Skip to main content

Exodus Movement, Inc.

For the period ended Dec 31, 2025. Filed Mar 11, 2026.

View on SEC.gov

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 11, 2026

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Table of contents

PART I
Item 1.Business3
Item 1A.Risk Factors20
Item 1B.Unresolved Staff Comments44
Item 1C.Cybersecurity44
Item 2.Properties45
Item 3.Legal Proceedings45
Item 4.Mine Safety Disclosures45
PART II
Item 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities46
Item 6.[Reserved]46
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations47
Item 7A.Quantitative and Qualitative Disclosures About Market Risk57
Item 8.Financial Statements and Supplementary Data59
Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure60
Item 9A.Controls and Procedures60
Item 9B.Other Information61
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections61
PART III
Item 10.Directors, Executive Officers and Corporate Governance62
Item 11.Executive Compensation62
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters62
Item 13.Certain Relationships and Related Transactions, and Director Independence62
Item 14.Principal Accountant Fees and Services62
PART IV
Item 15.Exhibits, Financial Statement Schedules63
Signatures66

Cautionary Statement Regarding Forward-Looking Information for Purposes of the "Safe Harbor" Provisions of

the Private Securities Litigation Reform Act of 1995

This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of Section 27A of the

Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as

amended (the “Exchange Act”). All forward-looking statements are based upon our current expectations and various

assumptions and apply only as of the date of this Annual Report on Form 10-K. Our expectations, beliefs, and projections

are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that

our expectations, beliefs, and projections will be achieved. Forward-looking statements are generally identified by the

words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”

“project,” “potential,” “continue,” “ongoing,” “forecast,” as well as variations of such words or similar expressions.

Forward-looking statements include statements concerning:

our business plans and strategy;

projected profitability, performance, or cash flows;

future capital expenditures;

our growth strategy, including our ability to grow organically and through mergers and acquisitions

(“M&A”);

anticipated financing needs;

business trends;

our capital allocation strategy;

liquidity and capital management; and

other information that is not historical information.

There are a number of risks, uncertainties, and other important factors that could cause our actual results to differ

materially from those expressed or implied by our forward-looking statements, including those set forth in the sections

titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” You

should evaluate all forward-looking statements made in this Annual Report on Form 10-K in the context of these risks and

uncertainties.

We caution you that the risks, uncertainties and other factors referred to above and elsewhere in this Annual Report on

Form 10-K may not contain all of the risks, uncertainties and other factors that may affect our future results and operations.

Moreover, new risks will emerge from time to time. It is not possible for us to predict all risks. In addition, we cannot

assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially

realized, that they will result in the consequences or affect us or our business in the way expected and you should not place

undue reliance on our forward-looking statements.

All forward-looking statements in this Annual Report on Form 10-K apply only as of the date made, unless an earlier date

is specified, and are expressly qualified in their entirety by the cautionary statements included in this Annual Report on

Form 10-K. Except as required by law, we disclaim any intent to publicly update or revise any forward-looking statements

to reflect subsequent events or circumstances.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject.

These statements are based upon information available to us as of the date of this Annual Report on Form 10-K, and while

we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete,

and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all

potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly

rely upon these statements.

PART I

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.