TORONTO, Oct. 24,
2024 /CNW/ - Banxa Holdings Inc. (TSXV: BNXA)
(OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the
"Company") is pleased to report its Audited FY24 financial
results, showcasing impressive growth and momentum. This press
release augments the release of the unaudited FY24 financial
results on September 5, 2024.
AUDITED FY24 FINANCIAL HIGHLIGHTS
(Figures are in AUD and all comparisons are relative to the
twelve-month period ended June 30th,
2023, unless otherwise stated)
- 48% increase in TTV to $957
million (USD $649 million), up
from $646 million (USD $438 million), driven by product innovation,
organic growth with partners and addition of new partners, such as
Trust Wallet
- 67% increase in Gross Profit to $28.8
million (USD $19.5 million),
up from $17.2 million (USD
$11.7 million), due to growth in TTV
and Net Take Rate
- 74% increase in core operations' Gross Profit, excludes
integration revenue*, to $27.5
million (USD $18.7 million),
up from $15.8 million (USD
$10.7 million)
- Increase in NTR to 2.9%, up from 2.4%, due to improved
efficiency in processing transactions and enhanced pricing
- Increase in Adjusted EBITDA to ($1.1
million) (USD ($0.7 million)),
up from ($13.4 million) (USD
($8.9 million)), due to improved TTV
and NTR, reduced operating expenses, specifically staffing, legal
& compliance costs and cost of capital. Adjusted EBITDA was
below the guidance driven by several factors, a softer market in
the June quarter, loss of volume due to a technical issue with a
partner (TTV impact of $5 million)
and increased operating expenses associated with chargebacks
flowing over from the March quarter
- Increase in core operations' Adjusted EBITDA, excludes
integration revenue*, to ($2.3
million) (USD ($1.5 million)),
up from ($14.8 million) (USD
($9.8 million))
- Net loss per share on a basic and diluted basis to ($0.09) (USD ($0.06)), compared to ($0.21) (USD ($0.14))
- Cash, Trade Receivables** and Crypto Inventories
at $11.5 million (USD $7.6 million), down from $14.7 million (USD $9.8
million) as of March 31st,
2023 due to expunging of high cost short term facilities,
replaced with lower cost revolving short term facilities
|
*Integration revenue
consists of coin and chain listings and does not have any costs
attributed to it.
|
|
**Trade Receivables
primarily consist of funds in transit from large payment service
providers (e.g., Worldpay), from credit card transactions, that are
settled in 2 to 4 days.
|
CONFERENCE CALL
Banxa will be hosting one conference call for its Audited FY24
and Q1 FY25 financial results after the release of the Q1 FY25
financial results. Investors should watch for a press release
confirming the date of this conference call.
ADJUSTED EBITDA DEFINITION
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, 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"
Zafer Qureshi = Executive Director
and Co-CEO, +1-888-332-2692
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.
SOURCE Banxa Holdings Inc.