iForex, the contracts for differences (CFD) broker that went public earlier this year, reported its financials for 2025, with a 2 per cent yearly revenue decline to $49.1 million. It ended the year with an adjusted pre-tax profit of $1.6 million, which went down by 4.3 per cent.
Its net loss for the year came in at $3.2 million, compared to a $6 million profit in the previous year.
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Financial Metrics Struggled before Going Public
The broker further highlighted that its adjusted EBITDA went down by 55.7 per cent to $4.3 million, while the EBITDA margin declined to 8.8 per cent from 19 per cent.
“During the year, we made meaningful strides against our strategic priorities through investment in our proprietary trading platform, operational capabilities and geographic footprint,” said Itai Sadeh, CEO of iFOREX.
“Trading conditions were mixed, with strong activity and macro-driven volatility in the first half of the year giving way to a period of lower volatility in Q3, before recovering towards year-end. While costs were higher, this largely reflected non-recurring IPO-related investment, supporting the ongoing development and scalability of the business.”
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Heavy IPO Costs
iForex went public last February after a delay of about eight months due to an offshore regulatory investigation. The public listing cost the broker a non-recurring $4.1 million and included a non-cash share-based payment charge of $3.7 million, which primarily impacted its 2025 profitability.
The broker highlighted that 2026, so far, has had a "positive start" with a trading demand surge because of elevated levels of market volatility, which resulted in healthy levels of profitability. It is also exploring geographical expansion opportunities, particularly in the UAE.
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“We have started FY 2026 positively, aided by elevated market volatility,” Sadeh stressed.
Meanwhile, in the non-financial KPIs, the broker’s total trading volume in 2025 increased by 1.5 per cent to $470.8 billion. Active clients on the platform, however, declined by 2.5 per cent to 28,141. It added 13,579 new clients last year.
Interestingly, the broker managed to marginally increase average revenue per user to $1,746 from $1,737. However, its average client acquisition cost increased to $695 from $401.
