NAGA Improves Performance in Q3 2023, with Revenues Reaching €8.9M

NAGA, a social trading focused FinTech company, witnessed its revenue for the third quarter of 2023 (Q3 2023) rise to €8.9 million from €7.9 million in Q2 2023, up 12.66 percent.

In the prior quarter​, the Fintech experienced 32 percent drop in revenue on a monthly basis.

For the first nine months of 2023, NAGA has generated revenue of €28.4 million. Preliminary EBITDA was €4.2 million, compared to €4.2 million loss in the previous period. The preliminary year-to-date sales from the company's brokerage business came in at €28.4 million, with an EBITDA ratio of around 15%. Client equity as of the period end was €34 million, 47 percent higher over 2022.

This development is mainly driven by the reduction in operational and marketing costs. NAGA spent €4 million on marketing and sales within the first nine months of 2023, reducing drastically from the year-ago period's €26 million.

"We have spent and hired in recent years according to established, capital intensive market standards, as has happened with many industry peers and tech companies. Our focus this year has been to reduce spending and increase efficiency. Spending 80% less and seeing growth across all our core KPIs makes us confident for the upcoming months," said Michael Milonas, Chief Executive Officer.

In addition, the company has grown its reach in new and emerging markets.

"We are committed to expanding our presence in Asia, Middle East, Africa, and Latin America by leveraging strategic partnerships with proven leaders in those regions," noted Sam Chaney, Chief Commercial Officer. "Our focus is not just on growth, but on building the right regulatory frameworks and infrastructure to deliver a first-class experience for our clients and partners. This global growth story has only just started but significant inroads have already been made in a very short amount of time."