Banxa Reports Q1 FY24 Financial Results

TORONTO and MELBOURNE, Australia, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") is pleased to report the unaudited first quarter fiscal year 2024 ended September 30th, 2023 (“Q1”) financial results. The full results including Management Discussion & Analysis (“MD&A”) are available on Sedar.

Q1 FINANCIAL HIGHLIGHTS
(All comparisons are relative to the three-month period ended September 30th, 2022 unless otherwise stated)

• 68% increase in Total Transaction Volume (“TTV”) to AUD $202 million (USD $136 million), up from AUD $120 million (USD $81 million), driven by growth in the partner base
• 136% increase in Gross Profit to AUD $6.6 million (USD $4.4 million), up from AUD $2.8 million (USD $1.9 million) due to growth in TTV and Net Take Rate
• Increase in Net Take Rate to 2.8%, up from 2.3%
• 48% decrease in Adjusted EBITDA to AUD ($1.2 million) (USD ($0.8 million)), down from AUD ($0.8 million) (USD ($0.6 million)), due to an increase in financing costs and expansion into the US
• Net loss per share on a basic and diluted basis decreased to AUD ($0.05) from AUD ($0.03)
  

Holger Arians, Chairman and CEO, said: “We are pleased to be reporting our Q1 financial results, which showed the continued growth in our volumes and efficiencies. I am excited to be entering 2024 with a leaner business with more cost optimization efforts underway. As the market eyes another crypto bull run, Banxa’s immense scalability will be on full display. I am more confident than ever in Banxa’s future and its ability to deliver shareholder value.”

Zafer Qureshi, Executive Director and Head, Corporate Affairs, said: “With the filing of our Q1 report we are now current with our reporting requirements. As we put our reporting lapses behind us, I am confident that Banxa’s shareholders’ patience will be rewarded in 2024 with stronger and sustainable financial performance.”

FY23 AND Q1 FINANCIAL RESULTS WEBINAR
Banxa will hold an investor webinar at 3pm EST on January 16th, 2024 to discuss its FY23 and Q1 financial results. All shareholders and prospective investors are encouraged to attend and can register for the webinar here: http://tinyurl.com/BanxaFY23-FY24Q1

CONTACTS
Investors:
Zafer Qureshi
[e-mail]

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.