Q2 2026 Currency Exchange International Corp Earnings Call Transcript
Key Points
- Revenue increased by 13% to $18 million, driven by a 73% increase in payments revenue.
- The company successfully completed the discontinuance of its subsidiary, Exchange Bank of Canada, allowing for a more focused business strategy.
- Payments revenue now contributes 27% to the company's total revenue, up from 17% last year.
- The company has expanded its online FX services to 48 states plus the District of Columbia.
- CXI has established a direct relationship with SWIFT and the Federal Reserve, enhancing its payment processing capabilities.
- Operating expenses increased by 27%, largely due to foreign exchange losses and increased bank service charges.
- Reported EBITDA decreased by 8% and adjusted EBITDA decreased by 11%, impacted by restructuring charges.
- Revenue from the online FX platform and company-owned branches decreased by 28% and 10%, respectively, due to lower demand for exotic currencies.
- The geopolitical situation, including conflicts in the Middle East, has negatively impacted demand for certain exotic currencies.
- The closure and relocation of several retail stores have temporarily affected revenue generation.
Good morning, ladies and gentlemen, and welcome to the Currency Exchange International CXI Q2 2026 financial results conference call. (Operator Instructions) This call is being recorded on Wednesday, June 10, 2026. I would now like to turn the conference over to Bill Mitoulas, Head of Investor Relations with CXI. Please go ahead.
Thank you, Joey, and good morning, everyone. Welcome to the Currency Exchange International conference call to discuss the financial results for the second quarter of the 2026 fiscal year. Thanks for joining us.
With us today are President and CEO, Randolph Pinna; and Group CFO, Gerhard Barnard. Gerhard will provide an overview of CXI's financial results and his latest perspective on the company's operations. Randolph will then provide his commentary on CXI's strategic initiatives, sales efforts and business activities, after which we'll open it up for your questions.
Today's conference call is open to shareholders, prospective shareholders,
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