August 12, 2024 - 10-Q: Quarterly report pursuant to Section 13 or 15(d)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-56643

Exodus Movement, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	81-3548560
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
15418 Weir St. #333 Omaha, NE(1)	68137
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (833) 992-2566

Securities registered pursuant to Section 12(b) of the Act:

    Title of each class

    Trading
Symbol(s)

    Name of each exchange on which registered

    Class A Common Stock, 
par value $0.000001 per share.

    EXOD

    N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2024, the registrant had 6,318,566 shares of Class A common stock, par value $0.000001 per share, outstanding.

(1) We are a remote-first company. Accordingly, we do not maintain a headquarters. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, and Securities Exchange Act of 1934, as amended, communications may be directed to the listed address.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	2

Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income	3
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4.	Controls and Procedures	23

PART II.	OTHER INFORMATION	24

Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25
Signatures		26

Cautionary Note on Forward-Looking Statements

This Report contains “forward-looking statements,” as that term is defined by the federal securities laws. All forward-looking statements are based upon our current expectations and various assumptions and apply only as of the date made. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs and projections will be achieved. Forward-looking statements are generally identified by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “forecast,” as well as variations of such words or similar expressions.

Forward-looking statements include statements concerning:

•

our business plans and strategy;

•

projected profitability, performance or cash flows;

•

future capital expenditures;

•

our growth strategy, including our ability to grow organically and through mergers and acquisitions (“M&A”);

•

anticipated financing needs;

•

business trends;

•

our capital allocation strategy;

•

liquidity and capital management; and

•

other information that is not historical information.

There are 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, including those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Amendment No. 2 to our Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”) on July 10, 2024 (the "Form 10"). 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.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Exodus Movement, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and par value value)


	June 30,			December 31,
	2024			2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	27,769		$	11,376
U.S. dollar coin ($175 and $500 restricted as of June 30, 2024 and December 31, 2023, respectively)		507			517
Treasury bills		42,420			43,151
Accounts receivable		3,004			3,240
Prepaid expenses		2,108			1,440
Other current assets		345			5
Total current assets		76,153			59,729
OTHER ASSETS
Fixed assets, net		402			317
Digital assets		124,798			35,010
Software assets, net		8,035			8,051
Other long-term asset		40			-
Indefinite-lived assets		2,096			1,945
Other investments		100			100
Deferred tax assets		-			6,567
Total other assets		135,471			51,990
TOTAL ASSETS	$	211,624		$	111,719
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	2,195		$	1,061
Other current liabilities		6,951			6,485
Total current liabilities		9,146			7,546
LONG-TERM LIABILITIES
Other long-term liabilities		435			412
Deferred tax liability		11,237			-
Total long-term liabilities		11,672			412
Total liabilities		20,818			7,958
STOCKHOLDERS' EQUITY
Preferred stock
$0.000001 par value, 5,000,000 shares authorized, no shares issued and outstanding		-			-
Class A Common Stock
$0.000001 par value, 300,000,000 shares authorized,		-			-
5,044,368 issued and outstanding as of June 30, 2024		-			-
4,320,005 issued and outstanding as of December 31, 2023		-			-
Class B Common Stock
$0.000001 par value, 27,500,000 shares authorized,		-			-
21,520,469 issued and outstanding as of June 30, 2024		-			-
21,760,855 issued and outstanding as of December 31, 2023		-			-
ADDITIONAL PAID IN CAPITAL		125,500			122,558
ACCUMULATED OTHER COMPREHENSIVE LOSS		(809	)		(1,477	)
RETAINED EARNINGS (ACCUMULATED DEFICIT)		66,115			(17,320	)
Total stockholders' equity		190,806			103,761
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	211,624		$	111,719

The accompanying notes are an integral part of these condensed consolidated financial statements.

Exodus Movement, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited)

(In thousands, except per share amounts)


	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023			Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
OPERATING REVENUES	$	22,308		$	12,405		$	51,368		$	25,750
COST OF REVENUES		10,767			7,135			21,471			13,992
GROSS PROFIT		11,541			5,270			29,897			11,758
OPERATING EXPENSES
General and administrative		9,054			4,015			17,109			9,987
Loss (gain) on digital assets, net		17,232			(201	)		(39,567	)		(642	)
Total operating expense (income)		26,286			3,814			(22,458	)		9,345
(Loss) income from operations		(14,745	)		1,456			52,355			2,413
OTHER INCOME
Staking and other income		405			17			555			33
Unrealized gain (loss) on investments		158			85			(86	)		189
Interest income		695			468			1,642			871
Total other income		1,258			570			2,111			1,093
(Loss) income before income taxes		(13,487	)		2,026			54,466			3,506
INCOME TAX BENEFIT (EXPENSE)		3,881			(157	)		(9,285	)		(864	)
NET (LOSS) INCOME	$	(9,606	)	$	1,869		$	45,181		$	2,642
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment		(35	)		(200	)		668			(250	)
COMPREHENSIVE (LOSS) INCOME	$	(9,641	)	$	1,669		$	45,849		$	2,392
Net (loss) income per share
Basic net (loss) income per share of common stock - Class A	$	(0.37	)	$	0.07		$	1.72		$	0.10
Basic net (loss) income per share of common stock - Class B	$	(0.37	)	$	0.07		$	1.72		$	0.10
Diluted net (loss) income per share of common stock - Class A	$	(0.37	)	$	0.06		$	1.42		$	0.08
Diluted net (loss) income per share of common stock - Class B	$	(0.37	)	$	0.06		$	1.42		$	0.08
Weighted average number of shares and share equivalents outstanding
Weighted average number of shares used in basic computation - Class A		4,486			3,804			4,774			3,702
Weighted average number of shares used in basic computation - Class B		21,520			21,799			21,570			21,799
Weighted average number of shares used in diluted computation - Class A		4,486			7,300			8,185			7,207
Weighted average number of shares used in diluted computation - Class B		21,520			23,978			23,727			23,983

The accompanying notes are an integral part of these condensed consolidated financial statements.

Exodus Movement, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(In thousands)


									Accumulated			Retained
						Additional			Other			Earnings			Total
	Class A		Class B			Paid In			Comprehensive			(Accumulated			Stockholders'
	Shares		Shares			Capital			Loss			Deficit)			Equity
BALANCES as of January 1, 2023		3,544		21,798		$	116,644		$	(694	)	$	(30,106	)	$	85,844
Stock-based compensation		-		-			2,326			-			-			2,326
Exercised options		-		1			1			-			-			1
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		160		-			(152	)		-			-			(152	)
Foreign currency translation adjustment		-		-			-			(50	)		-			(50	)
Net income		-		-			-			-			773			773
BALANCES as of March 31, 2023		3,704		21,799		$	118,819		$	(744	)	$	(29,333	)	$	88,742
Stock-based compensation		-		-			1,736			-			-			1,736
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		176		-			(172	)		-			-			(172	)
Foreign currency translation adjustment		-		-			-			(200	)		-			(200	)
Net income		-		-			-			-			1,869			1,869
BALANCES as of June 30, 2023		3,880		21,799		$	120,383		$	(944	)	$	(27,464	)	$	91,975
BALANCES as of January 1, 2024		4,320		21,760		$	122,558		$	(1,477	)	$	(17,320	)	$	103,761
Cumulative effect adjustment to the opening balance of retained earnings for ASU 2023-08 adoption, net of tax		-		-			-			-			38,254			38,254
Stock-based compensation		-		-			1,903			-			-			1,903
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		234		-			(334	)		-			-			(334	)
Conversion from Class B to Class A		240		(240	)		-			-			-			-
Foreign currency translation adjustment		-		-			-			703			-			703
Net income		-		-			-			-			54,787			54,787
BALANCES as of March 31, 2024		4,794		21,520		$	124,127		$	(774	)	$	75,721		$	199,074
Stock-based compensation		-		-			2,256			-			-			2,256
Issuance of Common Stock upon settlement of restricted stock units, net of shares withheld for taxes		250		-			(883	)		-			-			(883	)
Foreign currency translation adjustment		-		-			-			(35	)		-			(35	)
Net loss		-		-			-			-			(9,606	)		(9,606	)
BALANCES as of June 30, 2024		5,044		21,520		$	125,500		$	(809	)	$	66,115		$	190,806

The accompanying notes are an integral part of these condensed consolidated financial statements.

Exodus Movement, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	45,181		$	2,642
Net cash provided by operating activities
Depreciation and amortization		2,511			2,181
Deferred tax expense		7,382			-
Impairment of digital assets		-			1,996
Gain on digital assets, net		(39,567	)		(2,638	)
Staking and other income		(555	)		-
Unrealized loss (gain) on investments		86			(189	)
Stock based compensation		3,741			3,505
Accrued interest income		(1,133	)		(541	)
Other operating activities settled in digital assets and USDC (1)		(18,402	)		(7,135	)
Change in operating assets and liabilities:
Accounts receivable		(4	)		-
Prepaid expenses		(618	)		1,545
Other current assets		(340	)		16
Other long-term asset		(40	)		-
Accounts payable		1,144			421
Other current liabilities		(1,325	)		236
Other long-term liabilities		23			-
Net cash (used in) provided by operating activities		(1,916	)		2,039
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of domain name		(151	)		-
Purchases of fixed assets		(188	)		(10	)
Purchase of treasury bills		(44,386	)		(38,617	)
Redemption of treasury bills		46,164			32,300
Purchases of digital assets		(2,534	)		-
Disposal of digital assets held		20,631			-
Net cash provided by (used in) investing activities		19,536			(6,327	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares to pay employee withholding taxes		(1,227	)		(324	)
Exercise of stock options		-			1
Net cash used in financing activities		(1,227	)		(323	)
Change in cash and cash equivalents		16,393			(4,611	)
Cash and cash equivalents
Beginning of period		11,376			20,494
End of period		27,769			15,883
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash issuance of stock	$	10		$	-
Non-cash capitalized software costs settled in digital assets
(including stock based compensation of $418 and $557 respectively)	$	(2,364	)	$	(2,826	)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	$	(3,252	)	$	(619	)

(1) See Note 5, “Intangible Assets”.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Exodus Movement, Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

1. Nature of Business

Exodus Movement, Inc. (“Exodus” or “the Company” or “we”) was incorporated in Delaware in July 2016. The Company operates in the FinTech subsector of the greater blockchain and digital asset industry. The Company has developed an un-hosted self-custodial digital asset wallet on the Exodus Platform and contracts with third parties to provide various services to users that utilize the Company’s wallet through the platform.

2. Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements of the Company are unaudited. These unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) on the same basis as the audited consolidated financial statements and in management’s opinion, reflect all the adjustments, consisting only of normal, recurring adjustments, that are necessary for the fair statement of the Company’s condensed consolidated financial statements for the periods presented. The unaudited condensed consolidated results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year or any other period.

These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes included in the Form 10.

There were no changes to the significant accounting policies or recent accounting pronouncements that were disclosed in Note 2 Summary of Significant Accounting Policies to the audited consolidated financial statements included in the Form 10, other than the adoption of ASU 2023-08 Intangibles, Goodwill and Other - Crypto Assets ("ASU 2023-08"), as discussed below.

Correction of Previously Issued Financial Statements

Subsequent to the issuance of the Company’s interim condensed consolidated financial statements as of and for the three and six months ended June 30, 2023, the Company identified an error in the calculation of earnings per share due to the undistributed earnings not being appropriately allocated to each class of common shares and an error in the disclosure of operating activities settled in digital assets and USDC in Note 5. The effects of the correction on the prior periods are included below.


	Three Months Ended June 30, 2023							Six Months Ended June 30, 2023
	Originally Reported		Adjustment			As Corrected		Originally Reported		Adjustment			As Corrected
Basic net income per share - Class A	$	0.49	$	(0.42	)	$	0.07	$	0.71	$	(0.61	)	$	0.10
Basic net income per share - Class B	$	0.09	$	(0.02	)	$	0.07	$	0.12	$	(0.02	)	$	0.10
Diluted net income per share - Class A	$	0.26	$	(0.20	)	$	0.06	$	0.37	$	(0.29	)	$	0.08
Diluted net income per share - Class B	$	0.08	$	(0.02	)	$	0.06	$	0.11	$	(0.03	)	$	0.08


	Six Months Ended June 30, 2023
	Originally Reported		Adjustment			As Corrected
Digital assets expense	$	18,616	$	(8,343	)	$	10,273
Conversion of digital assets and USDC to cash	$	-	$	8,343		$	8,343

Concentration of Revenue

Operating revenue from Application Programming Interface Providers (“API Providers”) exceeding 10% of total operating revenues for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands):


	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023		Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Company A	$	3,832	$	2,346		10,532		4,048
Company B		4,629		2,511		10,286		4,839
Company C		4,360		1,996		9,094		4,134
Company D		2,713		1,898		6,828		4,786
Company E (1)		-		1,985		-		4,177

(1) Company E did not have over 10% of revenue during the three and six months ended June 30, 2024.

Digital Assets

As of June 30, 2024, the Company held $124.8 million of digital assets at fair value. The Company presents digital assets separately from other intangible assets, recorded as digital assets on the condensed consolidated balance sheets. The net activity from remeasurement of digital assets at fair value is reflected in the condensed consolidated statements of operations and comprehensive (loss) income within operating income (expense). Digital assets that are received as noncash consideration in our revenue arrangements and sold for cash within seven days are presented as cash flows from operating activities, while other digital asset activity held longer than seven days is reflected as cash flows from investing activities in the consolidated statements of cash flows. The Company uses a mix of non-custodial and custodial services at multiple locations that are geographically dispersed to store its digital assets. The Company has performed an analysis of the principal market. Refer to Note 5, Intangible Assets, and Note 12, Fair Value Measurements, for additional information. The Company has ownership of and control over its digital assets. The cost basis is calculated on a first-in first-out basis.

Fair Value Measurements

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:

•

Level 1 – Quoted prices for identical instruments in active markets.

•

Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

•

Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable.

Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted. Subsequent to the adoption of ASU 2023-08, the fair value of each digital asset is based on quoted (unadjusted) prices in the principal market for each digital asset. Such prices are based on Level 1 inputs in accordance with ASC 820.

Recent Accounting Pronouncements

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. This guidance will not impact our consolidated financial statements.

Improvements to Crypto Assets Disclosures

On December 13, 2023, the FASB issued ASU 2023-08 which provides an update to existing crypto asset guidance and requires an entity to measure certain crypto assets at fair value. In addition, this guidance requires additional disclosures related to crypto assets once it is adopted. As of January 1, 2024, the Company has adopted ASU 2023-08.

The Company has adopted the amendments prescribed in ASU 2023-08. As a result of adopting the amendments, the Company’s cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period, or as of January 1, 2024, amounted to $38.3 million, which consisted of a $48.7 million of fair value adjustments offset by a $10.4 million tax impact related to the fair value adjustments. The Company includes realized and unrealized gains and losses in net income on the consolidated financial statements which is presented separately from changes in the carrying amount of other intangible assets.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. This guidance only impacts footnote disclosures and will not impact our consolidated financial statements.

3. Revenue Recognition

The following table presents the Company’s operating revenues disaggregated by geography, based on the addresses of the Company’s API Providers (in thousands, except percentages):


	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
Republic of the Marshall Islands	$	7,072	31.7	%	$	3,895	31.4	%	$	15,921	31.0	%	$	8,921	34.6	%
British Virgin Islands(1)		-	-			2,639	21.3			-	-			5,836	22.7
Seychelles		3,832	17.2			2,332	18.8			10,532	20.5			4,066	15.8
Hong Kong		4,894	21.9			2,522	20.3			10,903	21.2			4,843	18.8
Other(2)		6,510	29.2			1,017	8.2			14,012	27.3			2,084	8.1
Operating revenues	$	22,308	100.0	%	$	12,405	100.0	%	$	51,368	100.0	%	$	25,750	100.0	%

(1) British Virgin Islands no longer exceeds 10% in 2024 and is now included in Other.

(2) No other individual country accounted for more than 10% of total revenue.

The following table presents the Company’s operating revenues disaggregated by products and services (in thousands, except percentages):


	Three Months Ended June 30,							Six Months Ended June 30,
	2024				2023			2024	2023
Exchange aggregation	$	19,942	89.4	%	$	11,623	93.7

Form: 10-Q

Documents