EXOD 8-K
Exodus Movement, Inc. (EXOD)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On July 16, 2026, the board of directors of Exodus Movement, Inc. (the “Company”) approved a restructuring plan (the “Plan”) to better align its cost structure and organizational priorities with its strategic transition toward payments, while maintaining expense discipline in light of current market conditions and continuing the integration of Baanx and Monavate. The Plan involves a reduction in force expected to affect approximately 77 employees and non-employee individual service providers, representing approximately 25% of the Company’s total global workforce. In connection with the Plan, the Company currently estimates it will incur approximately $2.5 million to $3.5 million of costs, consisting primarily of personnel expenses such as salaries and wages, severance payments, and other benefits. The majority of the cash payments related to these expenses are expected to be paid out over the next twelve (12) weeks. The Plan is expected to be completed in the fourth quarter of 2026.
The charges and the timing of the charges that the Company expects to incur in connection with the Plan are subject to a number of estimates and assumptions, and actual results may differ materially. The Company may also incur additional costs or charges not currently contemplated due to events that may occur as a result of, or that are associated with, the Plan.
Item 7.01 Regulation FD Disclosure.
On July 17, 2026, the Company issued a press release announcing the reduction in force and efforts to realign operations. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference into any filing by the Company, under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press Release of Exodus Movement, Inc., issued July 17, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
Forward-Looking Statements
This Current Report on Form 8-K (“Form 8-K”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, regarding the Company that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Form 8-K, including, without limitation, statements regarding the expected costs and charges associated with the Plan, the timing of such costs and charges and of the related cash payments, and the timing of completion of the Plan are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will,” or the negative of these words or other similar expressions. You should not rely on forward-looking statements as predictions of future events.
These statements are based on our current expectations and projections about future events and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such statements, including, among others, the possibility that the costs and charges associated with the Plan will be greater than currently estimated, that the Plan will not be completed within the expected timeframe, that the Plan will not realize its contemplated benefits, that the Company will incur additional costs or charges not currently contemplated, and that the Plan will have an adverse effect on the Company’s business or results of operations, as well as other risks and uncertainties set forth in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statements contained in this Form 8-K to reflect events or circumstances after the date hereof, except as required by law.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXODUS MOVEMENT, INC. | ||||||
| Date: July 17, 2026 | By: | /s/ James Gernetzke | ||||
| James Gernetzke, Chief Financial Officer | ||||||
Exhibit 99.1
Exodus Announces Workforce Reduction to Focus on Full-Stack Stablecoin Payments Infrastructure
Organizational changes include an approximately 25% reduction in the global workforce
OMAHA, Neb., July 17, 2026 (GLOBE NEWSWIRE) — Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus” or the “Company”) today announced an operating realignment that includes a reduction of approximately 25% of the global workforce.
The action is intended to better align its cost structure and organizational priorities with its strategy to build a full-stack card issuance and payments platform, while maintaining expense discipline in light of current market conditions and continuing the integration of Monavate and Baanx.
“These decisions are never easy because they affect talented people who have helped build Exodus,” said JP Richardson, Co-Founder and Chief Executive Officer of Exodus. “We are deeply grateful for their contributions and committed to supporting them through this transition. These actions position Exodus for its next phase as we build a full-stack payments platform that delivers meaningful, everyday utility.”
Affected team members will receive severance, continued benefits, and other transition support.
Exodus expects to recognize approximately $2.5 million to $3.5 million of pre-tax charges in connection with the action, consisting primarily of severance and related personnel costs. The Company expects the action to generate approximately $10 million to $13 million of annualized cash operating expense savings and to see the full benefit of these savings in 2027.
The acquisitions of Monavate and Baanx have materially expanded Exodus’s capabilities, customer base, and geographic reach. As the integration progresses, the Company will continue evaluating its combined cost base and operating model to ensure resources are aligned with its strategic priorities.
About Exodus
Founded in 2015, Exodus Movement, Inc. (NYSE American: EXOD) is pioneering self-custodial finance by giving people the tools to earn rewards, spend, manage, and swap digital assets across borders, all without giving up control. Exodus serves millions of users through products built on a simple principle: your money should be yours.
Exodus also provides payments, card and digital-asset infrastructure to fintech, crypto and enterprise clients through its consumer and enterprise platforms. For more information, visit exodus.com.
Investor Contact
Media Contact
Aubrey Strobel / Elena Nisonoff
Halcyon Communications
Disclosure Information
Exodus uses the following as means of disclosing material nonpublic information and for complying with disclosure obligations under Regulation FD: websites exodus.com/investors and exodus.com; press releases; public videos, calls, and webcasts; and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “should,” “intend,” “believe,” “expect,” “likely,” “believes,” “views”, “estimates”, or other comparable terminology.
Forward-looking statements in this document include, but are not limited to, management statements regarding management’s confidence in our products, services, business trajectory and plans, expectations regarding demand for our products, and volatility and trading volumes of digital asset markets. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 11, 2026, as well as in our other reports filed with the SEC from time to time.
All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
Source: Exodus Movement, Inc.