Banxa Achieves Positive Adjusted EBITDA Operations and Provides FY24 Financial Guidance
TORONTO and MELBOURNE, Australia, March 6, 2024 /CNW/ - Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") is pleased to announce it has achieved positive adjusted EBITDA operations in the month of January 2024.
(All comparisons are relative to the twelve month period ended June 30th, 2023 unless otherwise stated)
Banxa expects to achieve the following financial results for the full fiscal year 2024:
- Gross Profit in the range of AUD$26.5 million to AUD$27.5 million (USD17.2 million to USD$17.9 million). At the mid-point, this represents an increase of 31%
- Adjusted EBITDA in the range of (AUD$0.8 million) to AUD$0.2 million ((USD$0.5 million) to USD$0.1 million). At the mid-point, this represents an increase of 96%
Holger Arians, Chairman and CEO, said: "This is a significant milestone for the business that the team has pursued relentlessly over the past several months. It is yet another demonstration of the team's ability to execute. Banxa has entered a new chapter in its journey in a better position than ever before. We are focused on scaling efficiently while building for the embedded crypto future. With the crypto market tailwinds accelerating, and our volumes along with it, I am excited about the bright future that lies ahead. Moving forward, we are committed to generating positive adjusted EBITDA in all market conditions."
Zafer Qureshi, Executive Director and Head, Corporate Affairs, said: "I am very proud of the Banxa team for achieving this pivotal milestone. The team's efforts have materially de-risked the business and set it on a sustainable positive trajectory. As the only leading publicly listed infrastructure provider for enabling embedded crypto and a deeply discounted valuation, I am confident it is only a matter of time the share price will reflect the strong underlying business."
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.
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 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.
SOURCE Banxa Holding Inc
CONTACTS: Investors: Zafer Qureshi, [email protected]
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