iFOREX Financial Trading Holdings reported $26.9 million in revenue for the first half of 2026, representing a 2.2% decline year over year, as lower market volatility and currency-related expenses affected financial performance.
The online trading company reported $1.4 million in adjusted EBITDA, compared with $5.4 million during the first half of 2025.
Its adjusted EBITDA margin declined to 5.2% from 19.6%, while the company recorded a $2.4 million pre-tax loss, compared with a $1.7 million profit a year earlier.
The results cover the six months ended June 30, 2026, during which iFOREX completed its initial public offering and began trading on the London Stock Exchange’s Main Market.
The company completed its IPO on February 25, 2026, raising £8.75 million, equivalent to approximately $11.83 million, through the issuance of 4,487,179 shares at 195 pence per share.
The listing provided additional capital to support international expansion, technology development, and operational investment.
iFOREX operates a proprietary online and mobile trading platform offering contracts for difference across multiple asset classes.
Its first-half results reflected lower volatility in several of the financial instruments traded by its customers.
Total trading volume declined to $201.5 billion from $234.5 billion in the comparable period.
Despite the lower trading volume, iFOREX continued expanding its customer base.
The company reported 21,784 active clients, an increase of 8% from 20,212 a year earlier.
It also onboarded 8,161 new customers, representing a 19% increase from the first half of 2025.
The average cost of acquiring a customer declined 23% to $533, compared with $693 in the previous year.
iFOREX attributed the improvement to continued investment in marketing efficiency and its customer acquisition capabilities.
The company is also expanding the use of artificial intelligence across its customer-facing technology.
During the first half of 2026, 44.3% of new customers completed onboarding without human intervention.
The company intends to further automate customer interactions and internal operations while maintaining investment in its proprietary trading platform.
Its financial performance was affected by several factors beyond trading activity.
The substantial appreciation of the Israeli shekel against the U.S. dollar increased reported costs by approximately $1.8 million.
The company also incurred approximately $2.4 million in IPO-related and other nonrecurring public-company expenses.
Additionally, a period-end accounting adjustment involving amounts owed to customers resulted in an approximately $1 million noncash charge, which the company said had largely reversed after June.
On a constant-currency basis, iFOREX estimated that its adjusted EBITDA would have reached approximately $3.2 million, rather than the reported $1.4 million.
The company ended June with $11.8 million in net cash and no non-lease debt.
However, by September 16, 2026, its net cash position had declined to approximately $6.3 million, including approximately $4 million held to satisfy regulatory requirements.
To improve profitability, iFOREX has introduced an operational efficiency program expected to reduce operating expenses by approximately $500,000 per month beginning in October 2026.
The company also continues pursuing international growth.
It has formally submitted an application for a Category 5 license in the United Arab Emirates, supporting its proposed expansion in the Middle East.
iFOREX appointed Daniel Shalom as Chief Operating Officer to oversee operational scaling and the integration of AI across the business.
The company also launched new websites for its international and European operations.
Management said customer acquisition and deposit activity remained encouraging during the second half of the year.
The board did not declare an interim dividend and will reconsider distributions after reviewing the company’s full-year performance.
KEY QUOTES:
“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.”
Itai Sadeh, CEO of iFOREX
