NAGA 2023 Performance Exceeds Expectations, with Revenues of €45.5M

NAGA Group AG, a social trading focused FinTech company, unveiled its preliminary financial results for the full year of 2023, indicating robust performance during the year with both revenues and EBITDA well above analysts' most recent expectations.

NAGA generated about €45.5 million revenues in 2023, or just under USD $50 million, compared to 2022's €57.6 million. EBITDA stood at approximately €7 million. The company cut marketing expenses significantly to €5.5 million from €28.5 million in the prior year.

Additionally, account opened on the platform totaled 132,000 for the year, with active users at year-end crossing 21,000. Trades placed increased from 8.6 million in 2022 to over 9.2 million, with 4.8 million being "copy" trades. Annual client trading volume reached €143 billion, compared to €137 billion in the previous year.

"We are delighted that our disciplined approach and continuous efforts to make NAGA profitable yielded such strong results. We have seen an improved quality of customers, a well as improved platform stability and strong user metrics which make us confident for the following months," commented NAGA CEO, Michael Milonas.

Notably, NAGA has entered an agreement late 2023 to merge with Capex.com​, the global multi-asset brokerage, which s expected to close in Q2 2024.

"Especially in the light of our recently announced Merger, NAGA will play a crucial role to deliver strong results in the upcoming year paired with Capex.com fast growing user and revenue base creating a new, exciting equity story for the Group".