Exodus Movement (NYSEAMERICAN:EXOD) executives used the company’s fourth-quarter 2025 earnings call to frame 2025 as a pivotal year focused on broadening revenue sources beyond crypto trading activity and positioning the business around payments and infrastructure.
Management highlights 2025 milestones and strategic shift
Co-founder and CEO JP Richardson said 2025 was “the most consequential year in the history of Exodus,” emphasizing product development and acquisitions pursued during a softer digital asset market. Richardson noted several milestones from the year, including Exodus ringing the bell at the New York Stock Exchange early in 2025, which he said opened access to investors that could not buy the shares when the company traded OTC.
Richardson said the company is shifting from a model tied heavily to speculative activity and swap fees toward “daily utility,” with stablecoins as a core component of the Exodus Pay approach. He described stablecoins as “dollars that move at internet speed,” and said the aim is to make stablecoins usable for routine payments anywhere Visa or Mastercard is accepted.
W3C acquisition positioned as core to vertical integration
Richardson described the pending W3C acquisition as the “centerpiece” of Exodus’s vertical integration strategy, arguing it would allow the company to own an end-to-end payments stack—from a self-custodial wallet to a spend card at the point of sale. He also tied the transaction to revenue diversification and a business-to-business-to-consumer opportunity, saying W3C already powers card programs for major platforms including MetaMask, Ledger, OKX, and Kraken.
Management said it remains confident it can close the W3C transaction in 2026 and is working toward completion. Later in the Q&A, Richardson said the acquisition includes multiple subsidiaries with “different levels of complexity” that have to be addressed, while CFO James Gernetzke added that the company is currently in front of regulators and progressing on the timeline discussed when the deal was signed.
Q4 and full-year results reflect softer market conditions
Gernetzke reported full-year 2025 revenue of $121.6 million, up 5% from 2024, attributing the growth to improved monetization and business-to-business expansion even as retail activity softened late in the year.
Fourth-quarter revenue was $29.5 million, down 3% sequentially and down 34% from the prior-year quarter. Gernetzke said the year-over-year comparison was impacted by the fact that Q4 2024 was the company’s highest revenue quarter, occurring alongside major industry catalysts such as the U.S. election and Bitcoin topping $100,000 for the first time. He added that digital asset prices declined for most of Q4 2025 after early October highs.
On activity metrics, Gernetzke said quarterly funded users ended the year at 1.7 million, down 6% from the prior quarter and down 11% from a year ago, reflecting the broader retail environment. Monthly active users at the end of Q4 were 1.5 million, down 35% year-over-year and unchanged sequentially. Despite the decline in monthly active users, Gernetzke said the funded user base “remained resilient,” which he characterized as demonstrating stickiness in the wallet product.
Swap volumes, XO Swap partnerships, and recurring revenue
Gernetzke reported full-year swap volume of $6.89 billion, up 21% from 2024, which he said demonstrated underlying platform growth even as digital asset prices declined. Fourth-quarter swap volume was $1.59 billion, down 9% sequentially and down 32% year-over-year, which management said tracked the broader market pullback.
Both Richardson and Gernetzke emphasized the role of XO Swap, the company’s B2B swaps platform. Richardson said Exodus has 18 signed partnerships, with 11 producing partners that generated $416 million of Q4 volume—26% of total quarterly volume. Management pointed to this as evidence that Exodus infrastructure is being used by other major platforms, including Ledger and MetaMask.
In the Q&A, executives said XO Swap growth depends partly on partners’ integration timelines, and that implementations may start with limited asset or blockchain support and broaden over time. They also noted that because XO Swap is a B2B product, the company needs partner consent to disclose additional customer names, though Richardson said the company has signed other large partners it expects to be able to announce in the future.
On other revenue streams, Gernetzke said full-year revenue from staking exceeded $4 million, nearly doubling 2024’s total, driven in part by improvements to Solana staking. He also said fiat onboarding revenue increased 28% versus 2024.
Treasury actions, acquisition-related financing, and dividend pause
Gernetzke said Exodus funded $80 million of debt in 2025 related to the W3C acquisition. While the company initially used a Galaxy credit facility, he said Exodus chose to pay off that debt before year-end, which resulted in what he described as the first reduction of the company’s Bitcoin treasury in quite some time. He added that during Q1 2026 the company continued to sell digital assets in preparation for the next W3C-related disbursement.
Gernetzke reiterated management’s view that the company’s treasury—including Bitcoin holdings—can be used to fund M&A and other growth initiatives. He also said Exodus is pausing its Bitcoin dividend plans while prioritizing M&A and growth initiatives, while continuing to evaluate ways to demonstrate the power of tokenized equity.
Looking ahead, Richardson said the company’s revenue “does not yet reflect the magnitude” of the infrastructure and product investment made in 2025, but argued the groundwork has been laid for a payments-focused strategy to begin “coming to life” in 2026.
About Exodus Movement (NYSEAMERICAN:EXOD)
Exodus Movement, Inc is a software company focused on developing user-friendly tools for managing digital assets. Its flagship product, the Exodus Wallet, is a non-custodial cryptocurrency wallet available on desktop and mobile platforms. The wallet enables users to secure, send, receive and exchange a broad range of digital currencies while retaining full control of their private keys. With built-in portfolio tracking and an integrated exchange feature powered by third-party liquidity providers, Exodus offers a one-stop interface for both newcomers and experienced crypto enthusiasts.
Since its initial release in mid-2016, Exodus has expanded support to over 100 cryptocurrencies and tokens, including major assets such as Bitcoin, Ethereum and Litecoin as well as numerous ERC-20 tokens.
