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SYDNEY – Banxa Holdings Inc. has disclosed its annual financial results for the 2023 financial year, painting a picture of resilience amid a challenging period for the cryptocurrency market. The company reported a substantial decline in total transaction value (TTV), which more than halved to A$646 million (1AUD=$0.69). Despite this decline, Banxa managed to limit its gross profit losses to a reduction of 17%, with figures of A$17.2 million.
The results highlight the company’s ability to adapt to adverse market conditions, as it achieved operational efficiency gains that mitigated the impact of the decline in TTV. In a sign of improving operational performance, the net take rate, which represents the company’s revenue from transactions, increased to 2.7%.
Additionally, Banxa’s adjusted EBITDA, a measure of profitability that excludes certain expenses, saw a significant increase of 46%, reaching AUD ($7.8 million).
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