Currency Exchange International, Corp. ($CXI)

Good morning, ladies and gentlemen, and welcome to the Currency Exchange International CXI Q2 2026 Financial Results Conference Call. [Operator Instructions] This call is being recorded on Wednesday, June 10, 2026. I would now like to turn the conference over to Bill Mitoulas, Head of Investor Relations with CXI. Please go ahead.

Thank you, Joey, and good morning, everyone. Welcome to the Currency Exchange International conference call to discuss the financial results for the second quarter of the 2026 fiscal year. Thanks for joining us. With us today are President and CEO, Randolph Pinna; and Group CFO, Gerhard Barnard. Gerhard will provide an overview of CXI's financial results and his latest perspective on the company's operations. Randolph will then provide his commentary on CXI's strategic initiatives, sales efforts and business activities, after which we'll open it up for your questions. Today's conference call is open to shareholders, prospective shareholders, members of the investment community, including the media. For those of you who may happen to leave the call before its conclusion, please be advised that this conference call will be recorded and then uploaded to CXI's Investor Relations website page, along with the financial statements and MD&A. Please note that this conference call will include forward-looking information, which is based on a number of assumptions, and actual results could differ materially. Please refer to the financial statements and MD&A reports for more information about the factors that could cause these different results and the assumptions that we have made. With that, I'll turn the call over to Gerhard. Gerhard, please go ahead.

Good morning. Thank you, Bill, and good morning to everyone joining today's call. My overview of the company's performance, CXI will also incorporate the final results of the discontinued operations of Exchange Bank of Canada or EBC. These results are presented in U.S. dollar. On May 4, 2026, the company announced the completion of the discontinuance of its wholly owned subsidiary, Exchange Bank of Canada, marking the conclusion of EBC's orderly exit from Canada. On April 29, 2026, the entity was dissolved. On final dissolution amounts of roughly $6.4 million previously recorded in equity under accumulated other comprehensive losses or AOCL, related to the cumulative exchange differences on translating foreign operations were classified to retained earnings through the loss after tax from discontinued operations. Further, EBC incurred legal and consulting charges of roughly $110,000 in the second quarter and for the 6 months, a loss of roughly $300,000. All of these amounts represented losses that were incurred in the results from discontinued operations for the 3 and 6 months period ended April 30, 2026, of $6.57 million and $6.8 million, respectively. There's $6.49 million relating to the AOCL balance. So we really moved that balance through the balance sheet via retained earnings and EBC is finally discontinued. Now before we go into these results in detail, I'd like to note that the group measures and evaluates its performance using several financial metrics and measures. Some of which do not have standardized meanings under generally accepted accounting principles or GAAP and may not be comparable to other companies. We call these measures non-GAAP financial measures and/or adjusted results. Management believes that these measures are more reflective of its operating results and provide a better understanding of management's perspective on performance. These measures enhance the comparability of our financial performance for the current period with the corresponding period in 2025. Now management included a full reconciliation of key performance and non-GAAP financial measures in the MD&A on Page 25. When we refer to reported results, we refer to the results as reported in the financial statements based on IFRS -- when we refer to adjusted results such as adjusted net income, we refer to performance non-GAAP measures. I am excluding the AOCL, which was reported under discontinued operations related to cumulative exchange differences from translating foreign operations and this was -- as this was one final step in EBC's discontinued, and I'm excluding it as it will improve comparability to the previous year. With that, here is a summary of the current second quarter's results compared to the same quarter in 2025. Revenue increased to $18 million by $2.1 million or 13%, driven by a 73% increase in payments revenue and a marginal 1% increase in banknotes revenue. Operating expenses increased $13.6 million by $2.9 million or 27%. Now this is largely due to a $1.2 million swing in foreign exchange gains and losses from a $780,000 gain last quarter in 2025 to a $450,000 loss in this quarter, largely as a result of the impact of ongoing geopolitical events. Now when adjusting for bank charges previously accounted for in discontinued operations under Exchange Bank of Canada, the increase in bank charges is almost entirely attributable to the wire volume. So if one were to exclude the swing in foreign exchange gains and losses, and account for the bank charges in continuing operations, expenses rose by $1.2 million or 9%. So moving the foreign exchange gains and losses, looking at the bank charges that was in discontinued operations, adjusting for those, you really sit with a $1.2 million increase in expenses or 9% compared to that revenue increase of 13%. Now reported EBITDA decreased to $4.5 million by $380,000 or 8% and adjusted EBITDA decreased to $4.7 million or roughly $600,000 or 11%, which was mostly caused by the restructuring charges immaterial in the current quarter compared to $229,000 in the second quarter of 2025. As stock-based compensation were almost the same in both quarters. So really, stock-based compensation is neutral if you compare quarter-over-quarter. Now reported continuing operations net income, that's the CXI business, which excludes losses from discontinued operations decreased to $2.4 million by $283,000 or 11%. Adjusted continuing group net income was essentially flat at $2.4 million for the second quarter and $4.3 million or $886,000, almost 25% higher than the previous 6 months. Now let's look at quarterly revenue in a bit more detail. Revenue growth was driven by the payments product lines growth of $2 million or, as I said, 73% complemented by a 1% increase in banknotes revenue, resulting in total revenue increasing 13% when compared to the prior second quarter because payments is roughly 27% of our total revenue and banknotes is roughly 73% of our total revenue. So that's why that 73% and 1% gets to an cumulative 13% revenue increase. Now banknotes revenue increased 1% year-over-year, driven by new business and growth in certain non-airport agent locations, largely offset by volume declines from existing financial institution customers and some money service businesses. Let's look at wholesale banknotes. Revenue grew 11% supported by certain large trades that occurred during the current period and new domestic financial institution customers, mitigating volume declines from other key customers. In contrast, revenue from the online FX platform and company-owned branches decreased by 28% and 10%, respectively, due to lower demand for exotic currencies and certain travel foreign currencies as a result of the geopolitical events. Wholesale banknotes trading volumes increased 12%, while all other banknote segments experienced volume declines. Overall, wholesale banknotes revenue increased by $806,000 or 11%, representing 47% of total revenue. Now our online FX platforms revenue decreased by $265,000 or 28% due to a decline in the demand for exotic foreign currencies, partially offset by a slight increase in foreign travel currencies, primarily the euro. During the current quarter, the company added North Dakota to the states in which online FX operates. CXI now offers its services in 48 states plus the District of Columbia. Revenue from the online FX platform represented roughly 4% of the total revenue compared to 6% for the same quarter last year. CXI's company-owned branch revenue decreased by $429,000 or 10%, driven by weaker demand for exotic foreign currencies and the temporary closure of 3 stores between the fourth quarter of 2025 and the first quarter of 2026 due to required relocations as well as a permanent closure of the Santa Monica branch in the third quarter of '25. Although 2 new locations, Scottsdale, Arizona and Woodbury, New York, were opened in the second half of 2025, they have not yet fully matured to fully offset the lost revenue from the closed locations and branches. Revenue from the company-owned branches represented 22% of the total revenue, down from roughly 28% a year ago. Payments revenue increased by $2 million or 73% in the 3-month period April -- 3-month period ended April 30, 2026, driven by a 43% increase in trading volumes. Growth was driven by the continued onboarding of new customers, increased transaction activity from existing financial institutions and credit union clients, investments in core banking system integrations and scalable infrastructure, enabling improved service offerings. Business trading volumes were north of $2 billion for the current quarter compared to $1.4 billion for the prior period. Growth in payments revenue increased its contribution to the company's total revenue to 27% in the current 3-month period compared to 17% last year. The following is a highlight of operating expenses from continuing operations for the second quarter of 2026 compared to the prior year's second quarter. Now CXI's operating expenses increased by $2.9 million, as I mentioned, or 27% compared to the same 3-month period in the prior year. Variable costs within operating expenses represented by postage and shipping, bank service charges, sales commission and incentive compensation totaled $3.8 million in the current quarter compared to $2.7 million in the 3-month period ended April 30, 2025. Now that's a 40% increase, primarily attributable to bank service charges. The ratio comparing total operating expenses to total revenue for the 3 months ended April was 76% compared to 68%. Now let's deal with bank service charges. It represents fees associated with processing payments and banknotes transactions, but are primarily driven by our banknotes product -- our payments product line. The significant increase in the quarter was driven by 2 main factors. Firstly, the substantial increase almost 17,000 additional payments were processed in the second quarter with quarterly payment transaction volumes increasing to almost 65,000 from 46,000. Secondly, as mentioned before, CXI transitions its payments processing activity away from EBC during the fourth quarter of 2025, which resulted in having 100% of CXI's bank charges being incurred within continuing operations for the current quarter, whereas in the same quarter last year, roughly $450,000 in bank charges were recorded under EBC in the discontinued operations. Now adjusting for this $433,000, the increase of $268,000 in bank charges is almost entirely related to the volume growth of 17,000 additional wires in this quarter. Foreign exchange losses of $421,000 for the current quarter were primarily driven by the depreciation of foreign currency-denominated inventory against the U.S. dollars during the first 2 months of the quarter. This was influenced by heightened geopolitical uncertainty related to the Middle East conflict, which supported safe haven demand for the U.S. dollars as well as a divergent monetary policy and interest rate differentials that contribute to hedging costs. The largest contributor of the quarterly net loss was elevated carrying costs associated with the Mexican peso positions against the U.S. dollar, combined with increased market volatility. In comparison, the prior year experienced significant -- remember, that $779,000 significant U.S. dollar weakening following announced trade tariffs and policy shocks, resulting in a foreign exchange gain of $780,000 in the previous quarter. This represents a $1.2 million swing between these 2 quarters, as mentioned. Now if we were to take bank charges, the $443,000 from discontinued operations and the large swing of $1.2 million in foreign exchange gains into losses and normalize this or adjust this, operating expenses increased 9%. Let's look at salaries and benefits. It increased due to several factors, including the full absorption cost of staff and directors from EBC following the cessation of cost sharing with EBC during the fourth quarter of 2025 and an increase in sales commission primarily related to the growth in payments volume. These increases were partially offset by a reduction in headcount resulting from the closure of the Miami Vault, partially year 60%, 70%. By the closure of the Miami vault and slower hiring of certain roles to gain efficiency. Due to gained efficiency, CXI made a strategic hire, and we are very pleased to announce that Steve Mercinski will join the executive team as Managing Director, E-commerce for the group. Steve will drive our e-commerce and group marketing strategy. Welcome, Steve. Postage and shipping increased 12% due to wholesale banknotes volume as a result of an 11% increase in revenue during the current quarter as well as costs incurred from measures mitigating the loss of shipments with contracted carriers, including expanded use of armored services and the reduction of maximum package size. Now information technology increased partly as a result of absorbing the full cost from software licenses that were partially offset to EBC in the prior period, increased software costs related to a 73% increase in wire volumes, SWIFT usage and cybersecurity costs incurred in the normal course of growing this business. CXI increased its service tiers in NetSuite and Coreva based on volumes. Now let's dive into a summary of the current 6-month period's results compared to the same 6-month period in 2025. Revenue increased to $33.4 million by $2.1 million or 7%, driven by a 6-month increase of roughly 61% in payments revenue and a 5% decrease in banknotes revenue. Operating expenses increased to $25.8 million by $3.5 million or 15%. Now again, this is largely due to a $1.35 million increase in bank charges and the impact of share price movements on stock-based compensation. Again, I'm going to explain the bank charges here. Actual bank charges, excluding the impact of cost sharing reflected a 40% increase year-over-year, which is aligned with the actual growth seen in the payments business, that 61% I mentioned. Overall, total operating expenses adjusted for these 2 items reflected an increase of $2.2 million or 9%, which was inflationary increases in personnel costs in addition to absorption of costs previously shared with EBC. Reported EBITDA decreased to $7.8 million by $920,000 or 11% and adjusted EBITDA decreased to $8.5 million by $558,000 or 6%, which resulted from adding back the stock-based compensation of about $500,000 in the current 6-month period compared to $88,000 in the prior 6-month period and restructuring costs of roughly $200,000. Now Salaries and Benefits for the 6 months increased 7% due to several factors. As we mentioned, the EBC cost sharing and also a change in the vacation policy from last year. These increases were partially offset, as I mentioned, by a reduction of almost $800,000 in salaries and wages resulting from the closure of the Miami vault. Information technology increased 33% as a result of the absorption of the full cost. The increased software costs, as mentioned, relates to an increase in wire volumes, SWIFT usage and cybersecurity costs. Now Marketing and Publicity increased 26%, primarily due to the company's focus on marketing growth initiatives. CXI onboarded an external performance marketing agency in February to refocus ad spend and accelerate travel currency growth, focusing on campaigns, retail investments and establishing customer referral programs that support the corporate goals with a focus on direct-to-consumer business growth. Very excited about this. Interest revenue of $440,000 was primarily driven by CXI's increased investment cash balances. As of April 30, 2026, CXI had $30 million in AAA-rated money market funds in addition to interest earned on other investment -- interest-bearing bank accounts in the normal course of business. The increase in interest income reflects a significant rise in the daily investment balance, partially resulting from reduced working capital or 0 working capital requirements related to EBC. Now let's review the period-end balance sheet. Due to the company's business being subjected to seasonality, CXI uses a 12-month trailing adjusted net income amount and that calculates ROE at roughly 14%. CXI's net working capital of $80 million and total equity of $85.3 million and a 100% available unused line of credit amounting to $40 million. CXI reported cash and cash equivalent balance of $109.9 million, now including $4.5 million return of invested capital distribution from EBC, which was received on April 29, 2026. CXI had almost $58 million cash held in the form of banknote inventory in transit, vaults at tills and on consignment locations at the quarter end. CXI maintains cyclical banknotes inventories, which average levels range between $50 million and $75 million, depending on the travel season. Cash deposited in bank accounts totaled roughly $52 million. This total of $52 million includes the $30 million in excess cash of minimum operating requirements and cash required to settle off accounts payable--accounts receivable and accounts payable balances related to customer tradings at the quarter end. The remaining balance is comprised of minimum cash reserves maintained by CXI in bank accounts with selected banking partners to support banknote settlement activities as well as operating cash balances corresponding to payment settlement activities. It is important to note that cash serves as CXI's primary product, its widgets, primarily utilized for transactional activities within the banknote segment and both wholesale and customer transactions. Now maximizing shareholder returns remains a top focus of management with improved operating efficiencies and through CXI's share buybacks under a normal course issuer bid or NCIB. During the 6-month period ended April 2026, CXI acquired and canceled 211,000 common shares at prevailing market prices on the TSX, totaling $3.6 million. At this time, I would like to turn the call over to Randolph Pinna, our CEO, to provide his perspective. Thank you, Randolph.

Thank you, Gerhard, and thank everybody, for being on the phone this early. As usual, I'd like to start with the Exchange Bank of Canada. This will be the last time in my comments that we'll be discussing it as one director called it, it's now in our rearview mirror. First, I would like to give a shout out to Katie Davis, our Group Treasurer, who led the discontinuance plan to a T and executed on time cooperatively with all stakeholders, and the bank has now been closed and liquidated. I do recall and want to remind people of the fact that the bank was created because it was putting us on the global stage as the reputation of a global foreign exchange provider. It allowed us to establish a relationship with SWIFT, allowed us to establish a relationship with the Federal Reserve. And now that the bank has closed, I'm happy to confirm that CXI has created its direct relationship with SWIFT. It has its own direct relationship with the Fed and now is a part of the Fedline, which I'll talk about in payments. And most importantly, CXI, because of being known as a global provider, has established a wholesale bank relationship with one of the largest global banks in the world, which will actually help us facilitate additional growth in our payments business. We're happy that we have given back the license now, and we remain 100% focused on CXI. Starting at CXI, as you know, banknotes is our largest part of the company's business. It is true that the geopolitical situation, the 2 wars and all the same factors have affected same-store sales of banknotes. You saw a little growth because we continue to focus on growing our market share, our "net" if you want to use a fishing term, where we can catch the clients coming or going. Right now, it is a little softer. However, the business will continue to grow because we are focused in all 3 of our categories of banknote activities to grow it. Starting with the stores, -- we did successfully move some of the stores we lost leases due to companies like Apple requiring more space, and we had to move locations. So we've moved our California location to the Newport Beach, which is a brand-new great location, and we are continuing to focus on growing our retail stores. New markets like Charlotte, additional store in Manhattan are already underway and hopefully will be opened soon. In the wholesale banknote arena, as you know, our largest banknote customers are financial institutions, banks and credit unions, and we continue to focus on growing those relationships not just for cash, but also for the payments business. But we have been successfully adding additional banks to do foreign currency, the actual cash with us. We also are very focused on our nonbanks. Our AAA relationship and other agent relationships continue to grow market share. And when the world hopefully gets back to a more normal travel pattern, we will see increased activities. We did add 2 new salespeople with low base and our usual commission, which motivates them to go get a lot of customers, and they're focused on nonfinancial institutions, diversifying our client type from just not banks and credit unions, but also nonbank entities such like a AAA additional agent locations and other types of companies like grocery stores or even possibly broker-dealer companies that have clients with cash on hand. Lastly, we have our e-commerce unit. While we saw a slowdown due to the exotic currency demands going down mostly because of the war. We have hired Steve Mercinski. I'm very happy to have an experience. We head hunted and identified a leader, experienced leader of e-commerce. And Steve is now very focused here in the office today as well to grow our network and our accessibility to that 95% of the U.S. population. I would like to move over -- I do want to remind you that seasonality, the banknote business is typically best in the summer when kids are off from school. So the first 2 quarters that Gerhard gave a very detailed summary of was our slower time for banknotes. The second half of this year is expected, and it is -- you can see it on the road and things like World Cup will hopefully allow for a good strong second half of the year in our banknote category. Moving over to payments. We are very focused on continuing to grow our payment revenues. The core of this is our development of our wire hub. We have now, as I said earlier, connected directly with the Fed. We have a Fed-approved location that is part of the Fed line. This enables our software to connect financial institutions to the Federal Reserve. We -- before I go into domestic, I just want to focus on our current reason the volume of payments are continuing to grow is that we do add additional banks and additional integrations, as Gerhard pointed out, which allows us to tap into current flows of international wires, switching those customer banks from their mega bank that they typically use to us as a specialty provider that does a better job. And we are going to continue to do that. Our SWIFT connection has been fully integrated and now processing 99% of all of our wires, and we are adding the SWIFT GPI service, which is another feature that makes us a better specialist FX provider for payments. Moving to the new product side. I'm very proud to again remind you, we have this direct relationship with the Fed, enabling us to have a new revenue known as Software as a Service, where we using our CXIFX rails, our software allows the bank to connect to their account at the Fed seamlessly. This means that we do not actually process the payment, hence, no risk on the compliance side because the bank is using the Fed to send the wire. They're just using our -- the CXI rails, connecting the smaller bank to the Federal Reserve. We already have 20 banks that are on -- either have started already or about to start because each month, you have to work with the Fed to add each new bank's connection. We're very happy that this has met our expectations and continues to be expected to have nice new revenue from non-FX activity, but just Software-as-a-Service connection. We will continue to invest into the wire hub and add additional features like the new FedNow, which is one of the projects that are upcoming as well. So in summary, we continue to grow all of our areas of business, both on the retail side, the wholesale side, the e-commerce side and very importantly as well on the payment side with both international FX as well as now domestic wire capabilities. We will continue to always focus on managing costs and the return on the capital that we have so that our shareholders continue to see the profits of the business grow. Of course, Gerhard and I are always looking for additional opportunities that we can grow our business even more. But right now, we're very happy with the growth we've had in spite of some of the clouds in the air. I now will open up for questions. Thank you.

[Operator Instructions] Your first question comes from Robin Cornwell with Catalyst Research.

I think the -- my first question is really the direct-to-consumer segment. Could you maybe give us a bit of an idea of the revenue decline as it pertains to the airport shutdowns versus sort of travel generally?

I'm not sure what you mean by the airport shutdowns, but the largest driver of the loss of revenue is because of exotic currencies. As you know, you've been following CXI for a long time. We've disclosed in the past unusual activity in that because the margin on exotic currencies are wider. And hence, if the actual currency rate stays stable, we enjoy a much higher profit margin per currency as opposed to a travel currency is priced more competitively with the banks or whoever else your alternative is we have a very competitive price. But for exotic currencies, since you can't hedge them, we have a wider margin. Hence, if everything is normal, you make extra money. Those currencies are typically the Iraqi dinar. That’s the number one exotic currency that we had been selling over the last 10 years, consistently giving us good revenues from this exotic currency. And because of the war in the Middle East, the demand for that currency has dropped significantly. We don't know once the war is hopefully over, whether that will return or not, but that is the #1 driver of the reduced revenues from the direct-to-consumer side.

Robin, maybe to add to that point is just those stores. When we close a store that's been operating for 2, 3, 4 years, they get to maximum revenue-producing capacity. And the moment you close that store and you open a new store, it doesn't start producing top-notch revenue day 1. It takes a few months, a few quarters to get them operational. So the stores that we had to close and the new locations that we're opening, it's not fit for that. You don't close 2, open 2 and your revenue continues. So there is a bit of a decline in those closing stores that's now been caught up with opening the new stores. But they haven't been fully operational for a year, 2 years to reach that capacity that we lost by closing the others. So I just wanted to add that.

Okay. That's great. You did mention the airport shutdowns in your discussion. And I was just curious whether that wasn't -- didn't last that long, but if there was a big disruption. Okay. My second question, I wondered, Randolph, if you could discuss your plans on Mexico and the Caribbean. You didn't mention it this time. And just curious if there was new developments.

So the relationship that our group had with Mexico was through Exchange Bank of Canada. And so right now, we are not doing standard currency exchange with any banks in Mexico. We are having an account that was just recently established to source pesos directly from Mexico. So that way, we're getting the peso directly from the banks, the central banks and the banks in Mexico because we are a supplier of cash throughout the U.S. and Mexico is on our border. So we need that as a vendor relationship. Our Caribbean clients continue to be maintained. We have not chosen at this point to expand our international customer base, although that is -- every year, we do our strategic planning, which we're underway now. And that is a consideration to selectively service banks in countries, maybe most likely not Mexico right off the bat, but also places like maybe Costa Rica, where we need to source currency as well as do currency exchange. But we -- CXI does have several banks that it services in the islands, and those relationships continue to produce revenues and hence, do beg the consideration to expand our international sales. Did that answer your question?

Yes.

Your next question comes from Peter Rabover with Artko Capital.

A quick question. Do you guys have like an anticipation or expectation of what the World Cup business is going to do this summer?

We would like to think it’s going to be great. It clearly is having some positive impact. I don’t think it’s going to be a material major move of the needle, to be honest. The ticket prices are quite high, and travel costs have gone up as well. I don’t know. We’ve been through a World Cup before. We had an Olympics in my career, Olympics and so forth, and it does, for a couple of months, move the consumer inbound currency exchange activity up. I don’t think it’s a major material event. We do feel that is a positive lift, a tailwind against some of the headwinds that this war and all the other political stuff is causing. Yes, we don’t know how much exactly. We are focused on our marketing in the markets like Miami, where we know in L.A. we have offices. We are ready for them. Our nets are ready, if you want to use that term again. I don’t think it’s going to be a major impact, but it will definitely be positive more than anything negative.

Okay. Great. And then now that you have Canada officially behind you, congratulations. I'm sure that was like a very big time suck over the last 1.5 years or so. I'm just kind of curious what's your sharpened focus on like top couple of things that you guys are using that you found time to focus on?

So as I was saying earlier, it's twofold. On the payment side, we're continuing to focus on integrations with existing flows, expanding our wire hub capabilities, which makes us even more attractive as a payment provider. And on the banknote side, we are diversifying our revenue type. In other words, the type of customer we get banknote revenues from not just banks, but also nonbank entities. AAA has been a very successful win, and we're very pleased to know that we still have more AAA locations across the country to add. That's just an example. We want other agent locations, select airport agent locations. And then again, we hired Steve. We went out and lifted a very experienced seasoned e-commerce expert to really maximize our ability to deliver cash to 95% of the U.S. population. So I think there's a lot of opportunity there.

Okay. Great. And then maybe just more of a philosophical question, but have you guys done -- what's your -- like, I guess, estimation of the TAM for the payments business that you guys are going after?

We don't really give any forward guidance, but I'll see if Gerhard wants to some sort of.

That's not a guidance question. I'm asking what the market size is.

Okay. Sorry, go ahead. Go ahead, Gerhard.

And the TAM is $250. Give me a second, Peter. I have it here. I will pull that up and give you a quick answer Peter, let me find it, and I'll just get it through in the call as well.

Yes, sure. Look, I just want to -- I mean, clearly, this business is going well. And so I'm just kind of curious what the size of the opportunity is. And it sounds like you guys are installing the capacity to take on more growth. So I'm just kind of curious to see what we're looking at. So that was my question.

Yes. The FX payments is probably one of the largest industries in the world. Would CXI be able to process Toyota automotive, Japanese yen? No. So that's not an attainable market to be able, even though there's FX. As we get bigger, we can go move up the food chain. But I think what Gerhard is probably right that what we see as attainable wire revenue is about $250 million. That is how big of a market we can get to in the next couple of years if we remain focused.

Peter, just to answer your question directly, the TAM is about $450 million domestically. Globally, it's so domestically, $450 million TAM, global, about $250 billion. The SAM is roughly $230 million. So you go from-- so that gives you sort of that growth. The SOM, $120 million; the SAM, $230 million; the TAM, multiplied by 2; and the global TAM is out in the stratosphere, $250 billion. So quick answer, $0.25 billion and global TAM just untapped.

Your next question comes from Jim Byrne with Acumen Capital.

[Operator Instructions] Just wanted to clarify comments, Gerhard, on bank service charges and IT. I appreciate some moving parts with EBC going away, et cetera. Is this kind of the new level now that EBC has gone on the bank service charge and IT expense lines? Is this what we should be thinking about going forward?

Very true. And thank you for asking the question again. If you really think of that -- so what you see for the last 3 months, remember the volume growth. But going forward, that is our new baseline. Now just to clarify, our base really didn't increase. If you look at our 433, roughly $450,000 a quarter for bank charges that was reported under discontinued operations. So a year ago, if you look at the group, those charges were part of the group's bank fees. But because we're splitting it in discontinued operations, EBC and continued operations CXI, when you look at CXI today, you don't see that $450,000 that was stuck in discontinued EBC as part of the relationship. So in short, if you look at a year ago, when you have that $160,000 a quarter and now you have, what's it, $800-something thousand a quarter, the difference is really $450,000 that should have been added to the prior quarter and then the volume growth. So short answer, yes, you continue at this pace. taking into account volume growth. And if you look at quarter-over-quarter, that's between 6 months, 61% and for the last 3 months, 73%. So yes, we're really working hard on payments as Randolph with APIs, integrations. Chris Johnson and his team is doing a fantastic job to continue to grow that market segment. And as Peter Rabover as the TAM domestically has given us more than enough room. And globally, there's no end to it.

Okay. That's great. And then just lastly, obviously, just a small restructuring charges in this quarter and first half of the year. Will that be going away as well in the next couple of quarters?

No, that is gone. Gone, done, away, never to recur again. That was all legal charges related to EBC. That is now over and out.

There are no further questions at this time. I will now turn the call over to Randolph for closing remarks.

Again, thank you, everybody, for making the call and for your support of CXI. Should there be a call afterwards, as you know, Bill, Gerhard and I are available for private investor calls where we can answer any questions that we are able to do. So thanks again, and I wish you well. Thank you.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.