Exodus Movement

EXOD

Software - Infrastructure · Technology

Price

$5.06

+0.18 (+3.69%)

Market Cap

$151.8M

Exchange

New York Stock Exchange American

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+14.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 25.2M (2021) → 29.0M (2025)

Exodus Movement makes software that lets people store and manage their own cryptocurrency without using a bank or exchange. Its main product is the Exodus wallet — an app available on desktop and mobile — that supports hundreds of different cryptocurrencies like Bitcoin and Ethereum. The company sells directly to individual crypto users who want full control over their own digital assets.

Exodus earns money primarily by taking a small fee when users swap one cryptocurrency for another inside the app, rather than charging a subscription or upfront cost. It operates globally, serving retail crypto users worldwide, and its brand recognition among self-custody wallet users gives it some staying power in a crowded market. However, the company is currently unprofitable, and its revenue is closely tied to crypto market activity — meaning trading volumes, and therefore fees, tend to fall sharply during prolonged downturns in cryptocurrency prices.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-36.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-146.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$63M/ year

↑ Rising (+37% vs prior year)

51.8% of revenue

3.5x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

17.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 years

$73M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$73M cash & investments at current burn rate

Heavy R&D investment

Exodus Movement is putting 52% of revenue into R&D and that number is rising. That's 3.5x the sector average. With 7+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

28.6%

Modest — 28.6% gross margin

Operating Margin

-39.4%

Losing money on operations — -39.4%

ROCE

-4.1%

Weak — -4.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-13.0%

Shrinking sales (-13.0% YoY)

EPS YoY

-159.3%

Earnings shrinking (-159.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-20.6%

Burning cash (-20.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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