Abaxx Technologies (ABXX) Q4 2024 earnings summary

Executive summary

• Launched Abaxx Commodity Futures Exchange and Clearinghouse in 2024, initiating trading in LNG and carbon futures contracts and expanding product offerings and partnerships throughout the year.

• Achieved key regulatory milestones, including RMO and ACH licenses from the Monetary Authority of Singapore, and onboarded major clearing and trading members.

• Entered strategic partnerships, completed acquisitions, and expanded operations with new offices in Hong Kong and Beijing to strengthen market presence.

Financial highlights

• Total revenue for 2024 was $968,848, up 350% year-over-year from $215,510 in 2023, mainly from Base Carbon royalty.

• Net loss for 2024 was $56.5 million, compared to $11.5 million in 2023, driven by $28 million in non-cash charges and increased operating expenses.

• Cash and cash equivalents plus short-term investments totaled $25.5 million at year-end 2024, up slightly from $25.2 million in 2023.

• Shareholders' equity was $42 million at December 31, 2024, a decrease of $0.9 million year-over-year.

• Q4 2024 net loss before tax was $25.9 million, up 94% from Q4 2023, mainly due to higher non-cash stock-based compensation and unrealized losses.

Outlook and guidance

• Expects to generate more significant revenue from exchange and clearinghouse operations within the next twelve months as trading activity ramps up.

• Focus remains on growing exchange and clearinghouse operations to achieve profitability.