NAGA Generates €45.5M in Revenue in FY23, with EBITDA Hitting Highest-ever €7M

The NAGA GROUP, the provider of NAGA, the leading all-in-one financial super-application, has announced preliminary unaudited financial results for the 2023 fiscal year, delivering an excellent turnaround in a challenging market environment.

NAGA performed strongly, generating revenues of more than €45.5 million, albeit slightly down from €57 million in the previous financial year. The highlight was the company's highest-ever EBITDA of €7 million, a significant improvement on the negative €13.7 million of the previous financial year.

Throughout 2023, the company's user engagement and activity levels showed an impressive growth trajectory, surpassing 2022 levels with more than 132,000 new account openings and over 9.2 million trades executed. Notably, copy trades increased from 3.5 million to 4.8 million, and the trading volume increased to €143 billion from €137 billion in the previous year.

Over 21,000 active users by the end of 2023, a steady upward trend from 18,700 in 2022. The growth in unique user metrics is attributable to higher average activity, deposit size, and lifetime value, highlighting the effectiveness of NAGA's strategic initiatives.

NAGA's CEO, Michael Milonas commented: “We are delighted that our disciplined approach and continuous efforts to make NAGA profitable yielded such strong results. We have seen an improved quality of customers, as well as improved platform stability and strong user metrics which make us confident for the following months. Especially in the light of our recently announced Merger, NAGA will play a crucial role to deliver strong results in the upcoming year paired with Capex.com fast growing user and revenue base creating a new, exciting equity story for the Group.”

As reported earlier, NAGA Group announced a merger agreement with online trading platform Capex.com, whose CEO Octavian Patrascu will become NAGA's new CEO through a non-cash capital increase and a personal cash injection of $9 million.

The purpose of the merger is to create a profitable fintech entity with more than 1.5 million users and projected revenues of $250 million over the next three years. The combined company is expected to generate nearly $90 million in revenue in 2023, with immediate cost synergies of more than $10 million annually. The merger is expected to close in the second quarter of 2024, subject to customary approval.

(Source: Finance Magnates)