NAGA, a German brokerage company, has published preliminary, unaudited first-quarter results.
NAGA's income fell 36% year over year to €11.6 million in the first quarter of 2023.
According to NAGA's website, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped to €1.7 million from €5 million in the first quarter of 2022.
Despite the decline in revenue and EBITDA, NAGA's active traders grew 30% year over year to 21,250 in the first quarter. 2.9 million trades totaling 37 billion euros were completed during the reporting period.
Furthermore, the broker reduced its expenses in the first quarter by 40% to €3.3 million on an annualized basis, with the business anticipating expenses to fall another 20% in the second quarter.
We are satisfied with how we performed over the last months especially looking at growing user activity and well improved user acquisition metrics," NAGA CEO Benjamin Bilski said.
