Exodus Movement, Inc.
EXOD Technology Software Infrastructure
Exodus Movement, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $121.6 million, up 4.54% from fiscal 2024. In the quarter to June 2026, revenue grew 1.55%, EPS fell 148.4% and free cash flow fell 825.5%, each against the same quarter a year earlier.
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Exodus Movement, Inc. (EXOD) Beneish M-score
Exodus Movement, Inc.'s Beneish M-score for fiscal 2025 is −2.61; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.61 | (4.24) |
| FY2024 | 1.62 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.68 | — | 0.63 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.88 | — | 0.36 | |
| Sales growth index | 1.05 | — | 0.93 | |
| Depreciation index | 1.05 | — | 0.12 | |
| SG&A index | 1.60 | — | −0.28 | |
| Total accruals to total assets | 0.05 | — | 0.25 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.61 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SANG Sangoma Technologies Corporation compare | −4.7× |
| EXOD Exodus Movement, Inc. | −2.6× |
| GRRR Gorilla Technology Group Inc. compare | −1.0× |
| PDYN Palladyne AI Corp. compare | 2.3× |
| ZENA ZenaTech, Inc. compare | 3.9× |
| AMBR Amber International Holding Limited - Sponsored ADR compare | 4.5× |
| DVLT Datavault AI Inc. compare | 13.2× |
| MOVE Corvex, Inc. compare | — |
| ZSQR Z Squared Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI