StoneX maintained its Buy recommendation and maintained a price target of $12 for Exodus Movement on Thursday.
The foundation of this perspective is that Exodus’ expansion into payment services and reduced expenditures are successfully balancing softer engagement within its traditional cryptocurrency wallet operations, pushing the firm nearer to an adjusted break-even point. Mark Palmer, an analyst at StoneX, noted in a report published Thursday that the expense restructuring is genuine.
Exodus equities advanced in value by more than 8% to reach $4.68 during Thursday’s morning trading session, meaning StoneX’s projected $12 value points to an additional upside of roughly 150%.
The enterprise published its third-quarter financial results on Monday, posting top-line revenue of $32.5 million which surpassed financial forecasters’ projections that ranged from $29 million to $31 million. Its adjusted EBITDA deficit narrowed down to $3.9 million compared to $6.7 million during the preceding quarter, whereas its comprehensive net loss stood at $8.3 million.
The payments division of Exodus generated nearly $11 million throughout its initial complete quarter following the acquisitions of Monavate and Baanx back in May. That contribution cushioned a 29% decline compared to the previous year in wallet-derived earnings, which slid down to $21.6 million. The organization specified that roughly 64% of income within the payments sector originated from conventional payment channels, while the remaining 36% stemmed from decentralized onchain finance.
Additionally, Exodus trimmed its workforce size from 326 down to 214 personnel starting from May up until Monday’s financial report, with corporate leadership anticipating approximately $30 million in expenditure reductions heading into the year 2027.
Chief Executive Officer JP Richardson stated during Monday’s earnings conference call that their operational expenditure framework is reduced, meaning that if trading platform activity picks up, top-line figures can expand without causing a corresponding surge in administrative expenses.
Nevertheless, Richardson cautioned that a significant portion of the organization’s upcoming objectives continues to rely upon regulatory authorization and successful implementation.
Exodus remains in the process of awaiting regulatory clearance within Latvia which would permit the business to restart distributing its payment cards across European markets. The enterprise mentioned that it has already recommenced card distribution inside the United States.
Originally published at https://www.theblock.co/news/markets/2026-11-12-exodus-cost-reset-real-payments-offset-crypto-wallet-slowdown-stonex-438988.
