International Money Express Reports Q1 2025 Revenue Decline of 4.5% to $144.3 Million

International Money Express, Inc. (IMXI) reported its financial results for the first quarter of 2025, revealing a total revenue of $144.3 million, a decrease of 4.5% from $150.4 million in the same period of 2024. The decline was primarily attributed to a 5.3% drop in wire transfer and money order fees, which totaled $120.2 million, down from $126.9 million. The company also experienced a slight decrease in foreign exchange gains, which amounted to $20.2 million compared to $20.3 million in the prior year. Net income for the quarter was $7.8 million, a significant decline of 35.5% from $12.1 million in the previous year, resulting in earnings per share of $0.25, down from $0.36.

In terms of operational metrics, IMXI processed approximately 12.8 million remittances during the quarter, a decrease of 5.2% year-over-year. However, the principal amount sent increased by 3.7% to $5.6 billion, indicating a shift in consumer behavior towards sending larger amounts per transaction. The company attributed the decline in transaction volume to changing consumer preferences and a higher average principal sent per transaction. The total number of agents in the network grew by approximately 0.5%, reflecting ongoing efforts to expand its operational footprint.

Strategically, IMXI completed the acquisition of a money services entity in the United Kingdom in July 2024, which is expected to enhance its service offerings and market presence in Europe. The company also initiated a restructuring plan aimed at streamlining operations and reducing costs, incurring approximately $0.3 million in restructuring expenses during the quarter. This plan is anticipated to yield annual savings of around $2 million, primarily realized in the latter half of 2025.

The company’s balance sheet showed total assets of $490.6 million as of March 31, 2025, an increase from $462.4 million at the end of 2024. Cash and cash equivalents rose to $151.8 million, up from $130.5 million. Total liabilities decreased slightly to $351.3 million from $327.5 million, with long-term debt standing at $147.4 million. The company remains compliant with its debt covenants and has significant liquidity available for future growth initiatives, including share repurchases.

Looking ahead, IMXI anticipates continued challenges due to economic and political conditions affecting its core markets, particularly in Latin America. The company is focused on enhancing its digital services and expanding its customer base while managing operational costs. Despite the current headwinds, IMXI remains committed to its growth strategy and aims to leverage its recent acquisitions and restructuring efforts to improve financial performance in the coming quarters.