Reported Earnings • Nov 30
First quarter 2026 earnings released: AU$0.04 loss per share (vs AU$0.002 loss in 1Q 2025) First quarter 2026 results: AU$0.04 loss per share (further deteriorated from AU$0.002 loss in 1Q 2025). Revenue: AU$136.6m (up 42% from 1Q 2025). Net loss: AU$2.05m (loss widened AU$1.98m from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 27
Insider recently sold CA$240k worth of stock On the 24th of November, Domenic Carosa sold around 200k shares on-market at roughly CA$1.20 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$675k more than they bought in the last 12 months. Reported Earnings • Oct 28
Full year 2025 earnings released: AU$0.16 loss per share (vs AU$0.093 loss in FY 2024) Full year 2025 results: AU$0.16 loss per share (further deteriorated from AU$0.093 loss in FY 2024). Revenue: AU$432.1m (up 35% from FY 2024). Net loss: AU$7.25m (loss widened 70% from FY 2024). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Oct 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.3m free cash flow). Negative equity (-AU$12m). Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Significant insider selling over the past 3 months (CA$798k sold). Market cap is less than US$100m (CA$57.4m market cap, or US$41.2m). Recent Insider Transactions • Oct 22
Insider recently sold CA$232k worth of stock On the 20th of October, Domenic Carosa sold around 183k shares on-market at roughly CA$1.27 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$333k. Insiders have been net sellers, collectively disposing of CA$435k more than they bought in the last 12 months. Buy Or Sell Opportunity • Oct 16
Now 20% undervalued Over the last 90 days, the stock has risen 5.8% to CA$1.28. The fair value is estimated to be CA$1.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 48%. Buy Or Sell Opportunity • Sep 05
Now 23% undervalued Over the last 90 days, the stock has risen 82% to CA$1.22. The fair value is estimated to be CA$1.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 48%. Recent Insider Transactions • Sep 01
Insider recently sold CA$88k worth of stock On the 26th of August, Domenic Carosa sold around 71k shares on-market at roughly CA$1.25 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth CA$349k. Insiders have been net sellers, collectively disposing of CA$223k more than they bought in the last 12 months. Buy Or Sell Opportunity • Aug 12
Now 21% undervalued Over the last 90 days, the stock has risen 48% to CA$1.21. The fair value is estimated to be CA$1.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 48%. Buy Or Sell Opportunity • Jul 23
Now 21% undervalued Over the last 90 days, the stock has risen 38% to CA$1.17. The fair value is estimated to be CA$1.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 72% over the last 3 years. Earnings per share has grown by 48%. Recent Insider Transactions • Jul 15
Insider recently sold CA$349k worth of stock On the 10th of July, Domenic Carosa sold around 281k shares on-market at roughly CA$1.24 per share. This transaction amounted to 5.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$344k more than they sold in the last 12 months. Announcement • Jul 08
Banxa Holdings Inc., Annual General Meeting, Aug 28, 2025 Banxa Holdings Inc., Annual General Meeting, Aug 28, 2025. Announcement • Jun 28
OSL Group Limited (SEHK:863) entered into arrangement agreement to acquire Banxa Holdings Inc. (TSXV:BNXA) from Carosa Corporation B.V., Dominet Digital Investments Pty Ltd, Thorney Omega Pty Ltd ,Thorney Technologies Ltd and others for $81.7 million. OSL Group Limited (SEHK:863) entered into arrangement agreement to acquire Banxa Holdings Inc. (TSXV:BNXA) from Carosa Corporation B.V., Dominet Digital Investments Pty Ltd, Thorney Omega Pty Ltd ,Thorney Technologies Ltd and others for $81.7 million on June 27, 2025. A cash consideration of CAD 1.6 million and of CAD 1.9 million will be paid by OSL Group Limited. As part of consideration, CAD 81.7 million is paid towards common equity, CAD 1.9 million is paid towards options and CAD 1.6 million is paid towards warrants of Banxa Holdings Inc. In case of termination of transaction, OSL Group Limited will pay a termination fee of CAD 4.25 million and NGC Ventures, Thorney Investment Group Australia Pty. Ltd., Dominet Digital Corporation Pty. Ltd., Tembusu Partners Pte Ltd., Carosa Corporation B.V., Dominet Digital Investments Pty Ltd., Thorney Omega Pty Ltd and Thorney Technologies Ltd will pay a termination fee of CAD 4.25 million.
The transaction is subject to approval by regulatory board / committee and subject to shareholder approval.
Architect Partners acted as financial advisor for Banxa Holdings Inc. Evans & Evans, Inc. acted as financial advisor for Banxa Holdings Inc. Cassels Brock & Blackwell LLP acted as legal advisor for Banxa Holdings Inc. Kirkland & Ellis acted as legal advisor for Banxa Holdings Inc. Stikeman Elliott LLP acted as legal advisor for OSL Group Limited. Han Kun Law Offices LLP acted as legal advisor for OSL Group Limited. Reported Earnings • Jun 02
Third quarter 2025 earnings released: AU$0.05 loss per share (vs AU$0.007 profit in 3Q 2024) Third quarter 2025 results: AU$0.05 loss per share (down from AU$0.007 profit in 3Q 2024). Revenue: AU$122.3m (up 17% from 3Q 2024). Net loss: AU$2.41m (down AU$2.74m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • May 18
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Co-CEO, CEO of U.S Market & Executive Director Zafer Qureshi is the most experienced director on the board, commencing their role in 2023. Independent Non-Executive Director Kaushik Sthankiya was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Feb 20
1493819 B.C. Ltd cancelled the acquisition of Banxa Holdings Inc. (TSXV:BNXA). 1493819 B.C. Ltd entered into an agreement to acquire Banxa Holdings Inc. (TSXV:BNXA) for CAD 45.6 million on December 19, 2024. Banxa shareholders will receive CAD 1 for every outstanding shares. The transaction is subject to the go-shop provisions. The sell-side termination fee equates to approximately CAD 1.8 million. The transaction is subjected to the target's shareholders approval, regulatory approval and approval by the court. The transaction was unanimously approved by Banxa's board on the recommendation of the special committee. The transaction is expected to close in Q1, 2025.
Evans & Evans, Inc. acted as financial advisor and fairness opinion provider to Banxa. Architect Partners, LLC acted as financial advisor to Banxa. Peterson McVicar LLP acted as legal advisor to Banxa. Justin Kates of DuMoulin Black LLP acted as legal advisor to Banxa. Omar Soliman of Cassels Brock & Blackwell LLP acted as legal advisor to 1493819 B.C. Ltd. TSX Trust Company acted as registrar and transfer agent and PKF Antares Professional Corporation acted as accountant for Banxa.
1493819 B.C. Ltd cancelled the acquisition of Banxa Holdings Inc. (TSXV:BNXA) on February 18, 2025. Announcement • Feb 05
Exodus Movement, Inc. (NYSEAM:EXOD) proposed to acquire Banxa Holdings Inc. (TSXV:BNXA) for CAD 86.25 million. Exodus Movement, Inc. (NYSEAM:EXOD) proposed to acquire Banxa Holdings Inc. (TSXV:BNXA) for CAD 86.25 million on February 4, 2025. A cash consideration valued at CAD 1.1 per share will be paid by Exodus Movement, Inc. As part of consideration, the consideration ratio shall be 0.0079 for each share of Banxa Holdings Inc. The transaction is subject to approval of offer by target shareholders. The Board of Directors of Banxa Holdings Inc. formed a special committee for the deal. The special committee and the Board of Directors of Banxa Holdings Inc. has determined that the new offer constitutes a superior proposal. Announcement • Nov 26
Banxa Holdings Inc. to Report Q1, 2025 Results on Nov 28, 2024 Banxa Holdings Inc. announced that they will report Q1, 2025 results at 7:00 AM, US Eastern Standard Time on Nov 28, 2024 New Risk • Nov 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.0m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-AU$5.8m). Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$29.6m market cap, or US$21.3m). Reported Earnings • Oct 25
Full year 2024 earnings released: AU$0.09 loss per share (vs AU$0.20 loss in FY 2023) Full year 2024 results: AU$0.09 loss per share (improved from AU$0.20 loss in FY 2023). Revenue: AU$321.2m (up 300% from FY 2023). Net loss: AU$4.26m (loss narrowed 55% from FY 2023). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Announcement • Oct 10
Banxa Holdings Inc. Announces Update on Its Product Banxa Holdings Inc. announced an update on its product. PRODUCT UPDATE: Banxa continues to drive product innovation aimed at enhancing system performance, boosting partner insights, and improving user experience. These updates are designed to help partners streamline their operations and optimize performance for growth, leading to deepening of the partnerships. Partner Analytics Dashboard: A new tool that gives partners a deeper understanding of customer engagement and business performance, such as Average Order Value and Total Transaction Value, monitor 30-day trends, and understand customer behaviors to drive data-driven growth strategies. Dashboard Enhancements: Company has launched powerful upgrades to the Banxa Partner Dashboard, such as multiple API key management, restricted orders visibility, customer KYC status visibility, and extended order history and enhanced search, that give greater visibility and control back to partners. User Experience: With Google Sign-in integration coming soon, customers can onboard faster and with more ease. A beta version of a new KYC transparency feature is also available, enhancing the onboarding process with more control and clarity. Board Change • Sep 22
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director Jim Landau is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director Kaushik Sthankiya was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. New Risk • Sep 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$12m free cash flow). Negative equity (-AU$4.8m). Earnings have declined by 27% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (CA$14.1m market cap, or US$10.4m). Announcement • Sep 10
Banxa Holdings Inc. Announces Management Changes Banxa Holdings Inc. announced important changes to the Board of Directors and Management team as part of its continued commitment to driving future growth and innovation. Banxa announced to welcome Richard Wells to the Board of Directors as Non-Executive Director, effective immediately. Richard brings decades of invaluable experience from his roles as a Board member across multiple industries, coupled with deep expertise as an Executive in leading finance functions. His knowledge and strategic insights will be a tremendous asset as Banxa continues to advance its mission of building the world's leading embedded crypto infrastructure. Additionally, Joshua (Jim) Landau, who has served as a Non-Executive Director for over eight years, will be stepping down from his position effective September 30, 2024. Jim has been a stabilizing force at the Board and championing strong governance. Banxa extends its deepest gratitude to Jim for his unwavering dedication and contributions throughout his tenure. As part of Banxa's leadership evolution, Richard Mico, U.S. CEO and Head of Legal, Risk, and Compliance, has stepped down from his role effective August 15, 2024. Richard will continue to support a seamless transition until December 31, 2024. In light of this transition, Zafer Qureshi, Executive Director and Co-CEO, will take on the role of U.S. CEO, overseeing Banxa's expansion in the U.S. market and activation of the Money Transmission Licenses. Furthermore, the Legal, Risk, and Compliance teams will now report directly to Zafer, ensuring continued leadership and focus on regulatory excellence. Richard J. Wells has served as the Chief Financial Officer of Waterton Global Resource Management Inc. ("Waterton"), a $2 billion private equity firm focused on the precious metals sector, since 2010. Richard is responsible for all financial aspects of Waterton's corporate office and operating subsidiaries including accounting, reporting, taxation, investor relations and administrative matters. At Waterton, he provides financial oversight as a board member for various operating companies, and has previously served as either the special committee chair or audit committee chair for public mining and technology companies listed on the TSXV. Prior to co-founding Waterton, Richard was the Chief Financial Officer of a global family office which conducted investments across a variety of sectors, including real estate, healthcare and technology. Richard is a Chartered Professional Accountant and holds a Bachelor of Commerce (Honours) from McMaster University. Announcement • Jul 25
Banxa Holdings Inc. Appoints Zafer Qureshi as Co-CEO Banxa Holdings Inc. announced the appointment of Zafer Qureshi as Co-CEO, joining forces with Holger Arians. This strategic move aims to leverage their combined expertise to propel Banxa into a new era of growth and innovation. Under their leadership, Banxa has achieved remarkable milestones, including reaching sustainable profitability in the March quarter and scaling its business efficiently. The Company has also seen meaningful de-risking and balance sheet improvement by buying out the senior secured convertible note, a significant reduction in the cost of working capital funding - current weighted average cost of sub 15% APR - and greater focus on profitable growth. Reported Earnings • May 22
Third quarter 2024 earnings released: EPS: AU$0.01 (vs AU$0.013 in 3Q 2023) Third quarter 2024 results: EPS: AU$0.01 (down from AU$0.013 in 3Q 2023). Revenue: AU$104.8m (up 335% from 3Q 2023). Net income: AU$335.7k (down 45% from 3Q 2023). Profit margin: 0.3% (down from 2.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Diversified Financial industry in Canada. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Announcement • May 16
Banxa Holdings Inc. to Report Q3, 2024 Results on May 21, 2024 Banxa Holdings Inc. announced that they will report Q3, 2024 results After-Market on May 21, 2024 Announcement • Mar 13
Banxa Holdings Inc. Announces Board Changes Banxa Holdings Inc. announced the appointment of new independent non-executive director, Kaushik Sthankiya, Global Head of Banking & Payments at Kraken Digital Asset Exchange, to the Board of Directors effective March 13, 2024. Mr. Leigh Travers has decided to step down from the Board, effective March 13, 2024, to pursue other opportunities. Kaushik Sthankiya is the Global Head of Banking & Payments at Kraken Digital Asset Exchange. Kaushik is part of Kraken's senior leadership team, leading & managing all partnerships with global banks & payment partners. A seasoned C-suite executive with 24+ years experience across banking, payments, financial services, fintech, telecommunications, mobile commerce and digital asset/web3 industries across North America, Latin America, UK, EMEA & Asia Pacific. He also serves as a Board of Director and Advisor to a number of digital asset and payments companies. Kaushik has held a variety of senior roles at Visa, Mastercard and as the Chief Commercial Officer at payments and remittance fintech start-up - successfully scaling and commercializing digital/mobile payment solutions for consumers, merchants, app developers, tech giants (Amazon, Google, Microsoft, Netflix, Samsung), institutional clients and mobile network operators worldwide. Announcement • Mar 08
Banxa Holdings Inc. Provides Earnings Guidance for the Fiscal Year 2024 Banxa Holdings Inc. provided earnings guidance for the fiscal year 2024. For the year, company expects Gross Profit in the range of AUD 26.5 million to AUD 27.5 million (USD 17.2 million to USD 17.9 million). At the mid-point, this represents an increase of 31%. Announcement • Mar 02
Banxa Holdings Inc., Annual General Meeting, May 15, 2024 Banxa Holdings Inc., Annual General Meeting, May 15, 2024. Reported Earnings • Feb 28
Second quarter 2024 earnings released: AU$0.02 loss per share (vs AU$0.032 loss in 2Q 2023) Second quarter 2024 results: AU$0.02 loss per share (improved from AU$0.032 loss in 2Q 2023). Revenue: AU$76.3m (up 284% from 2Q 2023). Net loss: AU$896.9k (loss narrowed 38% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Announcement • Feb 23
Banxa Holdings Inc. to Report Q2, 2024 Results on Feb 27, 2024 Banxa Holdings Inc. announced that they will report Q2, 2024 results Pre-Market on Feb 27, 2024 Reported Earnings • Dec 29
Full year 2023 earnings released: AU$0.21 loss per share (vs AU$0.38 loss in FY 2022) Full year 2023 results: AU$0.21 loss per share (improved from AU$0.38 loss in FY 2022). Revenue: AU$80.4m (up 12% from FY 2022). Net loss: AU$9.36m (loss narrowed 46% from FY 2022). New Risk • Dec 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Market cap is less than US$100m (CA$28.7m market cap, or US$21.5m). New Risk • Nov 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$22.3m market cap, or US$16.4m). Announcement • Oct 31
Banxa Holdings Inc. Announces Resignation of Gregor Cooney as Chief Marketing Officer Banxa Holdings Inc. announced that Gregor Cooney, Chief Marketing Officer, has stepped down from his position effective October 20, 2023, to pursue his own project in Web3. Announcement • Oct 17
Banxa Holdings Inc. Announces Board Changes Banxa Holdings Inc. announced after a 10-year tenure as Founder and Chairman of the Board, Domenic Carosa has decided to retire from his position as Chairman and resign from the Board effective immediately. In his place, Holger Arians, the CEO, has been appointed to the Board and will assume the role of Director & Chairman of the Board. Furthermore, Matthew Cain, non-executive director, has decided to retire and will be stepping down from the Board effective immediately. Finally, Leigh Travers will join the Board as a non-executive director, representing Dominet Digital Investments Pty Ltd, a company associated with outgoing Chairman Domenic Carosa. Mr. Leigh Travers is an accomplished fintech executive with major roles across a number of high-growth companies. He has enjoyed a near 10-year career within the crypto-asset industry with experience across both executive and board positions, including the first publicly listed crypto firm on the Australian Securities Exchange and the crypto exchange in the Australian market. Mr. Travers has experience within the US payments industry and cross-border payments in both board and executive roles. In a non-executive capacity, Mr. Travers was a director of Aura Fat Projects Acquisition Corporation. Mr. Travers also helped drive the responsible adoption of blockchain technology by industries and governments across Australia while serving as director, Chairman, and Treasurer of Australia’s blockchain industry body, Blockchain Australia Ltd. Announcement • Oct 12
Banxa Holdings Inc. announced that it expects to receive CAD 6 million in funding Banxa Holdings Inc. announced a non-brokered private placement of convertible debenture units for gross proceeds of up to CAD 6,000,000 on October 10, 2023. Each Note Unit will consist of one unsecured convertible debenture and such number of common share purchase warrants in the capital of the company equal to 40% of the number of common shares in the capital of the company issuable upon conversion of the note. Each warrant will be exercisable for one common share at an exercise price of CAD 1.00 for a period of 36 months from the date of issuance. The notes will have a maturity date of 36 months from the date of issuance, unless previously converted in accordance with the terms of the notes. Any principal amount may be converted, at the option of the holder, into common shares at a conversion price of CAD 0.80 per common share. Interest on the notes will accrue at a rate of 10.0% per annum. All securities issued in connection with the private placement will be subject to a four-month hold period from the date of issue. As a part of the transaction, the company may pay a fee in cash equal to up to 6.0% of the gross proceeds raised in the Private Placement by investors introduced by the applicable finder and such number of warrants equal to up to 6.0%. Board Change • Oct 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Matt Cain is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 22
Patrick Maguire Joins Banxa Holdings Inc. as Chief Financial Officer, Effective October 2023 Banxa Holdings Inc. announced that Patrick Maguire joining in October 2023 as the new Chief Financial Officer (CFO). Patrick is an experienced Chief Financial Officer with a global career gained with both public and private businesses leading all aspects of the finance function as well as strategy development, capital raising, M&A and risk management to deliver business growth. Patrick previously held executive positions with technology businesses such as The Yield Technology Solutions, QSR International, Digicel Pacific and Euronet Worldwide Inc. Announcement • Sep 21
Banxa Holdings Inc. Announces Board Changes Banxa Holdings Inc. announced that Doron Cohen, a non-executive director, will step down from his position immediately. The Company announced the appointment of Zafer Qureshi, a large shareholder, as an Executive Director, effective immediately. Zafer will also take on the role as Head of Corporate Affairs within the Banxa Executive team. Zafer Qureshi has 10+ years as an investor and is the Founder and CEO of the Qureshi Family Office (Alam Group of Companies Inc.). Prior to this role, he made a significant impact in the world of finance during his tenure at Royal Bank of Canada (RBC). At RBC, Zafer specialized in mergers and acquisitions (M&A) investment banking and enterprise strategy, where he played a pivotal role in structuring and executing strategic financial transactions and leading critical corporate initiatives. Announcement • Jul 07
Banxa Holdings Inc., Annual General Meeting, Sep 28, 2023 Banxa Holdings Inc., Annual General Meeting, Sep 28, 2023. Announcement • Oct 27
Banxa Holdings Inc. announced that it has received CAD 3.5 million in funding from The Lind Partners, LLC On October 25, 2022, Banxa Holdings Inc. closed the transaction. The issuance of securities thereunder were conditionally approved by the Exchange on October 19, 2022. The transactions described herein are subject to final approval of the Exchange.
On October 26, 2022, the TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement transaction. Announcement • Oct 19
Banxa Holdings Inc. announced that it expects to receive CAD 3.5 million in funding from The Lind Partners, LLC Banxa Holdings Inc. announced that it has entered into a convertible bond funding agreement with Lind Global Fund II LP, a fund managed by returning investor, The Lind Partners, LLC for gross proceeds of CAD 3.5 million on October 17, 2022. he convertible security has a face value of CAD 4,200,000 representing a principal amount of CAD 3.5 million and a pre-paid interest amount of CAD 700,000 based on an implied interest rate of 10% per annum. Commencing seven months from closing, company will begin repaying the convertible Security in CAD 194,444 monthly instalments. Pre-Paid Interest will accrue over a period of 24 months from closing and be calculated at the end of each calendar month. Once accrued, The Lind Partners, LLC will have the option, once every 90 days, to convert accrued Pre-Paid Interest into common shares of the company at a conversion price equal to 85% the market closing price of the common shares on the TSX Venture Exchange. The Convertible Security will rank senior, secured by all of the assets and property of the company, pursuant to a general security agreement, and guaranteed by certain wholly owned subsidiaries of the company. In conjunction with the closing of the agreement, The Lind Partners, LLC will receive 2,673,228
common share purchase warrants. Each Warrant entitles the holder to purchase one common share at a price of CAD 1.27 per common share for a period of twenty four months after the date of issuance. The agreement and the issuance of securities thereunder has been conditionally approved by the Exchange. Closing is subject to final TSX approval and to the satisfaction of
other customary closing conditions. Major Estimate Revision • Jun 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -AU$0.29 per share to -AU$0.23 per share. Revenue forecast reaffirmed at AU$72.1m. IT industry in Canada expected to see average net income growth of 15% next year. Consensus price target down from CA$5.55 to CA$4.93. Share price fell 23% to CA$1.08 over the past week. Reported Earnings • Jun 01
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: AU$0.11 loss per share (down from AU$0.034 loss in 3Q 2021). Revenue: AU$16.5m (down 22% from 3Q 2021). Net loss: AU$5.19m (loss widened 278% from 3Q 2021). Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 450%. Over the next year, revenue is forecast to grow 13%, compared to a 15% growth forecast for the industry in Canada. Announcement • May 25
Banxa Holdings Inc. to Report Q3, 2022 Results on May 30, 2022 Banxa Holdings Inc. announced that they will report Q3, 2022 results After-Market on May 30, 2022 Reported Earnings • Mar 03
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: AU$0.04 loss per share (down from AU$0.014 loss in 2Q 2021). Revenue: AU$28.0m (up AU$23.5m from 2Q 2021). Net loss: AU$1.90m (loss widened 305% from 2Q 2021). Revenue exceeded analyst estimates by 51%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Over the next year, revenue is expected to shrink by 5.1% compared to a 20% growth forecast for the industry in Canada. Announcement • Dec 23
Banxa Holdings Inc. and RegTech platform Announces the Launch of Its World-Leading Layer 2 (L2) Fiat On-Ramp BANXA Holdings Inc. and RegTech platform announced the launch of its world-leading Layer 2 (L2) Fiat On-Ramp. While the cryptocurrency market has significantly grown, heavy fees and complex purchasing systems have weighed upon the industry providing unnecessary complexities and barriers to entry. The Australian-founded organization, Banxa, has developed purchasing for a range of L2 protocols - available now - to eliminate these barriers. These protocols currently include Arbitrum, Optimism, and zkSync, allowing users to pay with Banxa's wide range of global and local payment options, including credit card and bank transfers, for direct purchasing on L2. The L2 Fiat On-Ramp will completely disrupt the current system by removing high "gas fees" accumulated throughout the crypto transaction process. At the same time, it will also be a catalyst to reducing fulfillment times, an issue faced within an industry that prides itself on agility and fast transactions. In 2021, Banxa processed one order every 18 seconds a day, a transaction value over USD 880 million, showcasing the true scale of transactions moving through the market. Banxa is a pioneer in cryptocurrency as it has created its own technology on blockchain and is rapidly expanding. The business offers a market-leading range of currencies and payment methods globally. Breakeven Date Change • Dec 09
Forecast breakeven date pushed back to 2023 The 3 analysts covering Banxa Holdings previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 24% to 2022. The company is expected to make a profit of AU$8.93m in 2023. Average annual earnings growth of 146% is required to achieve expected profit on schedule. Reported Earnings • Dec 01
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: AU$0.03 loss per share (up from AU$57.20 loss in 1Q 2021). Revenue: AU$12.1m (up 316% from 1Q 2021). Net loss: AU$1.34m (loss widened 22% from 1Q 2021). Revenue missed analyst estimates by 20%. Earnings per share (EPS) exceeded analyst estimates by 74%. Earnings per share (EPS) surpassed analyst estimates by 74%. Over the next year, revenue is forecast to grow 35%, compared to a 23% growth forecast for the industry in Canada. Reported Earnings • Oct 30
Full year 2021 earnings released: AU$0.15 loss per share (vs AU$236 loss in FY 2020) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2021 results: Revenue: AU$46.0m (up AU$39.2m from FY 2020). Net loss: AU$5.83m (loss widened 41% from FY 2020). Breakeven Date Change • Oct 30
Forecast to breakeven in 2022 The 3 analysts covering Banxa Holdings expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$3.43m in 2022. Earnings growth of 124% is required to achieve expected profit on schedule. Announcement • Sep 24
BANXA Holdings Inc. Announces the Launch of Sell Function in EURO, GBP and AUD for End Users BANXA Holdings Inc. announced the launch of a sell function in EURO, GBP and AUD for end users. This will enable Banxa's users not only to buy digital assets through Banxa's platform, but also to sell their digital assets back to fiat currency. The service has already launched for bitcoin, and other currencies will follow in the coming months. Banxa now provides the ability to sell cryptocurrency assets and convert the funds back into fiat currency to its partner network. These funds can then be deposited into the customer's nominated bank account. Banxa provides a large number of payment methods, and the new functionality will "close the loop" and allow its customers to move in and out of digital assets with a single provider. This service improvement opens an additional revenue stream for the company. Recent Insider Transactions • Sep 09
Insider recently sold CA$102k worth of stock On the 3rd of September, Joshua D'ambrosio sold around 31k shares on-market at roughly CA$3.27 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$61k more than they bought in the last 12 months. Announcement • Sep 01
BANXA Holdings Inc. Announces New Product Features, New Coins, and New US/EU Payment Methods BANXA Holdings Inc. announced a host of new product upgrades to help customers and partners access cryptocurrency simply and efficiently. The Company has added 17 new coins throughout August, including AAVE, Dogecoin, Enjin Coin, CELO, Avalanche, Compound and MATIC/Polygon. All recently launched coins have been evaluated by Banxa's legal and compliance teams. These new coins allow end users of Banxa's partners to access new digital services such as Decentralised Finance (DeFi). These and other coins have been added to its partner platforms for purchase. The company has a number of product enhancements now live to continue improving the customer experience. This week the company launched its new Order Management screen with the aim to assist customers by simplifying the order process. The screen allows end users to easily understand next steps are to complete the transaction, this helps improve conversion, making Banxa's service even more valuable to its partners. Banxa has also extended its US coverage with US wire transfers for North American customers, and European coverage with 'SEPA Instant Credit Transfer' (SCT Inst) for eligible customers. This will allow end-users with SCT Inst ready accounts to purchase coins faster by enabling pan-European credit transfers and funds being available in accounts within ten seconds. Banxa's aim is to get >99% of coin purchases to under twenty minutes, and SEPA Instant payments is an important step in this process. Announcement • Aug 20
Banxa Holdings Inc. Provides Earnings Guidance for the Fiscal Year Ended June 30, 2021 Banxa Holdings Inc. provided earnings guidance for the fiscal year ended June 30, 2021. The company expects unaudited year-end revenues of between $42 million to $45 million, over 500% increase year on year. Announcement • Apr 10
Banxa Holdings Inc. announced that it has received CAD 14.998208 million in funding On April 8, 2021, Banxa Holdings Inc. (TSXV:BNXA) closed the transaction. The company exercised the over allotment method and issued 3,749,552 units at a price of CAD 4 per unit for aggregate gross proceeds of CAD 14,998,208 Announcement • Mar 18
Banxa Holdings Inc. announced that it expects to receive CAD 10 million in funding Banxa Holdings Inc. (TSXV:BNXA) announce that it has entered into an agreement with Stifel GMP and Eight Capital as co-lead agents for a private placement of 2,500,000 units on a best efforts basis at a price CAD 4 per unit for aggregate gross proceeds of approximately CAD 10,000,000 on March 16, 2021. Each unit will consist of one common share and one-half common share purchase warrant. Each whole warrant shall entitle the holder thereof to acquire one common share at a price of CAD 8.50 per warrant share, until the date which is 42 months following the closing date, subject to adjustment in certain events. The company will grant the agents an option to increase the size by up to an additional 15% of the units sold, exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the closing date. The transaction is scheduled to close on or about April 8, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange. Announcement • Feb 17
Banxa Holdings Inc. Announces Strategic Partnership with Satoshilabs Group Banxa Holdings Inc. announced a strategic partnership with the SatoshiLabs Group, the Czech-based inventor of the world's first hardware wallet, Trezor, also home to the Invity.io cryptocurrency exchange comparison tool. The partnership will enable users to purchase digital assets through Banxa directly in the new Trezor Suite as well as through Invity's standalone website. The final integrations of Banxa's API into both SatoshiLabs products are currently live, allowing both exchange platform customers and hardware wallet users to purchase Bitcoin, Ethereum, and other cryptocurrencies directly through their wallet interface or via their exchange account. Announcement • Jan 17
Banxa Holdings Inc. Reports Record Total Daily Processed Orders in the History of the Digital Assets Payment Processing Company Banxa Holdings Inc. announced that it had processed a record AUD 2.93 million (USD 2.27 million) worth of orders for a 24-hour period in January 2021, a steep increase from 12 months ago when the company processed AUD$5.2m (USD 4 million) for the entire month of January 2020. Banxa, a fintech company that has been providing its customers a gateway between traditional banking and the digital asset class since 2014, also reported adding yet another client exchange, Swyfx expanding its global footprint in Australia. 
