Exodus Movement, Inc. (EXOD) Cash Flow Statement
Where EXOD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$25.6M
- Capital expenditures
- $267,000 0.2% of revenue
- Free cash flow
- −$25.8M −21.2% margin
- Returned to shareholders
- $15.1M
- Change in cash
- −$32.9M cash at year-end $4.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EXOD operating cash flow, capex and free cash flow
EXOD cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$2.4M2019 | −$25.6M2025 | — | |
| Capital expenditures | $355,0002019 | $267,0002025 | −4.6%/yr | |
| Free cash flow | −$2.8M2019 | −$25.8M2025 | — | |
| Free cash flow margin | −34.9%2019 | −21.2%2025 | +13.6 pts | |
| Operating cash flow / net income | 0.332020 | −0.112024 | −0.43 | |
| Stock-based compensation | $5.8M2023 | $15.6M2025 | +64.2%/yr | |
| Share buybacks (net) | $71,0002021 | $15.1M2025 | +281.7%/yr | |
| Capex / revenue | 4.5%2019 | 0.2%2025 | −4.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EXOD cash flow by activity
EXOD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EXOD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$30.0M | $113.0M | $12.8M | −$23.1M | −$21.9M | $8.2M | −$230,000 |
| Depreciation & amortization | $3.8M | $5.3M | $4.6M | $3.5M | $1.8M | $736,000 | $103,000 |
| Stock-based compensation | $15.6M | $6.6M | $5.8M | — | — | — | — |
| Change in working capital | −$242,000 | −$3.6M | $2.9M | $3.3M | −$4.6M | −$5.9M | −$2.3M |
| Other non-cash items | −$14.7M | −$133.3M | −$25.4M | $60.7M | $33.5M | −$385,000 | −$19,000 |
| Cash from operating activities | −$25.6M | −$12.0M | $692,000 | $44.3M | $8.7M | $2.7M | −$2.4M |
| Investing activities | |||||||
| Capital expenditures | −$267,000 | −$273,000 | −$67,000 | −$324,000 | −$461,000 | −$141,000 | −$355,000 |
| Investments (net) | $29.9M | $43.9M | −$9.1M | −$31.7M | −$100,000 | −$100,000 | −$100,000 |
| Acquisitions & other investing | −$22.0M | $273,000 | $67,000 | $1 | −$2.0M | −$1.8M | −$714,000 |
| Cash from investing activities | $7.7M | $43.9M | −$9.1M | −$32.1M | −$2.6M | −$2.0M | −$1.2M |
| Financing activities | |||||||
| Share repurchases & issuance (net) | −$15.1M | −$5.4M | −$715,000 | −$264,000 | −$71,000 | — | — |
| Net borrowing (repayment) | $0 | $0 | — | — | — | −$219,000 | $220,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $35,000 | $13,000 | $33,000 | $3.0M | −$2.1M | −$1.2M | $0 |
| Cash from financing activities | −$15.0M | −$5.3M | −$682,000 | $2.8M | −$2.2M | −$1.4M | $220,000 |
| Summary | |||||||
| Net change in cash | −$32.9M | $26.5M | −$9.1M | $15.1M | $2.8M | −$513,000 | $3.1M |
| Cash at end of period | $4.9M | $37.9M | $11.4M | $20.5M | $5.4M | $2.6M | $3.1M |
| Free cash flow | −$25.8M | −$12.3M | $625,000 | $44.0M | $8.3M | $2.5M | −$2.8M |
| Free cash flow margin | −21.2% | −10.5% | 1.1% | 87.0% | 8.6% | 11.9% | −34.9% |
| Capex / revenue | 0.2% | 0.2% | 0.1% | 0.6% | 0.5% | 0.7% | 4.5% |
| Operating cash flow / net income | — | −0.11 | 0.05 | — | — | 0.33 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$18.6M | −$32.1M | −$41.8M | $17.0M | $37.7M | −$12.9M | $66.9M | $843,000 | $45.2M | $54.8M | $10.4M | −$251,000 |
| Depreciation & amortization | $1.4M | $808,000 | $822,000 | $853,000 | $1.0M | $1.0M | $1.5M | $1.4M | $2.5M | $1.2M | $1.2M | $1.2M |
| Stock-based compensation | $8.3M | $4.5M | −$10.9M | $5.2M | $3.0M | $2.7M | $1.3M | $1.5M | $3.7M | $1.7M | $1.1M | $1.3M |
| Change in working capital | −$8.1M | $8.1M | −$3.2M | $1.6M | $4.8M | −$3.4M | −$196,000 | −$2.3M | −$1.2M | $2.7M | −$364,000 | $797,000 |
| Other non-cash items | −$32.5M | $16.2M | $45.8M | −$29.5M | −$51.8M | $6.4M | −$74.8M | −$6.3M | −$52.2M | −$59.9M | −$14.6M | −$2.2M |
| Cash from operating activities | −$49.5M | −$2.6M | −$9.3M | −$4.8M | −$5.3M | −$6.2M | −$5.2M | −$4.9M | −$1.9M | $450,000 | −$2.2M | $883,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$72,000 | −$26,000 | −$182,000 | −$39,000 | −$92,000 | −$51,000 | −$45,000 | −$40,000 | −$339,000 | −$150,000 | −$42,000 | −$15,000 |
| Investments (net) | −$200,000 | $0 | −$2.7M | $5.3M | $2.6M | $33.7M | $19.1M | $5.2M | $19.5M | $9.6M | $1.4M | −$387,000 |
| Acquisitions & other investing | $344.7M | $71.9M | −$31.1M | $39,000 | $92,000 | $51,000 | $45,000 | $40,000 | $339,000 | $150,000 | $42,000 | −$3.8M |
| Cash from investing activities | $344.4M | $71.9M | −$34.0M | $5.3M | $2.6M | $33.7M | $19.1M | $5.2M | $19.5M | $9.6M | $1.4M | −$4.2M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$726,000 | −$1.3M | −$2.3M | −$2.9M | −$4.2M | −$5.6M | −$2.7M | −$1.5M | −$1.2M | −$344,000 | −$200,000 | −$191,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5,000 | $0 | $35,000 | $0 | $0 | $0 | $13,000 | $0 | $0 | $0 | $32,000 | $0 |
| Cash from financing activities | −$731,000 | −$1.3M | −$2.3M | −$2.9M | −$4.2M | −$5.6M | −$2.7M | −$1.5M | −$1.2M | −$344,000 | −$168,000 | −$191,000 |
| Summary | ||||||||||||
| Net change in cash | $282.2M | $68.0M | −$45.6M | −$2.4M | −$6.8M | $21.9M | $11.3M | −$1.1M | $16.4M | $9.7M | −$1.0M | −$3.5M |
| Cash at end of period | $355.1M | $72.9M | $4.9M | $50.5M | $52.9M | $59.8M | $37.9M | $26.6M | $27.8M | $21.0M | $11.4M | $12.4M |
| Free cash flow | −$49.6M | −$2.6M | −$9.1M | −$4.8M | −$5.4M | −$6.2M | −$5.3M | −$4.9M | −$2.3M | $300,000 | −$2.3M | $868,000 |
| Free cash flow margin | −189.1% | −11.5% | −31.1% | −16.0% | −20.7% | −17.3% | −11.5% | −24.5% | −10.1% | 1.0% | −12.3% | 7.2% |
| Capex / revenue | 0.3% | 0.1% | 0.6% | 0.1% | 0.4% | 0.1% | 0.1% | 0.2% | 1.5% | 0.5% | 0.2% | 0.1% |
| Operating cash flow / net income | — | — | — | −0.28 | −0.14 | — | −0.08 | −5.80 | −0.04 | 0.01 | −0.21 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EXOD cash generation
In fiscal 2025 (ended December 31, 2025), Exodus Movement generated -$25.6 million of cash from operations and spent $0.3 million on capital expenditures, leaving free cash flow of -$25.8 million, −21.2% of revenue. It returned $15.1 million to shareholders through dividends ($0) and net share buybacks ($15.1 million). Cash and equivalents fell by $32.9 million over the year.
Related: EXOD income statement, EXOD balance sheet. See the EXOD stock overview for the latest quote and news.
EXOD cash flow FAQ
What is Exodus Movement's free cash flow?
Exodus Movement's free cash flow was -$25.8 million in fiscal 2025: -$25.6 million of operating cash flow minus $0.3 million of capital expenditures It was -$12.3 million a year earlier..
How much cash does Exodus Movement generate from operations?
Exodus Movement generated -$25.6 million of cash from operating activities in fiscal 2025.
How much does Exodus Movement spend on capital expenditures?
Exodus Movement spent $0.3 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $0.3 million the year before.
How much stock does Exodus Movement buy back?
Exodus Movement spent $15.1 million on net share repurchases in fiscal 2025.