# StoneX Keeps $12 Exodus Target as Adjusted EBITDA Loss Narrows

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/55829
Published: 2026-11-12T19:46:25.000Z
Updated: 2026-11-12T19:46:25.000Z
Section: Business

> Exodus Movement’s third-quarter revenue rose 7% to $32.5 million, while payments generated $10.9 million on about $1.1 billion in transaction volume.

Exodus Movement reported higher third-quarter revenue and a smaller adjusted EBITDA loss, while StoneX analyst Mark Palmer kept a $12 price target as the wallet company’s payments business expanded.

Revenue reached $32.5 million in the third quarter of 2026, up 7% from the same quarter a year earlier. Payments generated $10.9 million, roughly one-third of total revenue, on approximately $1.1 billion in transaction volume.

The payments figures measure different things: $10.9 million was revenue, while $1.1 billion was transaction volume. The segment’s contribution puts payments alongside Exodus’ wallet business in the company’s quarterly results.

Exodus’ adjusted EBITDA loss was $3.9 million, compared with a $6.7 million loss in the second quarter. The loss narrowed by $2.8 million quarter over quarter, while revenue growth was measured against the year-earlier quarter.

The company reduced its headcount from 326 employees to 214 and set a goal of about $30 million in annual operating expense savings as it heads into 2027. Those cost and staffing figures accompany the narrower adjusted EBITDA loss, though the reported figures do not establish how much each change contributed to it.

Exodus built its name on self-custodial crypto wallets, which let users hold their own keys. Revenue from wallet activity can vary with how much users transact; when crypto trading slows, wallet swaps and related transactions can also soften. The latest quarter included payments growth alongside that activity-sensitive wallet business.

Palmer’s case for the stock centers on progress toward adjusted break-even and payments growth amid weaker wallet activity. He maintained a Buy rating and the $12 target. Separately, five firms covering Exodus had a Strong Buy consensus, with an average 12-month price target of about $11.70 and individual targets ranging from $8.50 to $15.

BTIG and Northland also maintained positive views on Exodus. Several firms had lowered their targets earlier in the year as crypto trading volumes weakened.

Exodus is targeting its annual expense savings as it enters 2027.