iFOREX Financial Trading Holdings (LSE:IFRX), the online and mobile trading platform for multi-asset contracts for difference, expects first-half revenue of approximately $27.0 million, down from $27.6 million a year earlier but up 25% on the $21.5 million recorded in the second half of 2025.
Adjusted EBITDA is expected to reach $2.4 million on a reported basis, well below the $4.2 million the Group would have delivered on a constant currency basis, after the Israeli shekel strengthened to its lowest rate against the US dollar since 1993 during the second quarter.
New client onboarding rose 19% and active clients grew 8% versus the first half of 2025, though average revenue per user fell 9% over the same period.
The balance sheet held approximately $12 million in net cash with no debt at period end.
iFOREX formally submitted its Category 5 licence application to the UAE's Central Bank, a step toward expanding its Middle East presence, and appointed Daniel Shalom as chief operating officer to support growth and AI integration.
"Our underlying business remained resilient, with growth in client acquisition, active clients and ARPU although we have been impacted by ongoing FX headwinds", said chief executive Itai Sadeh.
The Board expects full-year operational costs to run approximately $2 million higher in dollar terms than initially forecast, citing continued shekel strength, and will detail interim results in September.
News Intelligence what this means for the company
iFOREX reported first-half revenue of $27.0 million, essentially flat year-on-year, but adjusted EBITDA collapsed to $2.4 million from an underlying $4.2 million—a 43% hit—due to shekel strength against the dollar. Underlying metrics were solid: new client onboarding rose 19% and active clients grew 8%, but average revenue per user fell 9%, and the company now expects full-year costs $2 million higher than forecast in dollar terms. The story is a currency headwind masking operational resilience, though margin compression and rising cost guidance signal tightening profitability.
The FX impact is material and structural: adjusted EBITDA would have been 75% higher on constant currency, yet the company has no hedging mentioned and faces a $12 million net cash base against $2 million in incremental cost pressure. Growth in client acquisition and active users supports the long-term thesis, but near-term earnings visibility is clouded by shekel exposure and margin pressure, while the UAE licence application remains early-stage and unproven.
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