EXOD — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-11

• Exodus is a financial technology company that operates two complementary platforms. Through the Exodus brand, the Company provides Web3 services, including self-custodial digital asset software and related digital asset services to API providers and direct consumers. Through the Monavate brand, the …

• The acquisitions of the Acquired Entities represents a significant milestone in the Company's evolution, expanding its enterprise offerings, diversifying its revenue base, and adding payment processing services and customer programs that complement its existing Web3 services.

• In addition to the measures presented in our condensed consolidated financial statements, management uses the key business metrics described below to evaluate operating performance, identify trends affecting the business, and support strategic decision-making.

• Gross transaction payment volume (billions)$0.6 $— *$0.6 $— *

• (1) See "Non-GAAP Financial Measures" below for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure and an explanation of why management believes Adjusted EBITDA is useful to investors.

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• We are engaged principally in the business of creating and distributing self-custodial wallets for digital assets. Due to a majority of our revenue being derived from services provided by API Providers to persons located outside the United States pursuant to a transaction-based structure, our profit…

• Our revenues are primarily derived from digital asset-related transactions and consist of fees from third-party API agreements. These API agreements typically consist of transaction-based contracts and tiered subscription contracts where fees are generated based on transaction volume which is primar…

• •General and administrative expenses (primarily including administrative, legal, financial operations, information technology services, marketing and advertising expenses).

• Based on the services offered and transactions conducted by API Providers, the following table shows the digital assets that are most material to our business by revenue.

• Store of value and payment cryptocurrencyExchange Aggregation; Fiat OnboardingBitcoin

Text added vs the prior filing · source: 10-Q · 2026-08-11

• Revenues, expenses, and financial results of our foreign subsidiaries are recorded in the functional currency of these subsidiaries. Our foreign currency exposure is primarily related to transactions denominated in Swiss Francs, Great British Pound, and Euro attributable to cash and cash equivalents…

• We recognized net foreign currency losses of $0.9 million and net foreign currency gains of $1.9 million for the six months ended June 30, 2026 and 2025, respectively, in general and administrative expense in the condensed consolidated statements of operations and comprehensive (loss) income. If an …

• We have not, but may in the future enter into derivatives or other financial instruments in an attempt to hedge our exposure to foreign currency exchange risk. It is difficult to predict the impact hedging activities would have on our results of operations. Additionally, the volatility of exchange r…

• Fluctuations in functional currencies from our net investment in international subsidiaries expose us to foreign currency translation risk, where changes in foreign currency exchange rates may adversely affect our results of operations upon translation into U.S. dollars. We recognized losses on tran…

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• We have risk exposure related to interest rates and foreign currency exchange rates. There have been no material changes in our primary risk exposures or management of these risks from those disclosed in our Form 10-K.

Text added vs the prior filing · source: 10-Q · 2026-08-11

• During the three months ended June 30, 2026, the Company completed the acquisitions of Monavate Holdings Ltd., Baanx.com Ltd., and Baanx US Corp. Under guidelines established by the SEC, companies are permitted to exclude acquisitions from their assessment of internal control over financial reportin…

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• No change was made in our internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f), during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-08-11

• We are subject to various risks and uncertainties in the ordinary course of our business. Risk factors relating to us are set forth below and under Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The following risk factors are in addition to our risk facto…

• Our recent initiatives to improve our cost structure, including a significant workforce reduction, may not result in the anticipated savings, could result in total costs and expenses that are greater than expected and could disrupt our business.

• In July 2026, we announced an operating realignment that includes a reduction in force affecting approximately 25% of our global workforce, undertaken to better align our cost structure and organizational priorities with our strategy to build a full-stack card issuance and payments platform, while m…

• Our success depends on our ability to attract and retain a sufficient number of key technical, user support and management personnel while supporting the onboarding and career development of our team members.

• Our ability to successfully execute on our business plan depends on the contribution of our management team as well as other key talent including platform development, operations, user support, general administrative functions and our creative and engineering teams. We have previously and may contin…

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• There have been no material changes in our risk factors from those previously disclosed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2025.

Text added vs the prior filing · source: 10-Q · 2026-08-11

• On June 12, 2026, Jon Paul Richardson, a Director and Chief Executive Officer of the Company, terminated a Rule 10b5-1 trading arrangement, which was previously adopted on June 13, 2025 and intended to satisfy the affirmative defense of Rule 10b5-1(c). For additional details about the material terms…

• On June 3, 2026, Matias Javier Olivera Freire, Chief Technical Officer of the Company, terminated a Rule 10b5-1 trading arrangement, which was previously adopted on September 12, 2025 and intended to satisfy the affirmative defense of Rule 10b5-1(c). For additional details about the material terms o…

• On June 3, 2026, Daniel Castagnoli, a Director of the Company and President of the Company’s wholly-owned subsidiary, 3ZERO, terminated a Rule 10b5-1 trading arrangement, which was previously adopted on December 12, 2025 and intended to satisfy the affirmative defense of Rule 10b5-1(c). For addition…

• On June 15, 2026, Daniel Castagnoli, a Director of the Company and President of the Company's wholly-owned subsidiary, 3ZERO, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act to sell up to 400,000 shares of the Company's common stock between September 15, 2026 and Jun…

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• During the three months ended March 31, 2026, none of our directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "no…