Currency Exchange International Reports a 24% Increase in its Third Quarter Group Net Income
Earnings rose faster than revenue as Payments growth and buybacks lifted adjusted EPS and strengthened per-share performance.
Rhea-AI Summary
Currency Exchange International (CURN) reported third quarter 2026 revenue of $22.4 million and Group net income of $5.3 million, with net income up 24% year over year.
Revenue rose 5%, driven by a 54% (or $1.8 million) increase in Payments revenue, partly offset by a 4% (or $0.7 million) decline in Banknotes revenue. Adjusted Group net income was $5.6 million, up 31%, and adjusted diluted EPS was $0.93 versus $0.68 a year earlier, reflecting exclusion of stock-based compensation and prior-year non-recurring and discontinued items. Reported EBITDA was $8.1 million, down 1%, while adjusted EBITDA reached $8.5 million, up 3%. The Group repurchased 241,700 shares for $4.2 million under its NCIB and ended the quarter with $84.9 million in net working capital and $90.3 million of total equity.
Positive
- Revenue $22.4M in Q3 2026, up 5% year over year
- Group net income $5.3M in Q3 2026, up 24% year over year
- Adjusted Group net income $5.6M in Q3 2026, up 31% year over year
- Payments revenue up 54% ($1.8M) year over year in Q3 2026
- Adjusted diluted EPS $0.93 vs $0.68 a year earlier
- Share repurchases 241,700 shares bought for $4.2M under NCIB
Negative
- Banknotes revenue down 4% ($0.7M) year over year in Q3 2026
- Reported EBITDA $8.1M in Q3 2026, down 1% vs prior year
- Direct-to-Consumer Banknotes growth constrained by temporary branch closures and softer demand
AI-generated analysis. How Rhea-AI works. Not financial advice.
TORONTO, ON / ACCESS Newswire / September 9, 2026 / Currency Exchange International, Corp. (the "Group" or "CXI") (TSX:CXI)(OTCQX:CURN), today reported revenue of
Below is a reconciliation of reported results to adjusted results based on the non-recurring items:
| Three-month period ended July 31, 2026 |
|
| Three-month period ended July 31, 2025 |
|
| Nine-month period ended July 31, 2026 |
|
| Nine-month period ended July 31, 2025 |
| |||||
Reported results |
|
| $ |
|
|
| $ |
|
|
| $ |
|
|
| $ |
|
EBITDA |
|
| 8,081,988 |
|
|
| 8,145,963 |
|
|
| 15,917,130 |
|
|
| 16,901,522 |
|
Net income from continuing operations |
|
| 5,256,351 |
|
|
| 5,274,418 |
|
|
| 9,400,345 |
|
|
| 9,643,937 |
|
Loss after tax from discontinued operations |
|
| - |
|
|
| (1,029,298 | ) |
|
| (6,793,068 | ) |
|
| (2,603,263 | ) |
Group net income |
|
| 5,256,351 |
|
|
| 4,245,120 |
|
|
| 2,607,277 |
|
|
| 7,040,674 |
|
Pre-tax adjusting items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations: Stock based compensation |
|
| 458,881 |
|
|
| 145,307 |
|
|
| 958,612 |
|
|
| 233,262 |
|
Continuing operations: Restructuring charges |
|
| - |
|
|
| 28,113 |
|
|
| 179,858 |
|
|
| 257,517 |
|
Discontinued operations items |
|
| - |
|
|
| (103,712) |
|
|
| 6,483,695 |
|
|
| 328,815 |
|
Total pre-tax adjusting items |
|
| 458,881 |
|
|
| 69,708 |
|
|
| 7,622,165 |
|
|
| 819,594 |
|
Continuing operations: Income tax impact |
|
| (116,681 | ) |
|
| (44,554 | ) |
|
| (311,301 | ) |
|
| (148,707 | ) |
Adjusted results1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
| 8,540,869 |
|
|
| 8,319,383 |
|
|
| 17,055,600 |
|
|
| 17,392,301 |
|
Net income from continuing operations |
|
| 5,598,551 |
|
|
| 5,403,284 |
|
|
| 10,227,514 |
|
|
| 9,986,009 |
|
Loss after tax from discontinued operations2 |
|
| - |
|
|
| (1,133,010 | ) |
|
| (309,373 | ) |
|
| (2,274,448 | ) |
Group net income |
|
| 5,598,551 |
|
|
| 4,270,274 |
|
|
| 9,918,141 |
|
|
| 7,711,561 |
|
1 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.
2 Adjusted loss after tax from discontinued operations included losses incurred by EBC in the normal course of business.
The Group reported revenue of
On May 4, 2026, the Group announced the completion of the discontinuance of its wholly-owned subsidiary, Exchange Bank of Canada (EBC), marking the conclusion of EBC's orderly exit from Canada, following the board of directors' decision on February 18, 2025, allowing CXI to reallocate resources toward higher-growth opportunities within its U.S. fintech and payments platform.
During the current year, the Group purchased for cancellation 241,700 common shares at normal market prices trading on the TSX for
Randolph Pinna, CEO of the Group, stated, "CXI's third quarter results demonstrate continued progress in executing its strategic growth initiatives which resulted in record EPS. Payments delivered another quarter of strong growth, underscoring CXI's commitment to expanding its digital payments solutions, diversifying revenue, and strengthening the resilience of our business model. This growth helped offset the modest decline in Banknotes revenue and further supports the Company's long-term growth strategy. We remain focused on driving revenue growth across both Banknotes and Payments through branch network expansion, enhanced online service offerings, and disciplined cost management, positioning CXI for sustained long-term growth."
Financial Highlights for the three-month periods ended July 31, 2026 and 2025:
Revenue for the current quarter amounted to
$22.4 million ,5% higher than the prior year driven by a54% , or$1.8 million , increase in Payments revenue, partially offset by a4% , or$0.7 million , decrease in Banknotes revenue;Reported EBITDA was
$8.1 million , a marginal1% decline from the prior period, while adjusted EBITDA3 was$8.5 million , up3% from the prior period;Reported Group net income was
$5.2 million ,24% higher than the prior period. Adjusted Group net income2 amounted to$5.6 million ,31% higher than the prior period;Reported earnings per share were
$0.89 and$0.87 on a basic and diluted basis, respectively, compared to$0.68 and$0.67 in the prior period. Adjusted earnings per share2 were$0.95 and$0.93 on a basic and diluted basis, respectively, compared to$0.69 and$0.68 in the prior period; andThe Group maintained a strong financial position, with net working capital of
$84.9 million and total equity of$90.3 million as of July 31, 2026.
Corporate Highlights for the three-month period ended July 31, 2026:
The Group continued its transaction and customer base growth in the International (cross-border) Payments business in the United States with a
33% increase in trading volume compared to the prior period. The Group processed 68,698 payment transactions, representing$2.4 billion in business volume in the third quarter compared to 51,727 payment transactions, representing$1.8 billion in business volume in the prior period;Direct-to-Consumer Banknotes growth was constrained by the temporary closure of certain company-owned branches and lower demand for certain foreign currencies. Nevertheless, Direct-to-Consumer business remains a key pillar of the Group's strategy, and the Group continues to advance this business through its company-owned locations, agency relationships, and OnlineFX platform. During the current quarter, the Group opened two new branches in Newport Beach, California and at SouthPark Mall in North Carolina. The MacArthur Center location in Virginia was closed because the Center closed for redevelopment; however, the replacement location opened nearby in the fourth quarter; and
Despite the continued slowdown in international inbound travel in the current quarter, the Group continued to increase its presence in the Wholesale Banknotes market within the financial institutions sector, with the addition of 21 new financial institutions clients in the third quarter of 2026.
3 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.
Selected Financial Data
The following table summarizes the performance of the Group over the last eight fiscal quarters:
|
|
| Results of Continuing Operations - Reported |
|
| Group Net Results - Reported |
|
| Group Net Results - Adjusted4 |
| |||||||||||||||||||
Quarterly |
|
| Revenue |
|
| Net income |
|
| Earnings per share (diluted) |
|
| Net income (loss) |
|
| Earnings/(loss) per share (diluted) |
|
| Net income |
|
| Earnings per share (diluted) |
| |||||||
|
|
|
| $ |
|
|
| $ |
|
|
| $ |
|
|
| $ |
|
|
| $ |
|
|
| $ |
|
|
| $ |
|
Q3 2026 |
|
|
| 22,404,630 |
|
|
| 5,256,351 |
|
|
| 0.87 |
|
|
| 5,256,351 |
|
|
| 0.87 |
|
|
| 5,598,551 |
|
|
| 0.93 |
|
Q2 2026 |
|
|
| 17,990,034 |
|
|
| 2,391,887 |
|
|
| 0.40 |
|
|
| (4,174,837 | ) |
|
| (0.70 | ) |
|
| 2,396,562 |
|
|
| 0.40 |
|
Q1 2026 |
|
|
| 15,420,011 |
|
|
| 1,752,108 |
|
|
| 0.29 |
|
|
| 1,525,763 |
|
|
| 0.25 |
|
|
| 1,934,105 |
|
|
| 0.32 |
|
Q4 2025 |
|
|
| 19,849,118 |
|
|
| 4,382,951 |
|
|
| 0.71 |
|
|
| 3,278,119 |
|
|
| 0.53 |
|
|
| 3,749,395 |
|
|
| 0.61 |
|
Q3 2025 |
|
|
| 21,282,968 |
|
|
| 5,274,418 |
|
|
| 0.84 |
|
|
| 4,245,120 |
|
|
| 0.67 |
|
|
| 4,270,274 |
|
|
| 0.68 |
|
Q2 2025 |
|
|
| 15,865,150 |
|
|
| 2,674,849 |
|
|
| 0.42 |
|
|
| 1,983,025 |
|
|
| 0.31 |
|
|
| 2,397,021 |
|
|
| 0.37 |
|
Q1 2025 |
|
|
| 15,450,861 |
|
|
| 1,694,672 |
|
|
| 0.26 |
|
|
| 812,530 |
|
|
| 0.12 |
|
|
| 1,048,344 |
|
|
| 0.16 |
|
Q4 2024 |
|
|
| 18,460,390 |
|
|
| 3,313,852 |
|
|
| 0.50 |
|
|
| (2,817,897 | ) |
|
| (0.45 | ) |
|
| 2,916,215 |
|
|
| 0.44 |
|
4 These adjusted results are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.
Earnings Conference Call Details
CXI plans to host a conference call on Thursday, September 10, 2026, at 8:30 AM (Eastern Time).
To participate in or listen to the call, please dial the appropriate number:
Toll Free - North America: (+1) 800 717 1738
Conference ID Number: 78368
About Currency Exchange International, Corp.
Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com ("CXIFX"), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com ("OnlineFX").
Contact Information
For further information please contact:
Bill Mitoulas
Investor Relations
(416) 479-9547
Email: bill.mitoulas@cxifx.com
Website: www.cxifx.com
KEY PERFORMANCE AND NON-GAAP FINANCIAL MEASURES
The Group prepares its consolidated financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and refers to these results as reported in these financial statements as "reported results". In addition to reported results, the Group also presents certain financial measures, including non-GAAP financial measures and ratios, such as adjusted net income and adjusted Return On Equity (ROE) to assess its businesses and to measure the Group's overall performance of the consolidated operations and each of its product lines. These financial measures and ratios do not have standardized meanings under Generally Accepted Accounting Principles (GAAP), which are based on IFRS Accounting Standards and may not be comparable to similar measures used by other companies. These non-GAAP financial measures and ratios are collectively referred to in this document as "adjusted results". The Group's management believes that providing the adjusted results along with the reported results is more reflective of the Group's consolidated operating results, provides the readers of this document with a better understanding of management's perspective on the performance, and improves the comparability of financial performance for the currently presented period with the corresponding period in the prior year. Refer to the key performance and non-GAAP financial measures section on pages 24 and 25 in the MD&A for further details.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "preliminary", "project", "will", "would", and similar terms and phrases, including references to assumptions.
Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Group's actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry; evolving worldwide geopolitical developments and public health emergencies or pandemics all of which may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets which impact personal and business travel, tourism and factors relevant to the Group's business; global economic deterioration negatively impacting tourism in general; currency exchange risks, the need for the Group to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Group's proprietary rights, the effect of government regulation and compliance on the Group and the industry in which it operates, network security risks, the ability of the Group to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel; volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section entitled "Risks and Uncertainties" of the Group's Management's Discussion and Analysis for the three and nine-month periods ended July 31, 2026 and 2025. Forward-looking information contained in this press release represents management's expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Group disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
The Toronto Stock Exchange (TSX) does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.
SOURCE: Currency Exchange International, Corp.
View the original press release on ACCESS Newswire
FAQ
How did the Payments business perform operationally in Q3 2026?
The International (cross-border) Payments business in the United States saw a 33% increase in trading volume versus the prior period. The Group processed 68,698 payment transactions totaling $2.4 billion in business volume, compared with 51,727 transactions totaling $1.8 billion in the prior period.
What affected the Banknotes business in the quarter?
Direct-to-Consumer Banknotes growth was limited by the temporary closure of certain company-owned branches and lower demand for some foreign currencies. The company also cited a softer travel environment linked to macroeconomic and geopolitical uncertainties, although it continued to expand its presence via new branches and wholesale financial institution clients.
What capital and equity position did CXI report at July 31, 2026?
As of July 31, 2026, the Group reported net working capital of $84.9 million and total equity of $90.3 million, which management described as a strong financial position.
What actions did CXI take regarding its Canadian subsidiary Exchange Bank of Canada (EBC)?
On May 4, 2026, the Group completed the discontinuance of its wholly-owned subsidiary Exchange Bank of Canada, concluding EBC's orderly exit from Canada that followed a February 18, 2025 board decision. The company stated this allows it to reallocate resources toward higher-growth opportunities in its U.S. fintech and payments platform.
When is the Q3 2026 earnings conference call and how can investors join?
CXI plans to host a conference call on Thursday, September 10, 2026, at 8:30 AM Eastern Time. To participate or listen, investors can dial the North America toll-free number (+1) 800 717 1738 and enter Conference ID Number 78368.
How is CXI using non-GAAP or adjusted financial measures?
The Group reports IFRS-based results and also presents non-GAAP measures and ratios, such as adjusted net income, adjusted EBITDA, and adjusted return on equity. Management states that these adjusted results remove certain non-recurring items and discontinued operations to better reflect consolidated operating performance and improve comparability with prior periods.