EXODExodus Movement

Crypto · Financial Services · NYSE

LLC ("3ZERO"), XO Italia S.R.L., Osmium, LLC, Osmium Europe B.V., Osmium Canada LTD and Osmium AU PTY LTD. Additionally, references to our “Board” refer to the board of directors of Exodus Movement, Inc. 10-K, Item 1

Headquarters: Omaha, NE
CEO: Jon Paul Richardson
Next results: around Mar 10, 2027

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EXOD and 9 peers, year by year

The 9 Crypto companies closest to EXOD in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
EXOD Exodus Movement	FY2025	$121.6M	+4.5%	-	-	−9.3%	−21.2%	−4.6%	-
BTBT Bit Digital	FY2025	$113.6M	+5.1%	-	−80.9%	−70.7%	−506.2%	−11.1%	-
CIFR Cipher Digital	FY2025	$223.9M	+48.0%	-	−188.2%	−367.2%	−310.7%	−102.1%	3.41
BMNR Bitmine Immersion Technologies	FY2025	$6.1M	+84.1%	-	n/m	n/m	−85.5%	4.0%	-
FWDI Forward Industries	FY2025	$18.2M	−9.0%	28.5%	−46.1%	−918.1%	−24.9%	−11.4%	-
SBET Sharplink	FY2025	$28.1M	+666%	-	n/m	n/m	−62.6%	−30.4%	-
WULF TeraWulf	FY2025	$168.5M	+20.3%	39.2%	−110.5%	−392.6%	−702.5%	n/m	n/m
UPXI Upexi	FY2026	$25.0M	n/m	89.5%	−963.5%	−984.3%	−84.0%	n/m	n/m
BTCS BTCS	FY2025	$16.5M	+305%	12.2%	-	−202.2%	−59.4%	−23.9%	-
DFDV DeFi Development	FY2025	$11.4M	+442%	-	−319.7%	−648.1%	−157.8%	−74.3%	1.28

Revenuepeer median $25.0M

Sales growthpeer median +66.1%

Gross marginpeer median 33.9%

UPXI 89.5%
WULF 39.2%
FWDI 28.5%
BTCS 12.2%
EXOD -
BTBT -
CIFR -
BMNR -
SBET -
DFDV -

Operating marginpeer median −149.4%

Net marginpeer median −392.6%

FCF marginpeer median −85.5%

Return on equitypeer median −23.9%

Debt / equity

CIFR 3.41
DFDV 1.28
EXOD -
BTBT -
BMNR -
FWDI -
SBET -
WULF n/m
UPXI n/m
BTCS -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2023 to FY2025

Revenue as reported in the 10-K.

Company	FY2023	FY2024	FY2025
EXOD Dec	$56.2M	$116.3M	$121.6M
BTBT Dec	$44.9M	$108.1M	$113.6M
CIFR Dec	$126.8M	$151.3M	$223.9M
BMNR Aug	$645K	$3.3M	$6.1M
FWDI Sep	$36.7M	$20.0M	$18.2M
SBET Dec	$5.0M	$3.7M	$28.1M
WULF Dec	$69.2M	$140.1M	$168.5M
UPXI Jun	$36.4M	$26.0M	$15.8M
BTCS Dec	$1.3M	$4.1M	$16.5M
DFDV Dec	$2.0M	$2.1M	$11.4M
Peer median	$36.4M	$20.0M	$18.2M

Sales growth, FY2023 to FY2025

Revenue against the fiscal year before.

Company	FY2023	FY2024	FY2025
EXOD Dec	-	+107%	+4.5%
BTBT Dec	+39.1%	+141%	+5.1%
CIFR Dec	n/m	+19.3%	+48.0%
BMNR Aug	+50.9%	+413%	+84.1%
FWDI Sep	−4.0%	−17.7%	−9.0%
SBET Dec	+41.9%	−26.1%	+666%
WULF Dec	+361%	+102%	+20.3%
UPXI Jun	+250%	−28.7%	−39.2%
BTCS Dec	−20.8%	+204%	+305%
DFDV Dec	−6.9%	+4.8%	+442%
Peer median	+40.5%	+19.3%	+48.0%

Gross margin, FY2023 to FY2025

Gross profit / revenue.

Company	FY2023	FY2024	FY2025
EXOD Dec	-	-	-
BTBT Dec	-	-	-
CIFR Dec	-	-	-
BMNR Aug	34.5%	23.0%	-
FWDI Sep	22.8%	25.9%	28.5%
SBET Dec	30.9%	24.7%	-
WULF Dec	53.5%	49.8%	39.2%
UPXI Jun	57.7%	49.3%	68.7%
BTCS Dec	73.1%	23.2%	12.2%
DFDV Dec	-	-	-
Peer median	44.0%	25.3%	33.9%

Operating margin, FY2023 to FY2025

Operating income / revenue.

Company	FY2023	FY2024	FY2025
EXOD Dec	-	-	-
BTBT Dec	−37.0%	25.5%	−80.9%
CIFR Dec	−15.9%	−28.9%	−188.2%
BMNR Aug	−374.0%	−73.9%	n/m
FWDI Sep	0.4%	−10.8%	−46.1%
SBET Dec	−179.6%	−130.1%	n/m
WULF Dec	−42.5%	−54.4%	−110.5%
UPXI Jun	−33.7%	−86.4%	−79.1%
BTCS Dec	-	-	-
DFDV Dec	−170.0%	−143.0%	−319.7%
Peer median	−39.7%	−64.2%	−95.7%

Net margin, FY2023 to FY2025

Net income / revenue.

Company	FY2023	FY2024	FY2025
EXOD Dec	22.8%	97.1%	−9.3%
BTBT Dec	−30.9%	26.2%	−70.7%
CIFR Dec	−20.3%	−29.5%	−367.2%
BMNR Aug	−382.0%	−99.5%	n/m
FWDI Sep	−10.2%	−9.8%	−918.1%
SBET Dec	−287.6%	275.8%	n/m
WULF Dec	−106.1%	−51.7%	−392.6%
UPXI Jun	−48.0%	−91.0%	−86.5%
BTCS Dec	583.6%	−31.2%	−202.2%
DFDV Dec	−168.4%	−129.9%	−648.1%
Peer median	−48.0%	−31.2%	−367.2%

Free cash flow, FY2023 to FY2025

Cash from operations minus capital spending.

Company	FY2023	FY2024	FY2025
EXOD Dec	$625K	−$12.3M	−$25.8M
BTBT Dec	−$65.6M	−$107.0M	−$574.9M
CIFR Dec	−$114.7M	−$227.0M	−$695.9M
BMNR Aug	−$1.4M	−$106K	−$5.2M
FWDI Sep	$905K	$455K	−$4.5M
SBET Dec	$571K	−$22.8M	−$17.6M
WULF Dec	−$70.9M	−$292.4M	−$1.2B
UPXI Jun	−$735K	−$1.0M	−$8.8M
BTCS Dec	−$3.6M	−$3.5M	−$9.8M
DFDV Dec	−$1.6M	−$2.4M	−$18.0M
Peer median	−$1.6M	−$3.5M	−$17.6M

FCF margin, FY2023 to FY2025

Free cash flow / revenue.

Company	FY2023	FY2024	FY2025
EXOD Dec	1.1%	−10.6%	−21.2%
BTBT Dec	−145.9%	−99.0%	−506.2%
CIFR Dec	−90.4%	−150.1%	−310.7%
BMNR Aug	−220.4%	−3.2%	−85.5%
FWDI Sep	2.5%	2.3%	−24.9%
SBET Dec	11.5%	−623.0%	−62.6%
WULF Dec	−102.4%	−208.8%	−702.5%
UPXI Jun	−2.0%	−4.0%	−55.7%
BTCS Dec	−266.3%	−86.7%	−59.4%
DFDV Dec	−79.7%	−116.2%	−157.8%
Peer median	−90.4%	−99.0%	−85.5%

Return on equity, FY2023 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2023	FY2024	FY2025
EXOD Dec	12.3%	43.9%	−4.6%
BTBT Dec	−9.1%	6.1%	−11.1%
CIFR Dec	−5.2%	−6.5%	−102.1%
BMNR Aug	−39.4%	−80.6%	4.0%
FWDI Sep	−142.8%	−65.7%	−11.4%
SBET Dec	n/m	n/m	−30.4%
WULF Dec	−33.0%	−29.6%	n/m
UPXI Jun	−62.8%	n/m	−15.2%
BTCS Dec	29.9%	−3.7%	−23.9%
DFDV Dec	−58.0%	−77.9%	−74.3%
Peer median	−36.2%	−29.6%	−19.6%

Debt / equity, FY2023 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2023	FY2024	FY2025
EXOD Dec	-	-	-
BTBT Dec	-	-	-
CIFR Dec	0.00	0.05	3.41
BMNR Aug	-	-	-
FWDI Sep	0.42	0.20	-
SBET Dec	n/m	0.00	-
WULF Dec	0.56	0.00	n/m
UPXI Jun	1.00	0.09	0.23
BTCS Dec	-	-	-
DFDV Dec	-	0.00	1.28
Peer median	0.49	0.02	1.28

EPS (diluted), FY2023 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2023	FY2024	FY2025
EXOD Dec	-	-	-
BTBT Dec	−$0.16	$0.19	−$0.31
CIFR Dec	−$0.10	−$0.14	−$2.15
BMNR Aug	−$1.00	−$1.32	$13.39
FWDI Sep	−$3.39	−$1.77	−$24.59
SBET Dec	−$5.17	$27.62	−$7.37
WULF Dec	−$0.35	−$0.21	−$1.66
UPXI Jun	−$18.94	−$23.03	−$1.73
BTCS Dec	$0.45	−$0.08	−$1.00
DFDV Dec	−$0.46	−$0.28	−$4.00
Peer median	−$0.46	−$0.21	−$1.73

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out EXOD and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on EXOD in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/EXOD/export.csv") into a cell.