INXDF Shares Down 6.71% Today, INX Digital Reports a Net Loss of $2.9M in 22Q2
- According to INX Digital Q2 report, the company reported a revenue of $887,000, and $2.4 million year to date.
- The revenue was primarily from transaction fees collected from its digital assets trading platforms.
The INX Digital Company, Inc. (U.S OTC: INXDF) reported a mixed earnings result for the second quarter, 2022. What struck most investors was the fact that the company reported an adjusted net loss of $2.9 million during the three months preceding June 30. Consequently, INXDF shares have dropped approximately 6.71 percent, as of August 16, 2022, 12:04 p.m EDT, to trade around $0.2892.
Following today’s dip, the company’s stock market has declined approximately 17 percent in the past five days.
INX Digital Financial Highlights
According to INX Digital Q2 report, the company reported a revenue of $887,000, and $2.4 million year to date. The revenue was primarily from transaction fees collected from its digital assets trading platforms.
Reportedly, the company recorded an overwhelming number of new users, coming in at 73,000 new users added during Q2 2022 compared to approximately 18,000 in Q1 2022.
According to the company, the spike in new users during the second quarter can be attributed to the new INX trading app, which is available for both Android and iOS devices.
The company reported that its Reserve Fund maintained at $36 million during the second quarter. The total cash used in running the company YTD stands at approximately $10.6 million.
Notably, the company reported a net income of $77.3 million during the second quarter, excluding unrealized gains on the INX Token. INX Digital held its initial public token offering of the INX Token in which it raised $83 million. Moreover, INX is a holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies.
In a note to investors, INX CEO Shy Datika, noted that the company is committed to innovating through blockchain technology in a regulated environment.
“We are gradually establishing more avenues for responsibly accessing cryptocurrencies and digital securities. We will continue to design and strengthen INX’s regulated digital asset trading ecosystem and lead the transition between traditional and digital economies,” Datika said.
Worth noting, that the company accumulated multiple money transmitter licenses around the states, thereby allowing it to offer cryptocurrencies to customers in 40 U.S. states and territories.
The company has made major advancements in reaching out to new markets around the world. Remember, INX Digital offers both crypto assets to trade and shares to investors. For this reason, the company has seen its market cap rise to approximately $36.14 million, according to data by MarketWatch.
The company is seeking further regulation around the world in a bid to attract more institutional investors. Furthermore, institutional investors have shown great interest in the blockchain and crypto market in the past few months. For instance, BlackRock, a hedge fund with over $10 trillion in assets under management, recently unveiled a Bitcoin-related investment vehicle through Coinbase Global Inc. (NASDAQ: COIN).