FXDD Parent Posts $5.1M as Q4 2021 Revenue, Losses Deepen

Nukkleus Inc, which controls FXDD Trading and FXMarkets brands, published its quarterly financials, between October and December, reporting total revenue of almost $5.13 million. It was around 6.3 percent higher year-over-year.

The company generated $4.8 million as revenue from its general support services, while the remaining $329,015 came from financial services. The revenue from the general support services has remained unchanged for several quarters now.

There was a gross profit of $243,173 in the quarter. But, after the consideration of operating and other expenses, the company ended up with a net loss of more than $1.94 million, which was much higher than the loss of $53,595 in the same quarter of the previous year.

The functional currency of the company is the US dollar. So, the company also lost $2,227 as foreign currency translation loss in the quarter, taking the comprehensive loss to a bit higher.

Presence in the FX Industry

Nukkleus is a financial technology company that provides software and technology solutions to foreign exchange trading industry participants. It uses the FXDD brand for its services related to the retail forex trading industry.

Meanwhile, the company is focused on expansion. Last May, it acquired a 70 percent stake in Match Financial in an all-stock deal with a purchase price of around $9.8 million. Later that year, it acquired 5 percent of the issued and outstanding ordinary shares of Jacobi Asset Management Holdings Limited, a company that is issuing regulated Bitcoin exchange-traded funds (ETF).

“The ramifications of the outbreak of the novel strain of COVID-19, reported to have started in December 2019 and spread globally, are filled with uncertainty and changing quickly. Our operations have continued during the COVID-19 pandemic, and we have not had significant disruption,” the latest SEC filing added.

“The Company is operating in a rapidly changing environment, so the extent to which COVID-19 impacts its business, operations and financial results from this point forward will depend on numerous evolving factors that the Company cannot accurately predict. Those factors include the following: the duration and scope of the pandemic; governmental, business and individuals actions that have been and continue to be taken in response to the pandemic.”