International Money Express Reports Slight Revenue Decline and Strategic Acquisitions for Fiscal Year 2024

International Money Express, Inc. (Intermex) reported its financial results for the fiscal year ending December 31, 2024, revealing total revenues of $658.6 million, a slight decrease from $658.7 million in the previous year. The company's net income for the year was $58.8 million, down from $59.5 million in 2023. This decline in profitability was attributed to a decrease in transaction volume processed through its retail network, primarily due to market contraction, although revenues from digital channels increased by 58.5% to approximately $20.6 million.

The company experienced a modest decline in its principal amount sent, which decreased by 0.8% to $24.4 billion compared to the previous year. Total remittances processed increased slightly by 0.4% to approximately 58.9 million, driven by growth in digital channels and European subsidiaries. The agent network saw a minor reduction of about 0.2%, reflecting fewer agents onboarded relative to terminations. Intermex's market share in key corridors remains significant, processing 19.7% of remittances to Mexico and 27.6% to Guatemala.

Strategically, Intermex completed two acquisitions in 2024, enhancing its service offerings and market presence. The acquisition of a money services entity in the United Kingdom allows for outbound remittance services from that region, while the purchase of the Amigo Paisano brand strengthens its digital channel offerings and presence in the U.S.-Guatemala corridor. The company also executed a restructuring plan that incurred approximately $3.1 million in costs, aimed at streamlining operations and integrating technology.

Operationally, Intermex's employee headcount stood at 1,303 as of December 31, 2024, with a diverse workforce comprising approximately 94% racial or ethnic minorities and 50% female employees. The company continues to focus on expanding its digital services, which are increasingly relevant to consumers, particularly in the Latin American and Caribbean corridors. The outlook for 2025 includes significant investments in digital marketing and service enhancements, although these initiatives may initially impact short-term profitability.

Looking ahead, Intermex anticipates ongoing challenges from market conditions, regulatory scrutiny, and competition from both traditional and digital money transfer services. The company has suspended its assessment of strategic alternatives, including potential sales, as it believes its current business model and strategic plan will maximize long-term shareholder value.