166 | — | 92,166 | |||
| Eliminations | 106 | (106) | — | — | — | — | |||
| TOTAL REVENUES | 65,622 | 15,892 | 81,514 | 92,166 | — | 92,166 | |||
| EXPENSES (INCOME) | |||||||||
| Digital asset services expenses | 37,655 | — | 37,655 | 35,581 | — | 35,581 | |||
| Partnership expenses | 10,202 | — | 10,202 | 11,029 | — | 11,029 | |||
| Payment processing expenses | — | 13,809 | 13,809 | — | — | — | — | ||
| General and administrative | 55,802 | 33,308 | 89,110 | 48,019 | — | — | 48,019 | ||
| Loss (gain) on digital assets, net | 32,068 | (51) | 32,017 | (44,694) | — | — | (44,694) | ||
| Loss (gain) on disposed investments | 2 | — | 2 | (2,000) | — | — | (2,000) | ||
| Impairment on other assets | 413 | — | 413 | 137 | — | — | 137 | ||
| Staking and other income | (1,831) | (2,269) | (4,100) | (241) | — | — | (241) | ||
| Gain on debt extinguishment | (20,377) | — | (20,377) | — | — | — | |||
| Other loss, net | 106 | 65 | 171 | 494 | — | 494 | |||
| Interest income | (6,500) | (303) | (6,803) | (2,188) | — | (2,188) | |||
| Interest expense | 549 | 374 | 923 | — | — | — | |||
| (Loss) income before income taxes | (42,467) | (29,041) | (71,508) | 46,029 | — | 46,029 | |||
| INCOME TAX BENEFIT (EXPENSE) | 6,301 | 4,716 | 11,017 | (4,194) | — | (4,194) | |||
| NET (LOSS) INCOME | $(36,166) | $(24,325) | $(60,491) | $41,835 | $— | $41,835 | |||
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