BANXA Holdings Inc (TSX-V:BNXA, OTCQX:BNXAF) has reported strong growth in total transaction volumes (TTV) for the first quarter of its 2024 financial year, which it attributed to growth in its partner base.
The company, which provides payments infrastructure and regulatory compliance across global markets, posted a 68% increase in TTV to A$202 million (US$136 million) for the three months ended September 30, 2023. Gross profit jumped 136% to A$6.6 million due to the TTV growth, as well as an increase in its Net Take Rate to 2.8%, from 2.3%.
“We are pleased to be reporting our Q1 financial results, which showed the continued growth in our volumes and efficiencies,” Banxa chairman and CEO Holger Arians commented in a statement.
“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.”
For the quarter, the company reported a wider adjusted underlying (EBITDA) loss of A$1.2 million due to an increase in financing costs and its expansion into the US. Its net loss per share decreased to A$0.05 from A$0.03 previously.
“With the filing of our Q1 report we are now current with our reporting requirements,” executive director and head of corporate affairs Zafer Qureshi added.
“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.”
The company said it will hold an investor webinar at 3pm ET on January 16 to discuss its full year 2023 and 1Q 2024 results. Shareholders and prospective investors can register here.
Banxa's shares were up 9% at C$0.71 by midday in Toronto.
~Updated with share price movement~