Highlights:
- Total Transaction Value (TTV) for December 2020 six months period increased by 780%
to $195m from $25m for the same period in 2019
- Revenue for the six months period increased by 124% to
$7,399,281 from $3,308,586 for the same period in 2019
- Revenue for the three months period increased by 228% to
$4,496,380 from $1,371,529 for the same period in 2019
- Adjusted EBITDA Profit of $95,959 for the three months period
ending December 2020
- December 2020 Quarter vs
September 2020 Quarter TTV growth
increased by 32% from $84m to
$111m
- $12.8m in Current
Assets (Cash, Accounts Receivable and Coin Inventory)
- Increase in Inventory holding; 136 Bitcoins as of
December 31, 2020
TORONTO and MELBOURNE, Feb. 25,
2021 /CNW/ - BANXA (TSXV: BNXA) ("BANXA" or "Company") a
Payment Service Provider (PSP) focused on providing clients safe,
compliant access to the digital assets market, is pleased to
announce it has recorded its maiden adjusted EBITDA profit since
listing. The Company anticipates continued revenue growth as
the demand for Bitcoin may increase and recognizes that even in
volatile markets, our digital system may be increasingly in demand
as the general public wants to convert their fiat currency to
digital currency and digital currency to fiat.
Banxa had its initial public offering on January 6, 2021, and is the only Payment Service
Provider (PSP) serving the digital asset industry to be publicly
traded anywhere in the world.
Founder & Chairman Domenic
Carosa stated, "I am pleased to see the financial
performance of the business improving across all key metrics. I am
confident that moving forward we will continue to demonstrate to
our loyal shareholders, customers, network and family that we are
steadfast in our mission to build the bridge between the existing
financial system and the emerging, expanding digital asset
world."
CEO Holger Arians stated "Our
capable team continues to work tirelessly in order to drive the
business forward. I am excited with the results to date with the
realization that the industry is still in its infancy. I see
opportunity for organic growth as we continue on our mandate of
onboarding the masses to digital currencies."
- Revenue for the three months ended December 31, 2020, was 4.5 million AUD compared
with 1.4 million AUD for the same period in 2019, an increase of
228%. Revenue for the six-month period ended December 31, 2020, was 7.4 million AUD compared
with 3.3 million AUD for the same period in 2019, an increase of
124%.
- Gross profit for the three months ended December 31, 2020, was 0.9 million AUD compared
with 0.5 million AUD for the same period in 2019, an increase of
71%. Gross profit for the six-month period ended December 31, 2020, was 2.1 million AUD compared
with 0.7 million AUD for the same period in 2019, an increase of
203%.
- Adjusted earnings before interest, taxes, depreciation and
amortization for the three months ended December 31, 2020, totalled 0.1 million AUD
compared with a negative EBITDA of 0.5 million AUD for the same
period in 2019.
- Net loss for three months ended December
31, 2020 totalled 0.5 million AUD compared with net loss of
1.3 million AUD for the same period in 2019. Net loss for six
months ended December 31, 2020, was
one million AUD, compared with net loss of 1.9 million AUD for the
same period in 2019.
Adjusted EBITDA is a non-IFRS financial measure that we
calculate as net income (loss) before tax excluding depreciation
and amortization expense, share based expense, unrealized gain on
inventory, finance expense and listing expense. Adjusted EBITDA is
used by management to understand and evaluate the performance and
trends of the Company's operations. The following table shows a
reconciliation of adjusted EBITDA to net income (loss) before tax,
the most comparable IFRS financial measure, for the three and six
months ended 31 December 2020 and
2019:
|
|
|
|
|
|
Six months
ended 31 December
2020
|
Six months
ended 31 December
2019
|
Three months
ended 31 December
2020
|
Three months
ended 31 December
2019
|
Net income (loss)
before tax
|
$(908,045)
|
$(1,538,530)
|
$(468,335)
|
$(698,188)
|
Depreciation and
amortization
|
16,175
|
309,739
|
8,724
|
154,869
|
Share based
expense
|
100,641
|
-
|
100,641
|
-
|
Unrealized gain on
fair value of inventory
|
(2,364,622)
|
-
|
(2,372,860)
|
-
|
Finance
expense
|
181,703
|
-
|
137,276
|
-
|
Listing
expense
|
2,690,513
|
-
|
2,690,513
|
-
|
Adjusted
EBITDA
|
(283,635)
|
(1,228,791)
|
95,959
|
(543,319)
|
The company has granted 200,000 ESOP options to long term
employees of the Company. The options have an exercise price of
CAD$2.15 and can be exercised up to
31st December 2025.
Thorney Technologies Ltd and Tiga Trading Pty Ltd have agreed to
extend their loan facility for a further period of 60 days in
exchange for a further 100,000 warrants prices at CAD$2.20 and can be exercised for a period of 2
years from issue.
ON BEHALF OF THE BOARD OF DIRECTORS
Per: "DOMENIC CAROSA"
Domenic Carosa
Chairman (1-888-218-6863)
About BANXA
BANXA HOLDINGS INC. (TSX-V:BNXA is a Payment Service
Provider (PSP) with a mission is to build the bridge between
traditional financial systems, regulation and the digital asset
space. Our goal is to onboard the general public to digital
currency by building a fully compliant payment infrastructure that
enables simple and secure conversion of fiat currency to digital
currency. (IE.,USD/CAD to BTC/ETH) Banxa has offices in
Australia and the Netherlands. For further information go to
www.banxa.com "
This news release may contain "forward-looking statements"
within the meaning of applicable Canadian securities laws.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business,
economic and competitive uncertainties, and contingencies. These
statements generally can be identified by the use of
forward-looking words such as "may", "should", "will", "could",
"intend", "estimate", "plan", "anticipate", "expect", "believe" or
"continue", or the negative thereof or similar variations.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause future results,
performance or achievements to be materially different from the
estimated future results, performance or achievements expressed or
implied by those forward-looking statements and the forward-looking
statements are not guarantees of future performance. BANXA's
statements expressed or implied by these forward-looking statements
are subject to a number of risks, uncertainties, and conditions,
many of which are outside of BANXA's control, and undue reliance
should not be placed on such statements. Forward-looking statements
are qualified in their entirety by the inherent risks and
uncertainties of the Company's business, including: BANXA's
assumptions in making forward-looking statements may prove to be
incorrect; adverse market conditions, including risks related to
COVID-19 and risks that future results may vary from historical
results. Except as required by securities law, BANXA does not
assume any obligation to update or revise any 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 Further Information, see www.banxa.com
SOURCE Banxa Holding Inc