iFOREX Revenue Flat at $27M as Shekel Cuts EBITDA 43%

iFOREX Financial Trading Holdings said first-half 2026 revenue will come in at roughly $27 million, approximately 2% below the $27.6 million it reported in the same period a year earlier. The CFD broker said the small dip masks a 25% rebound from the $21.5 million generated in the second half of 2025. The update is its first trading statement since listing on the London Stock Exchange's Main Market in February.

Client growth was solid but monetization lagged. New client onboarding rose 19% year on year and active clients increased 8%, while average revenue per user fell 9%, offsetting the larger base. Sequentially, onboarding climbed 22%, active clients gained 9% and average revenue per user improved 17%, which the company attributed to higher client trading activity in its core markets.

The bigger disappointment came at the earnings line. Adjusted EBITDA is expected at about $4.2 million on a constant-currency basis, in line with board expectations. However, reported adjusted EBITDA is set to drop to about $2.4 million because the Israeli shekel strengthened against the dollar in the second quarter to its lowest level since 1993. Most of iFOREX's operating costs are in shekels while results are reported in dollars, inflating the dollar value of salaries and other local expenses by about $1.8 million. Management now sees full-year operating costs around $2 million higher in dollar terms than forecast at the start of 2026, and said it is using cautious exchange-rate assumptions for the second half.

Post-IPO progress

iFOREX ended the period with about $12 million in net cash and no debt. It listed in London on February 25 at 195 pence per share, valuing the business at roughly £43.3 million and raising £8.75 million from the issue of around 4.49 million new shares. The offer represented just over 20% of share capital and was oversubscribed; founder and majority shareholder Eyal Carmon retained control.

The company is pursuing international expansion as part of its post-IPO strategy. It applied for a Category 5 license with the UAE's Capital Market Authority and appointed Daniel Shalom as chief operating officer in June, with a remit to scale operations and expand the use of AI and automation. Chief executive Itai Sadeh said the group has progressed on the commitments made during its IPO, covering client acquisition, the UAE application and the new COO.

iFOREX's proprietary platform offers CFDs on more than 870 instruments, including currencies, commodities, equities, indices, exchange-traded funds and cryptocurrencies. Its regulated entities include a Cyprus business serving the EEA and a British Virgin Islands unit supervised by the local Financial Services Commission. The group does not currently hold a UK retail trading authorization. Full interim results are due in September.