Currency Exchange International Reports Revenue Growth of 13% in its Second Quarter 2026 Results

TORONTO, ON / ACCESS Newswire / June 9, 2026 / Currency Exchange International, Corp. (the “Group” or “CXI”) (TSX:CXI)(OTCQX:CURN), today reported revenue of $18.0 million in the second quarter of 2026, $2.1 million, 13% higher than the prior year, and a reported net loss of $4.2 million. The reported net loss reflected a $2.4 million net income from continuing operations and a net loss of $6.6 million from discontinued operations, which was officially discontinued during the current quarter. This resulted in the recognition of amounts previously recorded in accumulated other comprehensive loss (AOCL) related to the cumulative exchange difference on translating foreign operations of $6.4 million as the primary portion of the loss after tax from discontinued operations in the second quarter of 2026. These consolidated results also included stock based compensation costs and non-recurring restructuring charges of $0.1 million. Excluding non-recurring charges, the Group had an adjusted net income^[1] $2.4 million for both current and prior periods, and the Group’s adjusted diluted earnings per share1 (“EPS”) increased to $0.40, 8% higher than the prior year. All figures are in U.S. dollars except where otherwise indicated. The condensed interim consolidated financial statements and management’s discussion and analysis (“MD&A”) can be found on the Group’s SEDAR profile at www.sedarplus.ca.

Below is a reconciliation of reported results to adjusted results based on the non-recurring items:

The Group reported $18.0 million of revenue, a $2.0 million, or 73% increase in Payments revenue and a $0.1 million, or 1% increase in Banknotes revenue, resulting in a 13% overall revenue increase over last year. The growth in Payments’ revenue reflected volume growth of existing customers and new customer additions, and a 43% increase in business trading volumes over the same period last year. Banknotes revenue increased marginally by 1%, and benefited from new domestic financial institutions customers and certain large trades, however this was mostly offset by reduced activity from existing wholesale customers, as well as weaker customer demand influenced by macroeconomic and geopolitical factors that affect travel, including escalating conflicts in the Middle East leading to elevated inflationary pressures through significantly increased energy prices. The Group’s capital position remained robust with $85 million in total equity and $80 million in net working capital as of April 30, 2026.

On May 4, 2026, the Company announced the completion of the discontinuance of its wholly-owned subsidiary, EBC, marking the conclusion of EBC’s orderly exit from Canada, following the Company’s board of directors’ decision on February 18, 2025. The Board had approved a strategic decision to cease the operations of EBC and to pursue regulatory approval for its discontinuance under the Bank Act following a review of strategic alternatives conducted by a Special Committee of independent directors. That strategy was intended to allow CXI to reallocate resources toward higher-growth opportunities within its U.S. fintech and payments platform while ensuring an orderly transition for EBC’s stakeholders.

During the current year, the Group purchased for cancellation 211,500 common shares at normal market prices trading on the TSX for $3.6 million under a Normal Course Issuer Bid (“NCIB”). These shares were cancelled and removed from treasury stock.

Randolph Pinna, CEO of the Group, stated, “The second quarter results reflect the successful completion of EBC’s orderly exit from Canada, enabling CXI to sharpen its focus on U.S. growth opportunities. Despite macroeconomic and geopolitical headwinds, the Payments business delivered strong growth, highlighting CXI’s commitment to expanding its digital payment solution, while Banknotes business remained stable year-over-year, impacted by global instability and factors affecting travel. Amid ongoing global uncertainties, CXI continues to prioritize revenue growth across both Banknotes and Payments, supported by the expansion of its branch network and online service offering, and effective cost management, positioning the Company for sustained long-term growth”.

Financial Highlights for the three-month periods ended April 30, 2026 and 2025:

• Revenue for the current quarter amounted to $18.0 million, 13% higher than the prior year. Payments’ revenue increased by 73% or $2.0 million, and Banknotes revenue increased by 1% or $0.1 million over the prior period;

• Reported EBITDA decreased by 8% or $0.4 million to $4.5 million from $4.9 million. Adjusted EBITDA1F^[2] was $4.7 million, 11% lower than the prior period;

• The Group reported a net loss of $4.2 million, a 311% decrease from the prior period. Adjusted Group net income² was $2.4 million for both current and prior periods;

• Reported loss per share was $0.70 on a basic and fully diluted basis, compared to reported earnings per share of $0.32 and $0.31 in the prior period on a basic and fully diluted basis, respectively. Adjusted earnings per share² were $0.40 on a basic and fully diluted basis, compared to $0.38 and $0.37, respectively, in the prior period; and

• The Group maintained a strong financial position, with net working capital of $80 million and total equity of $85 million as of April 30, 2026.

Corporate Highlights for the three-month period ended April 30, 2026:

• The Group continued its transaction and customer base growth in the International (cross-border) Payments business in the United States with a 43% increase in trading volume compared to the prior period. The Group processed 63,585 payment transactions, representing $2.0 billion in business volume in the second quarter compared to 46,191 payment transactions, representing $1.4 billion in business volume in the prior period;

• The Group continued its progression in the Direct-to-Consumer Banknotes market through its network of company-owned locations, agency relationships and via the OnlineFX platform. During the current quarter, the Group added the State of North Dakota to its OnlineFX network, and is now licensed to operate its OnlineFX platform in 48 states plus the District of Columbia; and

• Despite the general slowdown caused by macroeconomic and geopolitical factors, the Group continued to increase its presence in the Wholesale Banknotes market within the financial institutions sector, with the addition of 86 new financial institutions clients in the second quarter of 2026.

Selected Financial Data

The following table summarizes the performance of the Group over the last eight fiscal quarters:

Earnings Conference Call Details

CXI plans to host a conference call on Thursday, June 10, 2026, at 8:30 AM (EST).

To participate in or listen to the call, please dial the appropriate number:

Toll Free – North America: (+1) 800 717 1738

Conference ID Number: 93385

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.

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 pandemics including COVID-19 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 six-month periods ended April 30, 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.

[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] 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.
[3] 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.

SOURCE: Currency Exchange International, Corp.

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