NAGA Group, the fintech behind the NAGA trading app, reported a 7% year-over-year revenue increase in Q1 2025, reaching €16.4 million. However, EBITDA plummeted by 51% to just €1 million, with margins shrinking from 13% to 6%. The company blamed higher marketing costs, which rose by €1.6 million.
Key financials:
- Revenue: €16.4M (+7% YoY)
- EBITDA: €1M (-51% YoY)
- EBITDA Margin: 6% (down from 13%)
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Mixed user trends:
- New registered users fell 17% to 73,902, as NAGA shifted from performance ads to brand-building.
- Funded accounts rose 6.5%, and client lifetime value improved 14% to €3,290.
- Trading volume dropped 27% to €47.3B, though daily trades per client increased.
CEO Octavian Patrascu said the company is focused on a “new NAGA,” improving transparency with quarterly and monthly updates. NAGA still aims to rebound to 2023 revenue levels this year.
