Currency Exchange International Reports First Quarter 2026 Results

Core Insights - Currency Exchange International (CXI) reported first quarter 2026 results with revenue of $15.4 million, unchanged from the prior year, and net income of $1.5 million, an 88% increase compared to the previous year [1][2] Financial Performance - Revenue remained stable at $15.4 million, with Payments revenue increasing by $1.4 million (49%) and Banknotes revenue decreasing by $1.4 million (11%) [1][2] - Reported EBITDA decreased by 14% to $3.3 million, while adjusted EBITDA increased by 1% to $3.8 million [1][2] - Adjusted net income from continuing operations rose to $2.1 million, a 29% increase from last year, and adjusted diluted earnings per share (EPS) increased to $0.32, up by 100% from the previous year [1][2] Operational Highlights - The Group processed 59,804 payment transactions, representing $2.16 billion in business, compared to 43,415 transactions and $1.47 billion in the prior period, marking a 46% increase in trading volume [2] - CXI expanded its OnlineFX platform to 47 states plus the District of Columbia, enhancing its Direct-to-Consumer Banknotes market presence [2] - Despite a slowdown in international travel, CXI added 21 new financial institution clients in the Wholesale Banknotes market [2] Strategic Developments - The Group announced the cessation of operations for its subsidiary, Exchange Bank of Canada (EBC), which was classified as a discontinued operation [1] - CXI plans to liquidate EBC's remaining assets and liabilities following regulatory approval, with an estimated annualized cost of approximately $3 million after tax to be absorbed by continuing operations [1][2] Capital Position - As of January 31, 2026, CXI maintained a strong financial position with total equity of $84 million and net working capital of $74 million [2]