Currency Exchange International Reports Q3 Earnings with Payments Growth Offsetting Banknote Revenue Decline
Currency Exchange International (CXI.TO) reported a 5% year-over-year increase in third-quarter revenue to $22.4 million, driven by strong growth in its payments business despite a decline in banknote sales. Payments revenue surged 54% to nearly $5.2 million, with trading volume rising 33% to $2.4 billion due to new clients and higher activity from existing customers. Banknotes revenue fell 4% year-over-year to $17.2 million amid branch relocations, reduced demand for exotic currencies, lower travel volumes, and geopolitical uncertainty. The company expanded its agent network to approximately 51 airports and 480 non-airport locations while investing in payment-processing capabilities. Adjusted net income increased by 31%, with adjusted diluted EPS rising to $0.93 from $0.68. Management expects a stronger fourth quarter but warned that banknote activity may remain subdued due to ongoing macroeconomic factors.
Topics: banknotes expansion payments revenue_growth