Tuesday 30th July, Nicosia: ISX Financial EU PLC ("ISX Plc"), is pleased to present its earnings for Q2 2024. Building on the back of a record Q1 24, ISX Plc is pleased to have delivered yet another robust quarter, marking a continuation of its upward trajectory and solidifying its position as a leader in both 'Banktech' and 'Regtech' sectors.
Robust Growth
ISX Financial has demonstrated remarkable growth, with revenues soaring by an impressive 74% year-on-year. Despite a minor 2% decrease quarter-on-quarter, the company continues to maintain a strong upward trajectory. Net Assets surged significantly, with a 123% year-on-year increase and a 35% rise from the previous quarter. These metrics underscore the company's resilience and growing market presence.
Financial Strength
The company has solidified its position as a market leader, boasting an EBITDA margin of 56%. This strong margin reflects ISX Financial's ability to manage costs efficiently while delivering exceptional value to its clients. As a hybrid banktech payments company, ISX Financial continues to provide direct financial services to customers and offer robust infrastructure solutions to other financial institutions.
Innovation Focus
ISX Financial remains at the forefront of technological advancements, investing €0.7 million in Research and Development during Q2 2024. This investment is part of the company's ongoing commitment to innovation and customer-centric solutions. Notably, the company received a formal Notice of Allowance from the US Patent and Trade Mark Office (USPTO) for a new patent in the family “Verifying identity with uninterrupted video.” This patent exemplifies ISX Financial's dedication to enhancing security and convenience for its users.
Ajay Treon , CFO of ISX Financial EU PLC, commented “As we carry forward the momentum from our successes in 2023 and the first quarter of 2024, ISX continues to demonstrate strong performance this quarter, exceeding expectations. Our focus and strategic initiatives have enabled us to achieve significant milestones, reinforcing our commitment to growth and innovation in the 'banktech' and payments sector.”
Future Outlook
Looking ahead, ISX Financial is revising its 2024 revenue target to €50 million, reflecting confidence in its strategic planning and execution capabilities. The company aims to continue driving sustained growth, with plans to expand its EBITDA margin range to 30%-40% based on its diverse mix of business lines.
Nikogiannis Karantzis, CEO of ISX Financial EU PLC, commented, "Our Q2 results highlight our commitment to innovation and profitable growth, allowing us to continue providing exceptional services to our customers. As we invest in cutting-edge technologies and expand our offerings, we are confident in achieving our ambitious goals and delivering long-term value to our stakeholders.”
You can view the full ISX Financial EU PLC Q1 2024 earnings through the link below:
https://www.isx.financial/hubfs/ISX%20Announcements/2024/ISX2Q24.pdf
