Naga, a German fintech firm, reported a mixed performance in its half-year results for 2023. Sales revenue fell from EUR 35 million to EUR 25 million compared to the same period last year.
Brokerage business revenue was EUR 19 million, with Naga Markets contributing 74% and Naga Global 26%. Revenue from crypto asset trading rose sharply to EUR 5.5 million from EUR 1.3 million last year.
Learn how to trade currency pairs, stocks, and CFDs on popular assets with Top Forex broker NAGA Markets
Despite the revenue drop, Naga’s earnings before interest, taxes, depreciation, and amortization improved from a loss of EUR 2.7 million to a gain of EUR 3.1 million, reducing overall losses from EUR 19 million to EUR 1.7 million.
However, earnings per share fell to EUR 0.03 from EUR 0.35. The company expects lower revenue but higher positive EBITDA for the year. CEO Michael Milonas replaced former CEO Blen Blinski, who now focuses on tech and innovation as Chief Information Officer.
