International Money Express, Inc. (IMXI) reported a decline in financial performance for the third quarter of 2025, with total revenues of $154.9 million, down 10% from $171.9 million in the same period last year. The decrease was primarily driven by a reduction in wire transfer and money order fees, which fell to $127.8 million from $144.6 million, reflecting a contraction in transaction volume, particularly in the Mexico corridor. Net income for the quarter was $5.0 million, a significant drop of 71% compared to $17.3 million in Q3 2024, resulting in earnings per share of $0.17, down from $0.53.
For the nine months ending September 30, 2025, IMXI's revenues totaled $460.4 million, a decrease of 7% from $493.9 million in the prior year. The company attributed this decline to a 1.7% drop in the principal amount sent, totaling $18.0 billion, and a 7.7% decrease in the number of transactions processed, which amounted to approximately 40.6 million. The company also reported a net income of $23.7 million for the nine-month period, down 45% from $43.4 million in 2024.
Strategically, IMXI is in the process of merging with The Western Union Company, with the merger agreement signed on August 10, 2025. Under the terms of the agreement, each share of IMXI common stock will be converted into $16.00 in cash. The merger is subject to customary closing conditions, including stockholder approval and regulatory clearances, with an anticipated completion date in mid-2026. The company has also incurred significant transaction costs related to this merger, amounting to $5.4 million in Q3 2025.
Operationally, IMXI has seen a 3.4% increase in its agent network, which now includes over 100,000 independent sending and paying agents and 122 company-operated stores. However, the company reported a higher provision for credit losses of $6.1 million for the nine months ended September 30, 2025, reflecting increased write-offs from sending agents unable to meet payment terms. The company maintains a strong liquidity position, with cash and cash equivalents of $151.6 million as of September 30, 2025, and has access to a $425 million revolving credit facility, of which $157.9 million was drawn.
Looking ahead, IMXI anticipates that the ongoing merger with Western Union will enhance its operational capabilities and market reach. However, the company also faces challenges from fluctuating market conditions, regulatory changes, and competition in the money remittance sector. The management remains focused on expanding digital services and improving operational efficiencies to navigate these challenges effectively.
About International Money Express, Inc.
International Money Express, Inc. specializes in omnichannel money remittance services primarily between the U.S. and Latin America, Africa, and Asia. It offers digital, in-person, and agent-based transfer solutions, leveraging proprietary technology and extensive agent networks. Serving immigrant communities and global markets, the company emphasizes reliability, convenience, and regulatory compliance, with a focus on profitable corridors and digital expansion to enhance consumer financial access worldwide.
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