EXODHIGH SIGNALFINANCIAL10-K

Exodus experienced a dramatic decline in cash reserves from $37.9M to $4.9M while expanding operations across multiple new international subsidiaries.

The 87% reduction in cash and equivalents represents a significant liquidity concern that warrants close monitoring, particularly for a technology company that may require substantial capital for growth initiatives. However, the company partially offset this cash decline by reducing total liabilities by 36.5%, suggesting potential debt paydown or operational streamlining.

Comparing 2026-03-11 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

The financial picture presents mixed signals with a concerning cash position decline substantially offset by meaningful debt reduction and modest growth in current assets to $99.3M. The company maintained relatively stable current liabilities while expanding its subsidiary footprint to include new entities in Italy, Canada, and Australia. Overall, the balance sheet suggests a company that has deployed significant cash resources while simultaneously reducing leverage, though the dramatic cash reduction raises questions about near-term liquidity management.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-87%
$37.9M→$4.9M

Cash declined 87% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
-36.5%
$30.5M→$19.4M

Liabilities reduced 36.5% — deleveraging improves balance sheet strength and financial flexibility.

Accounts Receivable
Balance Sheet
-32.8%
$7.7M→$5.1M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Assets
Balance Sheet
+19.9%
$82.8M→$99.3M

Current assets grew 19.9% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
-11.8%
$8.3M→$7.4M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-06
ADDED
(Exact name of Registrant as specified in its Charter) _____________________________________________________________ Texas 81-3548560 (State or other jurisdiction of incorporation or organization) (I.R.S.
Market for Registrant s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 46 Item 6.
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 62 Item 13.
and its wholly-owned subsidiaries , Proper Trust AG, 3ZERO, LLC ("3ZERO"), XO Italia S.R.L., Osmium, LLC, Osmium Europe B.V., Osmium Canada LTD and Osmium AU PTY LTD .
Unless the context otherwise requires, references to common stock refer to our Class A common stock and our Class B common stock, coll ectively.
Exodus mission is to empower wallet users ( users ) to control their wealth through an un-hosted self- custodial platform (the Exodus Platform ) that provides access to the world of decentralized finance and the power of blockchain.
On December 8, 2025, the Company effected the redomestication of the Company from the State of Delaware to the State of Texas.
Richardson and Castagnoli together control approximately 93% of the voting power of our outstanding common stock, and holders of our Class B common stock collectively control 95% of the voting power of our outstanding common stock.
On November 10, 2025, we acquired substantially all of the assets of Gratitud Interna Ltd., a Latin American crypto payments platform.
The purchase price was $2.7 million, of which $1.5 million, excluding transaction costs, was paid in cash and $1.2 million was delivered in newly issued Class A shares.
REMOVED
(Exact name of Registrant as specified in its Charter) Delaware 81-3548560 (State or other jurisdiction of incorporation or organization) (I.R.S.
As of February 28, 2025, the Registrant had 9,138,615 shares of Class A common stock and 19,460,000 shares of Class B common stock outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 6.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63 Item 13.
and its wholly-owned subsidiaries, Proper Trust AG, 3ZERO, LLC ("3ZERO"), OSMIUM, LLC and Osmium Europe B.V.
Unless the context otherwise requires, references to common stock refer to our Class A common stock and our Class B common stock, collectively.
Exodus mission is to help its wallet users ( users ) exit the traditional finance system through an un-hosted self-custodial platform (the Exodus Platform ) that provides access to the world of decentralized finance and the power of blockchain.
Richardson and Castagnoli together control approximately 91% of the voting power of our outstanding common stock, and holders of our Class B common stock collectively control 96% of the voting power of our outstanding common stock.
Our Industry We operate in the Financial Technology ( FinTech ) subsector of the greater blockchain and digital asset industry.
While privacy coins may be beneficial to some, for example, individuals making donations that involve privacy concerns, the anonymity of privacy coins has led some jurisdictions to ban them in an effort to limit potential future use, illicit financing and other criminal activity.
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