BANXA Reports March Quarter Financial Results, First Adjusted EBITDA and Record Revenue


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In the press release, BANXA announces its March quarter financial results, first adjusted EBITDA and record revenue, released on May 26, 2021 by Banxa Holding Inc on CNW, the company informs us that at the fourth point of Highlights section, it should read “TTV of the March 2021 quarter of $ 205 million, an increase of 93% over $ 107 million for the previous quarter” rather than “TTV of the March 2021 quarter of $ 205 million, an increase of 93% from $ 107 million for the same period in 2020 ″ as initially inadvertently released. The full and corrected version follows:

BANXA Reports March Quarter Financial Results, First Adjusted EBITDA and Record Revenue

Strong points:

  • Total Transaction Value (TTV) of $ 396 million for the nine months ended March 31, 2021, an increase of 1,470% from $ 25 million for the same period in 2020
  • Revenue of $ 21 million for the quarter ended March 31, 2021, an increase of 1479% from $ 1.3 million for the same period in 2020
  • Adjusted EBITDA profit increased to $ 1 million for the three months ended March 31, 2021, up from the adjusted EBITDA loss of $ 480,170 for the same period in 2020
  • TTV for the March 2021 quarter of $ 205 million, an augmentation of 93% from $ 107M for the previous quarter
  • Over $ 25 million in cash and cash equivalents as of today.

Banxa Holdings Inc (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) (“BANXA” or “The Company”), a payment service provider (PSP) focused on providing its customers with secure access and compliant with the digital asset market, is pleased to report that it recorded its first Adjusted EBITDA profit since listing. The company predicts continued revenue growth and recognizes that in volatile markets, increased interest in cryptocurrencies from individuals and institutions confirms the resilience of the company’s business model, increasing transaction volumes to as cryptocurrencies rise and fall.

Banxa went public on January 6, 2021 and is the only Payment Service Provider (PSP) serving the digital asset industry that is publicly traded all over the world.

Founder and President Domenic Carosa said: “I am happy to see the company’s financial performance improve in all key metrics. I am confident that in the future, we will continue to demonstrate to our loyal stakeholders that we are unwavering in our mission to build the bridge between existing financial systems and the emerging and expanding world of digital assets.

Holger Arians, CEO of Banxa, said: “We are very happy to report these results. Over the past three months, we have focused on improving the service and experience for our customers and expanding our ability to meet rapidly growing demand. The industry is maturing, with increased infrastructure and interest. Our goal is to be at the forefront of this new stage of development. “

The company is also announcing a Zoom Investor event on Thursday, May 27 at 4:30 p.m. ET, detail below

Subject: Call to Banxa investors
Time: May 27, 2021 at 4:30 a.m.ET

Join the Zoom meeting
https://us02web.zoom.us/j/85058227028?pwd=WGFOaWVNbCsvV1RaY3VlcEZIeDN4UT09

Meeting ID: 850 5822 7028
Access code: 038456
One-click mobile
+ 16465588656 ,, 85058227028 # ,,,, * 038456 # US (New York)
+ 16699009128 ,, 85058227028 # ,,,, * 038456 # US (San Jose)

Meeting ID: 850 5822 7028
Access code: 038456
Find your local number: https://us02web.zoom.us/u/kek0pQHOvA

Summary of financial results

  • Revenue for the quarter ended March 31, 2021 was AUD $ 21.0 million compared to AUD 1.3 million for the same period in 2020, an increase of 1,479%. Revenue for the nine-month period ended March 31, 2021 was AUD 28.4m, compared to AUD 4.6m for the same period in 2020, an increase of 512%.
  • Gross profit for the quarter ended March 31, 2021 was AUD $ 6.0 million compared to AUD 0.8 million for the same period in 2020, an increase of 686%. Gross profit for the nine-month period ended March 31, 2021 was AUD $ 8.2 million, compared to AUD $ 1.5 for the same period in 2020, an increase of 454%.
  • Adjusted earnings before interest, taxes, depreciation and amortization for the quarter ended March 31, 2021 totaled AUD $ 1 million, compared to negative EBITDA of AUD 0.5 million for the same period in 2020.
  • The net loss for the three months ended March 31, 2021 totaled AUD 1.4 million, compared to a net loss of AUD 0.6 million for the same period in 2020. The net loss for the nine months ended March 31, 2021 was of AUD 2.3 M, compared to a net loss of AUD 2.5 M for the same period in 2020.

Adjusted EBITDA is a non-IFRS financial measure that we calculate as pre-tax net income excluding depreciation and amortization, stock expense, unrealized gain on inventory, finance costs and listing fees. Adjusted EBITDA is used by management to understand and assess the performance and trends of the Company’s business. The following table presents a reconciliation of Adjusted EBITDA to pre-tax net income, the most comparable IFRS financial measure, for the three and nine months ended March 31, 2021 and 2020:

Nine months ended

March 31, 2021

Nine months ended
March 31, 2020
Three months ended
March, 31st 2021
Three months ended
March 31, 2020
Loss before tax ($ 1,079,542) ($ 2,173,576) (171,497) $ $ (635,039)
Depreciation and amortization 25,418 464,608 9,243 154,869
Sharing of expenses 1,218,501 1,117,860
Gain on fair value of inventories (2,744,986) (380,364)
Financial expenditure 580,826 399 123
Registration fees 2,690,513
Adjusted EBITDA 690 730 (1 708 968) 974 365 (480 170)

Investor Relations Agreement

The Company also announces that it has entered into an employment contract with Mr. Liam Bussell, dated February 24, 2021 (the ” Agreement “), Under which Mr. Bussell, as the head of corporate communications of the Company, will provide investor relations services to the Company for an indefinite period, subject to termination in certain events. Pursuant to the Agreement, the Company will pay Mr. Bussell an annual salary of AUD 145,000 per annum (gross) plus superannuation and has issued incentive stock options to Mr. Bussell (” Options “) To purchase up to 50,000 common shares (” Actions “) Of the Company for a period of 2 years. Each option is exercisable at an exercise price of C $ 2.15 per share and will vest quarterly over a 24 month period.

The Company and Mr. Bussell are independent parties. The agreement and the granting of options remain subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS

By: “DOMENIC CAROSA”
Domenic carosa
President (1-888-218-6863)

About BANXA

BANXA – Banxa Holdings Inc. (TSX-V: BNXA / OTCQX: BNXAF / FSE: AC00) is a Payment Service Provider (PSP) whose mission is to bridge the gap between traditional financial systems, regulation and the digital asset space. Our goal is to integrate the general public with digital currency by creating a fully compliant payment infrastructure that enables easy and secure conversion from fiat currency to digital currency (e.g. USD / CAD to BTC / ETH). Banxa has offices in Australia, the Netherlands and Lithuania. For more information, visit www.banxa.com

This press release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while deemed reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These statements can generally be identified by the use of forward-looking terms such as “may”, “should”, “will”, “could”, “intention”, “estimate”, “plan”, “anticipate”, ” expect “,” believe “or” continue “, or their negative or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause future results, performance or achievements to differ materially from the estimated future results, performance or achievements expressed or implied by such forward-looking statements and the forecasts. statements are not guarantees of future performance. Statements by BANXA expressed or implied in these forward-looking statements are subject to a number of risks, uncertainties and conditions, many of which are beyond the control of BANXA, and such statements should not be relied on unduly. Forward-looking statements are qualified in their entirety by the risks and uncertainties inherent in the business of the Company, including: BANXA’s assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions, including risks associated with COVID-19 and the risks that future results may differ from historical results. Except as required by securities law, BANXA assumes no obligation to update or revise forward-looking statements, whether as a result of new information, events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information see www.banxa.com

SOURCE Banxa Holding Inc

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