Following an incredible Q1 – which led a number of its shareholders to question the wisdom of selling the company – Forex.com parent Gain Capital did indeed come back down to earth with more subdued but still impressive results for Q2.

In what will likely be its last quarterly financial report as an independent public company, Gain Capital reported that it brought in $101 million in Revenue, and generated $28.9 million of EBITDA and $14.3 million of net income in Q2-2020. That’s as compared to Revenue of $185.7 million, EBITDA of $114.4 million, and net income of $77.3 million in Q1.

While Q1’s figures were clearly an aberration centered around a crazy amount of client trading activity in March at the outset of the Covid-19 pandemic, even with Q2’s reduced results as a base the company is about to be acquired by StoneX for about 2x run rate annual EBITDA, and 4x earnings.

However prior to the Covid-19 pandemic and the market volatility which has come with it Gain Capital was barely treading water, posting large losses in 2019 (as the chart above demonstrates), leading to the decision to find a buyer for the company.

Gain Capital CEO Glenn Stevens said of Q2:

“A second quarter of high volatility, due in part to the ongoing economic concerns over the COVID-19 virus, allowed Gain to continue to benefit from high daily volumes, up 28% year on year, revenue capture of $150 plus improved operational leverage arising from a successful focus on cost efficiency over the past 2 years. Adjusted EBITDA was more than double the prior year’s at $29m, a margin of 29% compared to last year’s 17%, with adjusted EPS of $0.40 taking the half year to $2.48 earnings per share.”

“Client metrics in the second quarter further improved over the strong first quarter, as 42% more clients placed their first trade compared to the first quarter, an increase of 141% over prior year. These new clients, together with increased engagement from the large client base who opened accounts with us in 2019, helped improved our 3-month trailing active accounts by 34% over last year to a new record level. In addition, we look forward to the closing of the acquisition by StoneX Group (formerly INTL FCStone Inc.), which remains on track to complete later this quarter.”

Regarding the pending acquisition of the company for $236 million in cash by StoneX, all Gain had to say in its Q2 results filing was that the deal “remains on track to complete during the 3rd quarter of 2020.”

Gain Capital’s full Q2-2020 results release can be seen here.