iForex, the contracts for differences (CFD) broker that went public earlier this year, reported weaker financial results for 2025, with lower revenue and profitability and a swing to a net loss. The company highlighted higher costs, including non-recurring expenses linked to its initial public offering, alongside mixed trading conditions during the year.
For 2025, iForex recorded revenue of $49.1 million, representing a 2 per cent decline year-on-year. Adjusted pre-tax profit fell by 4.3 per cent to $1.6 million. The broker reported a net loss of $3.2 million for the year, compared with a $6 million net profit in the previous year, marking a significant deterioration in bottom-line performance.
Adjusted EBITDA dropped by 55.7 per cent to $4.3 million, and the EBITDA margin narrowed to 8.8 per cent from 19 per cent. The company attributed part of the higher cost base to non-recurring IPO-related investments intended to support its proprietary trading platform, operational capabilities and geographic expansion.
Impact of IPO and Trading Conditions
iForex completed its public listing last February after a delay of about eight months caused by an offshore regulatory investigation. The listing process cost the broker a non-recurring $4.1 million and included a non-cash share-based payment charge of $3.7 million, items the company indicated could influence upcoming results as well.
Chief Executive Officer Itai Sadeh said the broker made “meaningful strides” on its strategic priorities through investment in its proprietary trading platform, operations and geographic footprint. He described 2025 trading conditions as mixed, with strong activity and macro-driven volatility in the first half of the year, followed by a period of lower volatility in the third quarter before activity recovered toward year-end. Sadeh added that the company started FY 2026 positively, supported by elevated market volatility.
Operational Metrics and Client Trends
On the non-financial side, iForex reported a modest increase in overall trading activity. Total trading volume in 2025 rose by 1.5 per cent to $470.8 billion. However, the number of active clients declined by 2.5 per cent to 28,141, while the broker added 13,579 new clients over the year.
Average revenue per user saw a marginal improvement, increasing to $1,746 from $1,737. At the same time, average client acquisition cost rose significantly, climbing to $695 from $401, indicating higher spending to attract new clients. These trends, combined with the impact of non-recurring IPO-related charges, contributed to the overall pressure on profitability in 2025.
