iFOREX Financial Trading Holdings Ltd (LON:IFRX) today announced its unaudited interim results for the six months ended 30 June 2026 (“H1 2026”).

The financial performance reflects the previously announced FX headwinds and higher client liabilities at the period end as well as non-recurring IPO costs.

Loss before tax was $2.4 million (H1 2025: profit of $1.7 million) and the loss for the period was $2.5 million (H1 2025: profit of $1.2 million), of which $2.2 million was attributable to owners of the parent. Basic and diluted loss per share was $0.12 (H1 2025: earnings of $0.02), based on a weighted average of 18.1 million shares.

In response to the large loss, iFOREX said that to further strengthen operational leverage, an efficiency programme has been initiated, which is expected to reduce operating costs by approximately $0.5 million per month from October 2026 while preserving the Group’s ability to invest in its long-term growth strategy.

Itai Sadeh, CEO of iFOREX, commented,

“The first half of 2026 was a landmark period for iFOREX as we began our journey as a London-listed company, and we have since continued to make progress against our strategic priorities. Client acquisition remained strong, we continued to invest in our platform and AI capabilities, and we advanced our plans for geographic expansion.

“Our early months as a listed company have been impacted by challenging trading conditions, but the fundamentals that brought us to market remain intact: a proprietary technology platform, a growing client base, a debt-free balance sheet and a clear strategy for growth. We have also been encouraged by trading since the update on 19 August 2026 and remain focused on restoring profitability and delivering sustainable long-term value for shareholders.”

Revenue was $26.9 million (H1 2025: $27.6 million), a decrease of 2%. Net gains realised on trading rose 1% to $21.5 million (H1 2025: $21.2 million), while net gains on open positions fell 14% to $5.4 million (H1 2025: $6.3 million), reflecting a lower level of client open positions at the period end and reduced volatility in the Group’s core instruments. Revenue was 25% above H2 2025 ($21.5 million), driven by elevated client activity across the Group’s core markets.

Adjusted EBITDA, which the Board uses as its principal measure of underlying performance, was $1.4 million (H1 2025: $5.4 million). On a constant currency basis Adjusted EBITDA would have been $3.2 million.

Net cash used in operating activities was $2.1 million (H1 2025: inflow of $4.0 million), including a $3.5 million increase in trade and other receivables, principally balances held with liquidity providers and payment service providers. Net proceeds from the IPO were $10.45 million, after related expenses of $1.38 million. After an adverse exchange rate effect of $1.2 million, cash and cash equivalents net of overdrafts rose by $5.6 million to $11.8 million.

The Group had cash and cash equivalents of $11.8 million at 30 June 2026 (31 December 2025: $6.2 million) and no borrowings other than lease liabilities of $1.5 million. Total equity increased to $18.0 million (31 December 2025: $10.3 million).

On Admission the Company acquired the non-controlling interest in iFOREX Holding Ltd. through the issue of 4,629,000 shares with a fair value of $12.2 million. From that date all of the Group’s earnings are attributable to shareholders of the Company.

Client funds held in segregated accounts, which are not included in the statement of financial position, were $9.7 million (31 December 2025: $10.3 million).

The final dividend for 2025 of $0.055 per share, totaling $1.2 million, was approved by shareholders on 18 June 2026 and paid on 24 July 2026. The Board has not declared an interim dividend in respect of the six months ended 30 June 2026.