International Money Express, Inc.

What they do

Intermex provides money transfer services, primarily from the U.S. to Latin America and the Caribbean, with additional services to Africa and Asia and from Canada, Spain, Italy, and Germany. Consumers can send money through over 100,000 independent agents, 114 company-operated stores, and digital channels (websites and mobile apps). The company also offers ancillary services like pre-paid debit cards, direct deposit payroll cards, and Remittance-as-a-Service (RaaS) for digital partners.

Revenue drivers

• Money transfer fees (U.S.-to-LAC corridor) — Primary revenue source from fees paid by senders, shared with agents; key corridors include Mexico, Guatemala, El Salvador, Honduras, and the Dominican Republic.
• Foreign exchange gains — Revenue from managing currency exchange spreads on remittances paid in local currencies not pegged to USD, CAD, or EUR.
• Remittance-as-a-Service (RaaS) — Fees from digital partners using Intermex's software, money transmitter licenses, and payer network to process transfers.
• Other services (pre-paid cards, payroll cards) — Additional revenue from ancillary financial products, though presenting different cost and risk profiles than core remittances.

Recent performance

For 2025, annual revenues were $607.8 million, down 7.7% from $658.6 million in 2024, and net income fell to $32.7 million from $58.8 million, with diluted EPS dropping to $1.08 from $1.79. In Q2 2025, revenues were $161.1 million (down 6.1% YoY), net income $11.0 million, and adjusted EBITDA $28.8 million; money transfer transactions fell 7.8% but average principal per transaction rose 5.0% to $441. For the first half of 2025, volumes were $11.8 billion (down 0.8%) and transactions down 6.6%. The six months ended June 30, 2026 saw principal sent decline 12.0% to $10.4 billion, with a 5.5% reduction in agent network.

Strategy

Management emphasizes expanding the digital business while leveraging the retail model, citing the classified board structure to support long-term execution. The company is investing in technology, including its website and mobile apps, and pursuing RaaS partnerships to grow digital revenue. Recent activity included stock repurchases to reduce share count and a move to a new U.S. headquarters in the first half of 2024. Cost control is evident through lower service charges from agents and banks, partially offsetting revenue declines.

Risks

• Transaction volume decline — Money transfer transactions fell 7.8% in Q2 2025 and 6.6% in H1 2025, with a 12.0% drop in principal sent in H1 2026, indicating weakening demand.
• Revenue concentration — Heavy reliance on U.S.-to-LAC corridor, particularly Mexico, Guatemala, El Salvador, Honduras, and Dominican Republic, exposes to corridor-specific shocks.
• Regulatory and licensing costs — Operating as a money transmitter in all 50 states, D.C., Puerto Rico, and multiple countries requires maintaining licenses and compliance, which can raise costs.
• Agent network attrition — Agent count decreased 5.5% in H1 2026 due to fewer onboardings than terminations, which could reduce distribution reach.

Outlook

Management expects continued pressure on transaction counts as consumers send less frequently but in larger amounts, a trend seen in 2025. They plan to focus on digital growth and RaaS to offset retail declines, and manage costs through lower agent service fees. No specific revenue or earnings guidance was provided in the latest filings.