Banxa Reports First Adjusted EBITDA Profit for Fiscal Year 2021
Cryptocurrency payment processor Banxa Holdings Inc. announced it has achieved an adjusted EBITDA profit for the first time.
MELBOURNE, AUSTRALIA – Cryptocurrency payment processor Banxa Holdings Inc. announced on Thursday that it has achieved a positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) profit for the fiscal year ending June 30, 2021.
The company released its audited full-year results, indicating a significant step towards profitability. Specific financial figures were not immediately provided in the press release.
Banxa's business facilitates the buying and selling of licensed cryptocurrencies for businesses. The reported profit is expected to reflect the growing global demand for digital assets and associated payment services.
The company did not offer further details on the drivers of its performance or future outlook in its statement. Analysts will be monitoring the company's ability to sustain profitable growth in the volatile cryptocurrency market.