Banxa Reports Audited Full Year 2023 Financial Results

TORONTO and MELBOURNE, Australia, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa" or the "Company") is pleased to report the audited full year ended June 30th, 2023 (“FY23”) financial results. The full results including Management Discussion & Analysis (“MD&A”) are available on Sedar.

KEY FINANCIAL HIGHLIGHTS FY23

• 55% contraction in Total Transaction Volume (“TTV”) to AUD $646 million (USD $440 million), down from AUD $1.4 billion (USD $972 million), in line with overall decline in the crypto market
• 17% reduction in Gross Profit to AUD $17.2 million (USD $11.7 million), down from AUD $20.8 million (USD $14.2 million) due to contraction in TTV, but partially offset by increase in efficiencies
• Increase in Net Take Rate to 2.7%, up from 1.5%
• 46% increase in Adjusted EBITDA to AUD ($7.8 million) (USD ($5.3 million)), up from AUD ($14.5 million) (USD ($9.9 million)), due to efficiencies and cost optimisation efforts
• Net loss per share on a basic and diluted basis decreased to AUD ($0.21) from AUD ($0.38)
  

Holger Arians, Chairman and CEO, said: “We are pleased to announce the completion of our audited annual financial statements for FY23. It was an exceptionally difficult period for crypto markets, however Banxa successfully navigated through these challenges by focusing on its core business and aggressively driving efficiencies. Banxa enters 2024 as the go-to on- and off-ramp provider for Web3, and is in a strong position to capitalize on any positive market developments for crypto on the horizon.”

Mr. Arians added: “Banxa has stronger business fundamentals than ever before thanks to several key achievements – strengthening the balance sheet, buying out the senior secured convertible note, and substantially optimizing costs, to name a few. My objective as CEO for fiscal year 2024 is for Banxa to provide investors exposure to crypto through a profitable and fully compliant global fintech business.”

Zafer Qureshi, Executive Director and Head, Corporate Affairs, said: “As a leading publicly traded company in the crypto industry, we remain committed to operating with transparency and delivering shareholder value. We recognize that delays in our reporting are not acceptable. We intend to further invest in our finance function under the stewardship of our new tenured CFO, Patrick Maguire, to ensure timely and more standardized reporting moving forward.