Exodus Movement Inc. (OTCQX:EXOD) reported its fourth quarter results for 2025 on March 11, 2026, revealing a challenging end to a year that had otherwise been growth-oriented. The cryptocurrency wallet and exchange platform announced revenues of $29.5 million in the fourth quarter, missing analyst expectations of $31.32 million and recording a 34% decline compared to the same quarter of the previous year. Despite the fourth quarter decline, the company achieved a full-year revenue growth of 5%, reaching $121.6 million compared to $116.3 million in 2024.

The stock closed at $10.9300, down 0.18% after the earnings release, and has declined by 55% over the past year from its 52-week high of $57.0000. However, according to InvestingPro data, the company maintains strong fundamentals with a gross profit margin close to 90% and cash exceeding debt on its balance sheet.

Key quarterly performance highlights

The company's revenue performance over the past five years has shown significant volatility related to cryptocurrency market conditions. As illustrated in the following chart, Exodus experienced peak revenues in 2021 during the bull cryptocurrency market, followed by a contraction in 2022-2023, before recovering in 2024.

The revenue trajectory reveals a consistent pattern: the first three quarters of each year typically generate significantly higher revenues than the fourth quarter. In 2025, the combined revenues from the first to the third quarters reached $92.1 million compared to $29.5 million in the fourth quarter, indicating seasonal or market-driven patterns in user trading activity.

The company's revenue composition for 2025 relies heavily on exchange aggregation services. The following distribution shows that nearly 76% of revenues came from direct user exchange aggregation, with partnerships contributing 15% and non-exchange related activities only 9%.

This revenue concentration underscores management's strategic focus on diversification, as CEO JP Richardson noted during the call: "Our revenues today do not yet reflect the scale of what we have built."

Detailed financial analysis

The transaction volume processed from the exchange provider was $6.9 billion for the full year 2025, representing a 21% increase from $5.7 billion in 2024. However, the quarterly trend shows a slowdown, with the fourth quarter of 2025's volume of $1.59 billion being less than the $2.33 billion processed in the fourth quarter of 2024.