Sales up 4.5%, free cash flow down to -$25.8M
The latest figures
All key numbers (23) From EDGAR
| EPS (ttm) | - | Sales (ttm) | 110.9M | Net income (ttm) | -112.2M | Sales growth | +4.5% | EPS growth | - | Sales Q/Q | +7.2% |
| Free cash flow | -87.9M | Gross margin | - | Oper. margin | - | Net margin | -101.2% | FCF margin | -79.3% | ROE | -56.6% |
| ROA | -30.1% | R&D / sales | - | Dividend | - | Debt/Eq | - | Curr. ratio | 1.20 | Cash | 129.5M |
| Op. cash flow (ttm) | -87.6M | Quick ratio | 1.20 | Stock pay / sales | 11.2% | Asset turnover | 0.30 | Days sales out. | 15 |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth slowed to +4.5%+106.9% → +4.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
-
Net income turned to a loss$113.0M → −$11.4M · Net income attributable to the company · 10-K ↗
EXOD against Crypto peers
Ten years, side by side → · All 32 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| EXOD Exodus Movement | $110.9M | +4.5% | - | -101.2% | -56.6% | -79.3% | - |
| CIFR Cipher Digital | $146.1M | +48.0% | 50.5% | -742.3% | -180.7% | - | 9.26 |
| BTBT Bit Digital | $122.8M | +5.1% | - | -237.2% | -73.7% | -619.3% | 0.26 |
| BMNR Bitmine Immersion Technologies | $61.2M | +84.1% | 84.4% | - | -75.4% | -481.3% | - |
| FWDI Forward Industries | $53.1M | -9.0% | 70.6% | - | - | -34.6% | - |
| SBET Sharplink | $52.8M | +666% | - | - | -49.1% | -64.8% | - |
Profitability
1 of 3- ✓Net margin above the peer median-101.2% vs -169.8%
- !Return on equity below 15%-56.6%
- !A profit in 2 of 3 years
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2023 to FY2025
Revenue 121.6M Net income -11.4MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $122.0M of revenue came from
by product, year to Dec 31, 2025- Exchange aggregation $110.7M · 91%
- Fiat onboarding $5.0M · 4%
- Staking $4.3M · 4%
- Consulting $910K · 1%
- Other $540K · 0%
- Non-Fungible Token $400K · 0%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
Income statement, balance sheet and cash flow
EXOD's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Exchange aggregation | 110.7M | 91.1% | +3.4% |
| Fiat onboarding | 5.0M | 4.2% | +28.0% |
| Staking | 4.3M | 3.6% | +90.5% |
| Consulting | 910K | 0.7% | -30.4% |
| Other | 540K | 0.4% | -67.1% |
| Non-Fungible Token | 400K | 0.3% | -73.3% |
10-K 0001821534-26-000009, segment and revenue notes (XBRL).
Revenue by region
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Republic of the Marshall Islands | 31.3M | 25.8% | -13.3% |
| Hong Kong | 27.4M | 22.6% | +10.7% |
| British Virgin Islands | 20.4M | 16.8% | +6.1% |
| Seychelles | 14.8M | 12.2% | -28.9% |
| Other | 14.3M | 11.8% | +46.4% |
| Saint Vincent and Grenadines | 13.3M | 10.9% | +141% |
10-K 0001821534-26-000009, segment and revenue notes (XBRL).
Income statement
From EDGARBalance sheet
From EDGAR| FY2023 | FY2024 | FY2025 | |
|---|---|---|---|
| Cash | 11.4M | 37.9M | 4.9M |
| Receivables | 3.2M | 7.7M | 5.1M |
| Current assets | 59.7M | 82.8M | 99.3M |
| Property & equipment | 317K | 357K | 458K |
| Goodwill | - | - | 0 |
| Total assets | 111.7M | 288.0M | 266.8M |
| Accounts payable | 1.1M | 1.2M | 1.2M |
| Current liabilities | 7.5M | 8.3M | 7.4M |
| Total liabilities | 8.0M | 30.5M | 19.4M |
| Shareholders' equity | 103.8M | 257.5M | 247.4M |
| Retained earnings | -17.3M | 133.9M | 122.5M |
Cash flow
From EDGARStock-based pay and leases
From EDGARFrom SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.