Key Highlights

  • In Q2-2019, iSignthis Ltd. (“ISX”, “company”) posted its first quarter of positive operational cashflows of $1.36 million compared to -$1.66 million in Q1-2019.
  • We had introduced ISX in a note published on December 18, 2018, when the company’s share price was $0.16 per share. Since then, ISX’s stock price has appreciated 525% and market capitalization has increased from $172 million to $1.09 billion.
  • According to the company, the annualized gross processed turnover value (“GPTV”) was $690 million as of July 19, 2019. This implies the company expects the total GPTV in July 2019 to be approximately $57.5 million ($690 million divided by 12), up 82% from $32 million in March 2019.
  • Revenues in Q2-2019 were $6.3 million, up 240% QoQ, and well above our expectations. We believe YoY comparisons are not meaningful, as the company recently changed their business direction by stepping in to offer card acquiring services for a number of high brand risk (“HBR”) merchant sectors following the exit (outlined in our initiating report) by the National Australia Bank (ASX: NAB).
  • On August 8, 2019 the company entered into an Australian Principal Member licensing agreement with Visa (NYSE: V). Prior to this agreement, in Australia, ISX was a principal member of Mastercard (NYSE: MA), ChinaUnionPay, Diners Club and Discover (NYSE: DFS).

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