Exodus Reschedules Fourth Quarter and Full Year 2021 Live Webcast

Rhea-AI Summary

Exodus Movement has postponed its fourth quarter and full year 2021 earnings release to March 9, 2022, due to an audit delay. The earnings webcast is set for 2:30 PM ET on the same date. The audit revealed a non-cash adjustment tied to the extinguishment of SAFEs for 2.9 million Class B shares earlier in 2021, which does not impact actual business performance. The Company will file its Form 1-K by this date as well.

Positive

• The Company is proactive in communicating changes to earnings release schedule and inviting shareholder questions in advance of the webcast.

Negative

• Delay in earnings release may cause uncertainty among investors.
• The audit issues hint at potential underlying financial complexities.

Rescheduled to March 9, 2022, due to Audit Delay

OMAHA, Neb., March 02, 2022 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (tZERO ATS: EXOD), (“the Company” or “Exodus”) the leading self-custodial cryptocurrency software platform, today announced it will delay its fourth quarter and full year 2021 earnings release and conference call due to an audit delay.

The Company will host its 2021 earnings live webcast on Wednesday, March 9 at 2:30PM (Eastern Time) and expects to file its Form 1-K on or before March 9, 2022, well in advance of its applicable filing deadline.

Late in the process of auditing our 2021 financial statements, the Company’s independent auditors evaluated a non-cash adjustment related to the extinguishment of SAFEs to 2.9 million Class B shares in early 2021. The extinguishment was a once-in-a-lifetime event which generated a non-cash adjustment and did not reflect business operations or 2021 performance.

Exodus will host its 2021 full year results live webcast on March 9, 2022 at 2:30PM (Eastern Time). To access the live webcast, please use this link. It will also be carried live on the Company’s website www.exodus.com. Shareholders can submit questions to Exodus Management in advance of the webcast via e-mail at investors@exodus.com.

Contact

Customer Support
support@exodus.com

Press
Exodus
exodus@5wpr.com

Investor Relations
Allysa Howell
investors@exodus.com
+1 (720) 484-1147

About Exodus

Exodus is on a mission to empower the world to exit the traditional finance system. Founded in 2015, Exodus is a multi-asset software wallet that removes the geek requirement and keeps design a priority to make cryptocurrency and digital assets easy for everyone. Available for desktop and mobile, Exodus allows users to secure, manage and exchange cryptocurrencies like Bitcoin, Ethereum, and more across an industry-leading 10,000+ asset pairs from a beautiful, easy-to-use wallet. The non-custodial functionality is encrypted locally on users' own devices, ensuring privacy, security and complete control over their wealth. For more info visit exodus.com.

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/blog; press releases; public videos, calls and webcasts; and social media: Twitter (@exodus_io and JP Richardson's feed @jprichardson), Facebook, LinkedIn, and YouTube.

Forward-Looking Statements

This communication contains forward-looking statements that 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," "intend," "believe," or other comparable terminology. Forward-looking statements in this document include, but are not limited to, quotations from management regarding confidence in our products, services, business trajectory and plans, certain business metrics, including anticipated revenues and net income for the year and, in particular, through the third quarter of 2021, and the timing, means and amount of anticipated stock repurchases. These statements involve risks, uncertainties, assumptions and other factors that are difficult to predict and may cause actual results or performance to be materially and adversely different.

Factors that might cause such a difference include, but are not limited to:

• the impact of the COVID-19 pandemic on the health and safety of our employees, users, as well as the physical and economic impacts of the various recommendations, orders, and protocols issued by local and national governmental agencies in light of continual evolution of the pandemic, including any periodic reimplementation of preventative measures in various global locations;
  
  
• difficulties predicting user behavior and changes in user spending habits as a result of, among other things, prevailing economic conditions, levels of employment, salaries and wages, inflation and consumer confidence, particularly in light of the pandemic and as pandemic-related restrictions are eased regionally and globally;
  
  
• unexpected or rapid changes in the growth or decline of our domestic and/or international markets;
  
  
• increasing competition from existing and new competitors;
  
  
• rapidly evolving and groundbreaking advances that fundamentally alter the digital asset and cryptocurrency industry;
  
  
• continued compliance with regulatory requirements;
  
  
• volatility in the price of cryptocurrencies, such as Bitcoin, and other digital assets;
  
  
• the possibility that the development and release of new products or enhancements to existing products do not proceed in accordance with the anticipated timeline or may themselves contain bugs or errors requiring remediation and that the market for the sale of these new or enhanced products may not develop as expected;
  
  
• the risks relating to our ability to sustain or increase profitability or revenue growth in future periods (or minimize declines) while controlling expenses;
  
  
• the compromise of user data for any reason;
  
  
• foreign operational, political and other risks relating to our operations; and
  
  
• the loss of key personnel, labor shortages or work stoppages.
  
  

More information on the factors, risks and uncertainties that could cause or contribute to such differences is included in our filings with the Securities and Exchange Commission, including in the "Risk Factors" and "Management's Discussion & Analysis" sections of our offering statement on Form 1-A. We cannot assure you that the forward-looking statements will prove to be accurate. These forward-looking statements speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.

FAQ

Why was Exodus Movement's earnings release rescheduled?

Exodus Movement's earnings release was rescheduled to March 9, 2022, due to an audit delay.

What time is Exodus Movement's earnings webcast?

The earnings webcast for Exodus Movement will take place on March 9, 2022, at 2:30 PM ET.

What caused the audit delay for Exodus Movement?

The audit delay was caused by a non-cash adjustment related to the extinguishment of SAFEs for 2.9 million Class B shares.

When will Exodus file its Form 1-K?

Exodus expects to file its Form 1-K on or before March 9, 2022.

What is the impact of the audit delay on Exodus Movement's stock?

The audit delay may lead to uncertainty among investors, potentially affecting Exodus Movement's stock performance.