Exodus Movement, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Exodus Movement, Inc. has filed its Q1 2024 10-Q report detailing financial performance and business operations.</b>

AI Summary

Exodus Movement, Inc. (EXOD) filed a Quarterly Report (10-Q) with the SEC on May 16, 2024. Exodus Movement, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers financial information and business operations for the first quarter of 2024. Key financial data and operational details are presented in the report. The company is incorporated in Delaware and operates in Finance Services (SIC 6199). The filing includes details on various accounting standards and asset classifications.

Why It Matters

For investors and stakeholders tracking Exodus Movement, Inc., this filing contains several important signals. The 10-Q filing provides a comprehensive update on Exodus Movement, Inc.'s financial health and operational status for the first quarter of 2024, crucial for investors to assess performance and future outlook. This report contains specific financial figures, asset valuations (including crypto assets like Bitcoin and Ethereum), and risk factor disclosures, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: — Exodus Movement, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to understand Exodus Movement, Inc.'s current financial position and potential challenges.

Key Numbers

• 2024-03-31 — Period of Report (10-Q filing date)
• 2024-05-16 — Filed As Of Date (10-Q filing date)
• 6199 — SIC Code (Finance Services)
• 2024-01-01 to 2024-03-31 — Reporting Period (Q1 2024)

Key Players & Entities

• Exodus Movement, Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-16 (date) — Filed as of date
• 0000950170-24-060765 (filing_id) — Accession number
• 10-Q (form_type) — Form type
• Finance Services (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of incorporation
• Bitcoin (asset) — Mentioned asset

FAQ

Risk Factors

• Product Concentration Risk [medium — financial]: The company faces risk due to concentration in sales revenue related to specific products like Exchange Aggregation.

Industry Context

Exodus Movement, Inc. operates within the Finance Services sector, specifically focusing on digital asset management and exchange services.

Regulatory Implications

The filing is a standard 10-Q report required by the SEC for publicly traded companies to disclose financial and operational information quarterly.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and net income for Q1 2024.
2. Review the risk factors section for any new or updated material risks, particularly concerning product concentration.
3. Examine disclosures related to digital assets like Bitcoin and Ethereum, including fair value measurements.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-16: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, providing a baseline for future comparisons.

Key Financial Figures

• $0.000001 — red Class A Common Stock, par value $0.000001 per share. EXOD N/A Indicate by c
• $250,000 — h financial institutions may exceed the $250,000 limit insured by the Federal Deposit In

Filing Documents

• exod-20240331.htm (10-Q) — 1482KB
• exod-ex31_1.htm (EX-31.1) — 13KB
• exod-ex31_2.htm (EX-31.2) — 14KB
• exod-ex32_1.htm (EX-32.1) — 8KB
• exod-ex32_2.htm (EX-32.2) — 8KB
• exod-ex99_1.htm (EX-99.1) — 1579KB
• 0000950170-24-060765.txt (&nbsp;) — 9006KB
• exod-20240331.xsd (EX-101.SCH) — 1109KB
• exod-20240331_htm.xml (XML) — 1377KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations and Comprehensive Income 3 Condensed Consolidated Statements of Changes in Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II. OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23

Signatures

Signatures 24 i Cautionary Note on Forward-Looking Statements This Report contains "forward-looking statements," as that term is defined by the federal securities laws. All forward-looking statements are based upon our current expectations and various assumptions and apply only as of the date of this Report. 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

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 suggested by our forward-looking statements, including those set forth in "Item 1. Business" and "Item 1A. Risk Factors" of Amendment No. 1 to our General Form for Registration of Securities on Form 10 filed with the Securities and Exchange Commission (the " SEC ") on May 1, 2024 (such Amendment, "the Form 10 "). All forward-looking statements are expressly qualified in their entirety by such cautionary statements. We undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. 1

—FIN ANCIAL INFORMATION

PART I—FIN ANCIAL INFORMATION Ite m 1. Financial Statements. Exodus Movement, Inc. and Subsidiaries Condensed Consoli dated Balance Sheets (Unaudited) (In thousands, except share and par value value) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 21,034 $ 11,376 U.S. dollar coin ($ 500 restricted as of both periods March 31, 2024 and December 31, 2023) 560 517 Treasury bills 43,813 43,151 Accounts receivable 6,605 3,240 Prepaid expenses 1,331 1,440 Other current assets - 5 Total current assets 73,343 59,729 OTHER ASSETS Fixed assets, net 414 317 Digital assets 141,540 35,010 Software assets, net 8,036 8,051 Other long term asset 40 - Indefinite-lived assets 1,945 1,945 Other investments 100 100 Deferred tax assets - 6,567 Total other assets 152,075 51,990 TOTAL ASSETS $ 225,418 $ 111,719 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 1,770 $ 1,061 Other current liabilities 8,998 6,485 Total current liabilities 10,768 7,546 LONG-TERM LIABILITIES Other-long term liabilities 424 412 Deferred tax liability 15,152 - Total long-term liabilities 15,576 412 Total liabilities 26,344 7,958 STOCKHOLDERS' EQUITY Preferred stock $ 0.000001 par value, 5,000,000 shares authorized, no shares issued and outstanding - - Class A Common Stock $ 0.000001 par value, 32,500,000 shares authorized, - - 4,793,590 issued and outstanding as of March 31, 2024 - - 4,320,005 issued and outstanding as of December 31, 2023 - - Class B Common Stock $ 0.000001 par value, 27,500,000 shares authorized, - - 21,520,469 issued and outstanding as of March 31, 2024 - - 21,760,855 issued and outstanding as of December 31, 2023 - - ADDITIONAL PAID IN CAPITAL 124,127 122,558 ACCUMULATED OTHER COMPREHENSIVE LOSS (