Banxa Holdings Inc said its fiscal 2022 financial results reflect the explosion of transaction volumes amid one of the largest bull markets in crypto to date.
In its results for the 2022 Australian fiscal year ended June 30, 2022, the company said its total transaction volume grew 107% from US$497 million in fiscal 2021 to US$964 million.
Revenue jumped 56% to US$48.3 million from US$17.3 million in the previous fiscal year. Gross profit came in at US$14 million, up 24% or US$2.7 million from the previous year.
Banxa posted a loss of US$11.5 million, which the company attributed to significant investment in its expansion plans.
“Banxa has made significant strides in FY22 towards building a sustainable business for the long run, whilst also upgrading our financial reporting systems to keep up with the company's growth,” commented Banxa chairman Domenic Carosa.
“As a leading publicly traded company in the crypto industry, we remain committed to navigating the ever-expanding regulatory environment for crypto with transparency and compliance.”
He added that the company was working to resume trading on the TSX Venture Exchange as soon as possible with the release of its financial results following delays in its audit process.
“Looking ahead, we will continue to execute on our strategy for long-term growth, and we will share the progress we have made in fiscal year 2023 to date in due course,” Carosa said.
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