TORONTO, Sept. 5, 2024 /CNW/ - Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") is thrilled to share its unaudited June quarter and FY24 financial results, showcasing impressive growth and momentum. We are proud to have hit the top end of our FY24 gross profit guidance, as announced on May 21, 2024, affirming Banxa's strategy to focus on profitable growth.
UNAUDITED JUNE QUARTER FINANCIAL HIGHLIGHTS
(Figures are in AUD and all comparisons are relative to the three-month period ended June 30th, 2023, unless otherwise stated)
*Integration revenue consists of coin and chain listings and does not have any costs attributed to it. |
**Trade Receivables primarily consists of funds with large payment service providers (e.g., Worldpay), from credit card transactions, that are settled in 2 to 4 days. |
UNAUDITED FY24 FINANCIAL HIGHLIGHTS
(Figures are in AUD and all comparisons are relative to the twelve-month period ended June 30th, 2023, unless otherwise stated)
*Integration revenue consists of coin and chain listings and does not have any costs attributed to it. |
Zafer Qureshi, Executive Director and Co-CEO, said: "These unaudited financials underscore Banxa's resilience and realizing the dividends of disciplined focus on profitable growth, pushing through market challenges while laying a solid foundation for future growth in our key geographies and segments. With these solid results in hand, Banxa is well-positioned to further enhance its market-leading position and build on its strategic achievements. We continue to deepen our strategic partnerships, lowering user onboarding friction for all partners by launching features such as Apple 1-Click Pay, and strengthening the balance sheet by adding lower cost and flexible working capital funding facilities. Looking forward, our focus is excitedly on the US market as we drive towards activating the Money Transmitter Licenses to operate standalone, which will improve our margins and expand our product offering, while further strengthening our local infrastructure."
AUDIT UPDATE
Banxa's audit is progressing on schedule and expected to be completed by early October. The Audited FY24 financial results will be released soon after the completion of the audit. The release date of the Audited FY24 financial results will be announced near the end of September.
ADJUSTED EBITDA DEFINITION
Adjusted EBITDA is a non-IFRS financial measure that we calculate as net profit before tax excluding depreciation and amortization expense, share based compensation expense, unrealized loss on inventory, finance expense, realized/unrealized gain on fair value of deposits & derivative liability, (gain)/loss on fair value of derivative, unrealised exchange (gain)/loss, (gain)/loss on sale of capital asset and listing expenses. Adjusted EBITDA is used by management to understand and evaluate the performance and trends of the Company's operations.
ABOUT BANXA HOLDINGS INC.
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 USA, Europe, and Asia-Pacific, the Banxa team is building for a world where global commerce is run on digital assets. For further information visit www.banxa.com.
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"
Forward-Looking Information
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.
Last Trade: | US$0.51 |
Daily Volume: | 0 |
Market Cap: | US$23.100M |
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