Banxa Reports Q2 FY24 Unaudited Financial Results
- 63% increase in Total Transaction Volume to AUD $242 million (USD $158 million)
- 39% increase in Gross Profit to AUD $6.8 million (USD $4.4 million)
- 43% increase in Adjusted EBITDA to AUD ($0.7 million) (USD ($0.5 million))
- Net loss per share on a basic and diluted basis decreased to AUD ($0.02)
- Cash and Trade Receivables at AUD $12.6 million (USD $8.3 million)
- Strategic investments and cost optimization efforts leading to a positive outlook
- None.
(All comparisons are relative to the three-month period ended December 31st, 2022 unless otherwise stated)
63% increase in Total Transaction Volume ("TTV") to AUD$242 million $158 million $149 million $97 million 39% increase in Gross Profit to AUD$6.8 million $4.4 million $4.9 million $3.2 million - Decrease in Net Take Rate to
2.7% , down from2.8% , due to temporary higher Bitcoin transaction fees from our liquidity providers 43% increase in Adjusted EBITDA to AUD ($0.7 million $0.5 $1.2 million $0.8 - Net loss per share on a basic and diluted basis decreased to AUD (
$0.02 $0.03 - Cash and Trade Receivables at AUD
$12.6 million $8.3 million $9.9 million $6.5 million
Holger Arians, Chairman and CEO, said: "Since taking the reins, in partnership with Zafer Qureshi, we are confident that we have successfully turned the business around. In addition, we have 'put our money where our mouth is' by leading the capital raise in October 2023, investing CAD
Zafer Qureshi, Executive Director and Head, Corporate Affairs, said: "Since joining the Board in September, in partnership with Holger Arians, the team quickly mobilized to optimize costs and establish a sustainable business. With enhanced alignment between the Board and the Management team, Banxa is finally executing on all fronts with a focus on driving shareholder value. Banxa is in a strong strategic position and financially healthy heading into a bull market that is on the horizon and we are resolved to capitalize on it."
Banxa will be hosting an earnings call today at 2pm EST to discuss the Q2 results and all shareholders and investors are encouraged to register for the call here: http://tinyurl.com/Banxa-Q2FY24
Banxa is the leading infrastructure provider for enabling embedded crypto - empowering businesses to embed crypto seamlessly into their existing platforms and unlocking new opportunities in the rapidly evolving crypto economy. Through an extensive and growing network of global and local payment solutions and regulatory licenses, Banxa helps businesses provide seamless integration of crypto and fiat for global audiences with lower fees and higher conversion rates. Headquartered in the
Neither the 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Zafer Qureshi"
Zafer Qureshi = Executive Director and Head, Corporate Affairs, +1-888-332-2692
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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SOURCE Banxa Holding Inc
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