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On Tuesday, H.C. Wainwright analyst Kevin Dede increased the price target for Exodus Movement, Inc. (OTC: EXOD) to $65.00, up from the previous $50.00, while reiterating a Buy rating on the stock. The stock, currently trading at $54.30, has shown remarkable momentum with a 186% return over the past year according to InvestingPro data. The adjustment follows the company’s announcement of its first full quarter on the NYSE American, which yielded $36.0 million in revenue. This marks a 24% increase year over year, although it was a decrease from $44.8 million in the fourth quarter of 2024, it still represented a first-quarter record for the company.
The company’s XO Swap service, a white-label, cross-chain, API-permissioned link integrated into partner wallets, saw its share of processed flow jump to 30% from 19% and its contribution to revenue increase to 17% from 12%. Exodus also secured two additional XO Swap partnerships, bringing the total to seven active partnerships and 13 contracted. These developments are seen as evidence that Exodus’ strategy of embedding its services in partner user interfaces at a low customer acquisition cost is paying off, with the potential for generating recurring fees and creating a more stable earnings base. InvestingPro analysis reveals the company maintains strong financial health with a current ratio of 9.92, indicating robust liquidity to support its growth initiatives. Subscribers can access 15+ additional ProTips and comprehensive financial metrics in the Pro Research Report.
Despite a general softening in trading activity in the first quarter of 2025, with exchange processed volume dipping to $2.2 billion from $2.3 billion in the previous quarter, Exodus reported that the number of monthly active users decreased by 30% to 1.6 million from 2.3 million. However, the number of quarterly funded users only fell by 5% to 1.8 million, suggesting strong wallet retention among its customer base.
Exodus has also been actively exploring new uses for its technology, including the Echo wallet, launched on X (formerly Twitter) in the first quarter of 2025. The wallet, which is designed to be seed-phrase-free and user-friendly, has garnered approximately 1.2 million users through gaming quests and influencer endorsements. While not yet a source of revenue, Echo showcases Exodus’ ability to expand beyond trading and into daily payment scenarios.
Looking ahead, Exodus is well-positioned to benefit from the growing stablecoin market, which has a current market cap of $233 billion and is expected to increase significantly. The company’s multi-network wallet and cross-chain swap capabilities are seen as advantageous for capturing payment flows that utilize stable-value assets. With a remarkable revenue CAGR of 71% over the past five years and an impressive gross profit margin of 100% as reported by InvestingPro, Exodus demonstrates strong operational efficiency. Additionally, Exodus is actively seeking potential mergers and acquisitions opportunities, having recently passed on Banxa Holdings (BNXA.V; Neutral) but noting that inbound deal flow remains high. With a solid cash position and the leverage of being a public company, Exodus is aiming to be a consolidator within the cryptocurrency infrastructure space.
In other recent news, Exodus Movement Inc. reported a record first-quarter revenue of $36 million, representing a 24% increase year-over-year, though it fell short of the $38.26 million forecast. The company experienced a notable 62% growth in exchange provider process volumes, reaching $2.1 billion. Despite these achievements, a 30% decline in monthly active users was observed, which may pose challenges for future user retention. The company continues to focus on expanding partnerships and exploring mergers and acquisitions, with expectations of industry consolidation over the next 12-18 months. Exodus Movement also launched Echo, a new PassKeys wallet technology demo, which has resulted in over 1.2 million PassKeys wallets being created. Analysts from firms like KBW Bank and BTIG have shown interest in the company’s partnership strategies, particularly with Ledger and Magic Eden, which are seen as potential growth drivers. The company maintains a strong balance sheet with $238 million in digital and liquid assets, including 2,038 Bitcoin. Furthermore, Exodus Movement is actively engaging with policymakers to achieve regulatory clarity, which they believe will accelerate mainstream digital asset adoption.
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