Banxa (BNXA) Q4 2024 earnings summary

Executive summary

• Reported strong FY24 growth with 48% increase in TTV to $957M AUD, driven by product innovation and new partners including Trust Wallet.

• Gross profit rose 67% to $28.8M AUD, with core operations' gross profit up 74% to $27.5M AUD.

• Adjusted EBITDA improved to ($1.1M) AUD from ($13.4M) AUD, reflecting higher TTV, improved NTR, and reduced operating expenses.

• Net loss per share narrowed to ($0.09) AUD from ($0.21) AUD year-over-year.

Financial highlights

• TTV increased 48% year-over-year to $957M AUD, supported by organic and partner-driven growth.

• Gross profit up 67% to $28.8M AUD; core operations' gross profit up 74% to $27.5M AUD, excluding integration revenue.

• Net Take Rate rose to 2.9% from 2.4% due to transaction efficiency and pricing enhancements.

• Adjusted EBITDA loss reduced to ($1.1M) AUD, with core operations' Adjusted EBITDA at ($2.3M) AUD.

• Cash, trade receivables, and crypto inventories at $11.5M AUD, down from $14.7M AUD due to refinancing of short-term facilities.

Outlook and guidance

• Adjusted EBITDA was below guidance due to a softer June quarter, technical partner issues impacting TTV by $5M, and increased chargeback-related expenses.

• Management cautions that forward-looking statements involve risks and actual results may differ materially.