• In FY2021 (ended June 2021), BNXA recorded $17M in net revenue, up 529% YoY, beating our estimate by 9%, amid strong trading volume. Q4 revenue was up 42% QoQ. FY2021 EBITDA (adjusted) also beat our estimate ($3.77M vs $1.30M) partly due to G&A expenses being 8% lower than expected.
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