German fintech company NAGA Group, which operates the NAGA Markets brokerage, has released preliminary financial results for 2023 that show a record EBITDA in the company's history.
Although NAGA's 2023 revenue fell to €45.5 million from €57 million in 2022, the company's EBITDA reached €7 million, a significant increase from last year's negative €13.7 million.
Both figures exceeded analyst expectations of €38.5 million in revenues and €5.2 million in EBITDA.
The NAGA broker recorded more than 132,000 new accounts and more than 9.2 million trades, of which 4.8 million were copy trades. In 2022, the number of new accounts totaled 243,000 and 8.6 million trades.
The trading volume in 2023 reached €143 million, an increase of €4 billion compared to the previous year. The number of active users exceeded 21,000 at the end of the year, compared to 18,700 in 2022.
The company's marketing expenses decreased to €5.5 million from €28.5 million last year, driven by strong operational and marketing performance.
"We are pleased that our disciplined approach and continued efforts to improve NAGA's profitability have yielded such strong results. We have seen increased client activity, as well as improved platform stability and strong user numbers, which give us confidence for the months ahead. Especially in light of the recently announced merger, NAGA will play a critical role in delivering strong results in the coming year, which, combined with Capex.com's rapidly growing user base and revenues, will create an exciting new capital story for the group," commented Michael Milonas, CEO of NAGA, on the company's achievements.
The company is currently in the process of merging with Capex.com, which is expected to further strengthen its position in the financial market. After the merger, Octavian Patrascu, founder of Capex, will become the new CEO of NAGA Group.
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