The following is a summary of the Currency Exchange International, Corp. (CURN) Q2 2024 Earnings Call Transcript:

Financial Performance:

• For Q2 2023, CXI reported a decline in net income, with adjusted net income at $1.9 million, down by $300,000 or 14% year-over-year.

• Revenue reached $20 million, a 7% increase from the same period last year, driven by a strong performance in the US payments and banknotes sectors.

• Operating expenses increased by $1.3 million or 9%, primarily due to higher salaries and benefits.

Business Progress:

• CXI continues to invest in technology, enhancing their operational efficiency with NetSuite and Kyriba for treasury management, and implementing Alessa's AML software.

• The company remains committed to its expansion through new customer acquisitions, particularly in the US payments product line, and growth in direct-to-consumer banknotes.

Opportunities:

• CXI is expanding its geographical reach with recent entries into Ohio, Alabama, and Wisconsin, reaching 91% of the U.S. population.

• Strategic integrations with banking platforms are facilitating the onboarding of new financial institution customers, strengthening CXI's position in the payments market.

Risks:

• The group faced challenges with the Mexican peso, impacting FX gains/losses. Management is focused on mitigating this through hedging and risk management strategies.

• A significant deferred tax expense of $1.4 million was recognized due to non-recoverability assessments of certain tax assets.

More details: CURRENCY EXCHANGE INTL CORP IR

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