Findi (FND) H1 2025 earnings summary

Executive summary

• Revenue for 1H25 reached $33.9 million, up from $31.8 million in 1H24, with EBITDA of $12.9 million, both in line with FY25 budget weighted to 2H25.

• Statutory net loss after tax was $3.9 million, reflecting significant investment in growth and higher finance costs, but adjusted profit was $860k after normalizing for one-time costs.

• The company is expanding its ecosystem through the acquisition of Tata Communications Payment Solutions Ltd (TCPSL), making it the 2nd largest White Label ATM operator in India.

• FindiPay expanded to 45,000 merchants, acquiring ~3,000 merchants monthly, and secured a new contract with Central Bank of India to deploy 638 ATMs and pilot 25 co-branded branches.

• Strategic focus includes scaling FindiPay, leveraging a new franchise model, and progressing towards a full-service finance hub for underbanked populations.

Financial highlights

• 1H FY25 revenue was $33.9 million and EBITDA reached $12.9 million, both ahead of internal budgets.

• Net loss attributable to members was $3.56 million, compared to a profit of $0.77 million in the prior period.

• FY25 revenue guidance is $80–90 million and EBITDA guidance is $30–35 million, with performance weighted to 2H FY25 due to contract uplifts and WLA revenue.

• Transaction volumes temporarily softened during the Indian general elections but have since returned to trend.

• Net tangible assets per security: 61.7 cents, up from 59.0 cents year-over-year.

Outlook and guidance

• On track to meet FY25 revenue and EBITDA guidance, contingent on timely completion of the TCPSL acquisition.

• 2H FY25 expected to benefit from SBI contract ramp-up, White Label ATM deployment, and CBI ATM rollout.

• Merchant acquisition targets: 60,000 by March 2025 and 120,000 by March 2026.

• ATM network forecast to expand to ~21,000 by March 2026, with a mix of brown and white label ATMs.

• TCPSL acquisition expected to complete early 2025, with FY26 revenue of $28–30 million and EBITDA of $5–7 million projected from the acquisition.