Banxa Reports 99% year-on-year Revenue Growth YTD March 22
Banxa Holdings reported significant financial growth for the nine months ending March 31, 2022, with a 204% increase in Total Transaction Value (TTV) to AUD 1,205 million (USD 879 million). Revenue soared by 99% year-on-year to AUD 57 million (USD 41 million), supported by a 171% rise in Gross Profit to AUD 23 million (USD 17 million). However, the company faced an Adjusted EBITDA loss of AUD 6.6 million (USD 4.8 million), affected by market volatility. Banxa is expanding its operations with new entities in the USA and Turkey and added 12 new partners during the quarter.
- 204% year-on-year growth in Total Transaction Value (TTV) to AUD 1,205 million (USD 879 million) for the 9 months ending March 31.
- 99% year-on-year growth in Revenue to AUD 57 million (USD 41 million) for the same period.
- 171% year-on-year growth in Gross Profit to AUD 23 million (USD 17 million).
- Expanded geographic presence with new entities in USA and Turkey.
- Signed 12 new partners, increasing access to multiple coins and chains.
- Adjusted EBITDA loss of AUD 6.6 million (USD 4.8 million) for the 9-month period.
- Revenue for the March 2022 quarter was lower than the comparative quarter at AUD 16.5 million (previously AUD 21 million).
- Reduction in liquid assets of AUD 5.2 million (USD 3.7 million) due to higher operating cash outflows.
Mar22 Financial YTD Performance
204% year on year growth in Total Transaction Value (TTV) to $AUD1,205 million ($US879 million) for the 9 months ending 31st March - up AUD$809 million ($US590 million)99% year on year growth in Revenue of $AUD57 million ($US41 million) for the 9-months ending 31st March - up AUD$28 million (US$20.5 million )171% year on year growth in Gross Profit of $AUD23 million ($US17 million) for the 9-months ending 31st March - up$14 million - Adjusted EBITDA loss of $AUD6.6 million ($US4.8 million) for the 9-month period
Mar22 Quarter Performance
72% year on year growth in Total Transaction Value (TTV) to $AUD357 million ($US253 million) up from $AUD207 million ($US151 million)8% year on year growth in Gross Profit to $AUD6.6 million ($US4.8 million) up from $AUD6.1 million ($US4.4million)- $AUD19 million ($US14.2 million) in liquid assets (including cash, deposits and digital assets)
- Entities set up in 2 new regions; the USA and Turkey - continuing expansion into new growth markets.
- 12 new partners signed - support for 30 new coins/chains added
The Banxa management team will host a live webcast to discuss its quarterly results on Tuesday May 31, 2022, at 8:30am ET. The live webcast of the call can be accessed by registering at Financial Results Webcast Link. The link will also be available on the company's investor relations website at investor.banxa.com.
TORONTO, ON and MELBOURNE, TN / ACCESSWIRE / May 30, 2022 / BANXA Holdings Inc. (TSXV:BNXA)(OTCQX:BNXAF)(FSE:AC00) ("Banxa" or "The Company") has today announced its January to March 2022 quarter results. The full results including MD&A are available on Sedar.
Domenic Carosa, Founder and Chairman of Banxa, said: "The March quarter results show our continued growth not just in commercial volumes but in our ambition to be the leading fiat on- and off ramp across Web3 in the most markets. Despite the recent market conditions, we've continued to deliver another positive growth period with key milestones on our roadmap reached."
BUSINESS HIGHLIGHTS
During the January to March 2022 period, Banxa continued its geographic and local payment expansion; setting up entities in the key markets of the USA and Turkey. This continued focus on geographical expansion paired with more local payment offerings means the Banxa partner network has potential access to millions of more end users globally.
Banxa also added 22 new coins and eight new chains, the vast majority of all traded coins and chains. Highlights include Axie Infinity (AXS), the native coin for the leading crypto gaming platform - as well as PancakeSwap (CAKE), the native coin on PancakeSwap - one of the most popular automated market makers powering decentralised finance. 12 new partners were signed in the period including Pionex 1Inch and Coinex, joining the likes of existing top tier partners Binance, OKX, Kucoin and Gate.io.
Holger Arians, CEO of Banxa, said: "Our expanding partner ecosystem and ability to offer our partners support for more coins on more chains in more markets means we are able to scale faster and bring millions of more people into the crypto ecosystem sooner. Along with our enhanced product offerings, we have the ability to scale our partnerships out further into the market".
FINANCIAL REVIEW
$AUD1,205 million ($US879 million) Total Transaction Value (TTV) for the 9 months ending 31st March - up AUD
PROFIT AND LOSS ($AUD)
Highlights for the period
- TTV growth of $AUD809 million ($US574 million) or
204% underpinned by partner & user expansion. - Mar22 quarter revenue of AUD
$16.5 million is lower than the comparative quarter (AUD$21 million ) due to a reduced mix of principal revenue (vs agency revenue) - Net take rate of
1.9% (GP as % of TTV) based on service and geographic mix as well as cost optimization. - Strategy execution and continued investment (in product, talent and systems) has resulted in opex increasing to
$25.8 million but remaining consistent at2% of TTV. - Adjusted EBITDA* loss of $AUD6.6 million ($US4.8 million) post other non-cash and one-off items. Balance is negatively impacted by FX loss of $AUD6.1million ($US4.4 million) or
0.5% of TTV, of which $AUD3.0 million ($US2.2 million) is unrealized.
* Adjusted EBITDA is a non-IFRS financial measure that we calculate as net loss before tax excluding depreciation and amortization expense, share based compensation expense, realized/unrealized loss on inventory, finance expense, realized/unrealized gain on fair value of deposits, loss on fair value of derivative, and listing expenses. Adjusted EBITDA is used by management to understand and evaluate the performance and trends of the Company's operations.
BALANCE SHEET ($AUD)
Highlights:
- Liquid assets of $AUD19.0 million ($US13.4 million) comprising cash, deposits and digital assets and net of $AUD0.8 million ($US0.6 million) provision. Gross liquid assets of $AUD19.8m ($US14m)
- The reduction in liquid assets of $AUD5.2 million ($US3.7 million) is largely driven by higher operating cash outflows inline with opex expansion.
- Liabilities of $AUD6.7 million ($US4.75 million), 1.1x growth on comparative period driven by expanding employee entitlements, lease liability and tax provisions.
- Research and development costs are expensed as incurred and not capitalised on the balance sheet
- Debt free balance sheet with c$AUD20 million (c$US 14.2 million) available in undrawn debt facilities
ON BEHALF OF THE BOARD OF DIRECTORS
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ENDS
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "DOMENIC CAROSA" https://twitter.com/dcarosa
Domenic Carosa
Chairman (1-888-218-6863)
BANXA Holdings Inc. (TSX-V: BNXA) (OTCQX: BNXAF) (FSE: AC00)
Banxa's mission is to accelerate the world to Web3 with its leading global on-and-off ramp solution. Through its extensive network of local payment solutions paired with the required crypto licences, Banxa gives its partners and projects access to global audiences with less friction and higher conversions. Banxa has a global team of Web3 natives - with operating headquarters in the USA, Europe and APAC regions.
For further information go to www.banxa.com
SOURCE: BANXA Holdings Inc.
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https://www.accesswire.com/703264/Banxa-Reports-99-year-on-year-Revenue-Growth-YTD-March-22
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