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Investing in or maintaining your investment in our common stock involves risk. You should carefully consider each of the
The 10-K against last year's
1218 changes: 1024 added, 119 removed, 71 reworded, 4 quiet changes
10-K 0001821534-26-000009 (2026-03-11) vs 10-K 0000950170-25-034884 (2025-03-06)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 112 words changed in this paragraph; it is 32% similar to last year's version.
Source: Item 1A, 10-K 0001821534-26-000009 vs Item 1A, 10-K 0000950170-25-034884
MD&A 94 words changed in this paragraph; it is 31% similar to last year's version.
Source: Item 7, 10-K 0001821534-26-000009 vs Item 7, 10-K 0000950170-25-034884
Accounting Policies 93 words changed in this paragraph; it is 32% similar to last year's version.
Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001821534-26-000009 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000950170-25-034884
Legal Proceedings New paragraph this year (22 words), with no similar paragraph last year.
uncertainties and there can be no assurance as to the outcome of the individual litigated matters. It is possible that certain of
Source: Item 3, via Note 12 – Commitments and Contingencies, 10-K 0001821534-26-000009 vs Item 3, via Note 11 – Commitments and Contingencies, 10-K 0000950170-25-034884
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of EXOD's Risk Factors and MD&A, 10-K 2026-03-11 against 10-K 2025-03-06. Each links to the text at sec.gov.
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risks and uncertainties set forth below as well as the other information contained in this report before deciding to invest in
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our securities. The following summarizes management’s beliefs and opinions as to the material factors that could make an
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investment in our common stock risky or speculative. We have grouped our Risk Factors under captions that we believe
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describe various categories of potential risk. For the reader’s convenience, we have not duplicated risk factors that could be
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included in more than one category. These risk factors do not describe all of the risks that we face, as we could also be
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impacted by factors that we currently consider to be immaterial, that are not presently known to us, or that are generally
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applicable to most companies. Any of the following risks and uncertainties could materially and adversely affect our
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business, financial condition, results of operations, liquidity and/or cash flows and the impact could lead to a decline in the
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trading price of our common stock or be compounded if multiple risks were to occur. Some of the factors, events and
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contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to
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whether or not the factors, events or contingencies have occurred in the past, and instead reflect our beliefs and opinions as
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with the consolidated financial statements and related notes included in this report. The following discussion contains
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forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Actual
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results may differ materially from those anticipated in these forward-looking statements as a result of various factors,
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including those set forth under “Risk Factors,” “Cautionary Note Regarding Forward Looking Statements,” and in other
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majority of our revenue being derived from services provided by API Providers to persons located outside the United
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of digital assets, the volume of transactions and the quality of our third-party relationships.
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•Bitcoin: Bitcoin is a digital asset that can be transferred among participants on the Bitcoin network on a peer-to-peer
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basis. Bitcoin is primarily used to pay for goods and services and is generally considered a substitute for gold, cash or
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forms of electronic payment. Unlike other means of electronic payments, it can be transferred without the use of a
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central party, making its management “decentralized.” A material characteristic of the digital asset is also its scarcity,
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as only 21 million Bitcoin will ever exist. Bitcoin is the most widely accepted cryptocurrency by merchants, although
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•Tether: Tether is a cryptocurrency and stablecoin intended to offer price stability in the cryptocurrency market and to