iFOREX Financial Trading Holdings Ltd., the online CFD trading platform that listed on the London Stock Exchange in February 2026, reported a 74% decline in adjusted EBITDA to $1.4 million for the first half of 2026, citing foreign exchange pressures, IPO costs, and lower market volatility as primary headwinds. The company posted a loss before tax of $2.4 million, reversing the prior-year profit of $1.7 million, while maintaining a debt-free balance sheet with $11.8 million in net cash.
- Revenue: $26.9 million (down 2.2% year-over-year)
- Adjusted EBITDA: $1.4 million; $3.2 million on a constant currency basis
- Active clients: 21,784 (up 8%)
- New client onboarding: 8,161 (up 19%)
- IPO cost impact: $2.4 million
- Currency impact: Approximately $1.8 million in additional costs from Israeli Shekel strengthening
The deterioration in profitability masks operational resilience in client acquisition and platform development. iFOREX onboarded new clients at a 19% higher rate than the prior year while reducing customer acquisition costs by 23% to $533 per client. The company continues to invest in proprietary technology and artificial intelligence capabilities, with 44.3% of new clients completing onboarding without human intervention. Total trading volume reached $201.5 billion, down from $234.5 billion a year earlier, reflecting subdued market conditions in the company’s core instruments.
The first months as a listed company have tested us. The fundamentals that brought us to market, a proprietary platform, a growing client base and a debt-free balance sheet, are intact, and our focus is on restoring profitability. We intend to do that by focusing on what brought us to this stage, providing clients with an advanced trading platform, offering exciting tools, features and excellent customer service, expanding to new markets and gaining additional regulatory licenses, maintaining a healthy cost structure and harnessing the power of new technologies and AI to offer a unique user experience and improve efficiencies.
– Itai Sadeh, Chief Executive Officer, iFOREX
Looking ahead, iFOREX announced an efficiency programme expected to reduce operating costs by approximately $0.5 million monthly from October 2026 while preserving investment in long-term growth. The company has formally submitted an application for a Category 5 license in the United Arab Emirates to expand Middle East operations and appointed Daniel Shalom as Chief Operating Officer to oversee operational scaling and AI integration. On a constant currency basis, adjusted EBITDA would have totaled $3.2 million, indicating that currency translation accounted for substantially all of the year-over-year decline. The board declared no interim dividend and will review distributions at full-year results in accordance with its dividend policy.
Itai Sadeh, Chief Executive Officer at iFOREX. Source: LinkedIn
