iFOREX Financial Trading Holdings Ltd. expects adjusted EBITDA for the six months ending June 30, 2026, to be about $1.4 million, below its previous estimate of approximately $2.4 million. The company has nevertheless kept its full-year adjusted EBITDA guidance unchanged at $500,000 to $2.5 million. The update follows a review of its interim results and comes ahead of the scheduled release of those results on September 24, with attention focused on changes in the recognition of customer liabilities and their effect on reported earnings.
Customer liabilities lead to a $1 million adjustment
iFOREX had forecast adjusted EBITDA of about $2.4 million in its July 27 trading update for the first half of 2026. During its subsequent interim-results review, the company found that the amount payable to customers as of June 30 was higher than previously recorded and recognised a related non-cash charge.
The accounting treatment reduced the expected first-half adjusted EBITDA by about $1 million. iFOREX said most of the impact had reversed after the end of the reporting period and therefore expects the effect on full-year results to be limited. The company did not indicate any change to revenue or its cash position.
Revenue and net cash figures unchanged
Revenue and net cash as of June 30, 2026, remain consistent with the figures disclosed in the earlier trading update. The revision therefore relates mainly to the recognition of amounts payable to customers and the associated non-cash charge, rather than to a new estimate for revenue or net cash.
For trading platforms and brokerage businesses, the timing of customer-liability recognition can affect earnings reported for a particular period. iFOREX has reduced its first-half EBITDA expectation but said the accounting impact had largely reversed after the period ended, leaving its full-year guidance unchanged for now. The final figures will be confirmed when the company publishes its interim results on September 24.
August performance slightly ahead of expectations
The iFOREX board said trading conditions remain challenging, while noting that performance since the company’s previous business update on August 19 had provided some support. The board said August results were slightly ahead of expectations but did not provide more detailed figures for revenue, customer activity or trading volumes in the latest update.
The company continues to guide to full-year adjusted EBITDA of between $500,000 and $2.5 million. Investors will be watching the September 24 interim results for the precise amount of customer liabilities, how the non-cash charge is presented, and whether the impact had largely reversed after the reporting period as iFOREX indicated.