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

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

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Contents

5. Revenue Recognition

Revenue Recognition

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

Three Months Ended September 30, · Nine Months Ended September 30,
	2026		2025		2026		2025
(in thousands, except percentages)	Amount	% of Revenue	Amount	% of Revenue	Amount	% of Revenue	Amount	% of Revenue
Digital asset services
Exchange aggregation	$18,789	57.7%	$26,894	88.6%	$57,532	70.5%	$84,118	91.3%
Fiat onboarding	2,308	7.1	1,321	4.4	6,302	7.7	3,449	3.7
Staking	515	1.6	1,817	6.0	1,625	2.0	3,515	3.8
Other (1)	23	0.1	311	1.0	163	0.2	1,084	1.2
Total exchange services	21,635	66.5%	30,343	100.0%	65,622	80.4%	92,166	100.0%
Payment processing services
Program management fees	7,096	21.8%	—	—	9,743	12.0%	—	—
Net interchange revenue	774	2.4	—	—	1,267	1.6	—	—
Other	3,034	9.3	—	—	4,882	6.0	—	—
Intersegment	61	0.2	—	—	106	0.1	—	—
Total payment processing services	10,965	33.7%	—	—	15,998	19.7%	—	—
Intersegment eliminations	(61)	(0.2)	—	—	(106)	(0.1)	—	—
Total revenues	$32,539	100.0%	$30,343	100.0%	$81,514	100.0%	$92,166	100.0%

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

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

Three Months Ended September 30, · Nine Months Ended September 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	$5,262	16.2%	$6,151	20.3	$15,799	19.4%	$23,701	25.7%
Hong Kong	5,293	16.3	8,480	27.9	16,004	19.6	21,807	23.7
British Virgin Islands	3,823	11.7	4,031	13.3	10,275	12.6	16,100	17.5
Seychelles	2,153	6.6	4,382	14.4	7,353	9.0	11,450	12.4
United Kingdom	5,322	16.4	1,902	6.3	9,143	11.2	3,852	4.2
Other(1)	10,686	32.8	5,397	17.8	22,940	28.2	15,256	16.5
Revenues	$32,539	100.0%	$30,343	100.0%	$81,514	100.0%	$92,166	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 September 30, 2025	$—
Balance as of December 31, 2025	$—
Increase in contract liability	1,910
Performance obligations satisfied	(226)
Foreign currency translation adjustment	(227)
Balance as of September 30, 2026	$1,457

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 September 30, 2026, $5.2 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 tofour years.

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