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BM Technologies (BMTX) reported strong financial results for Q1 2024, with a revenue increase to $16.2 million from $13.4 million in Q1 2023, and a net income of $0.7 million compared to a net loss of $5.0 million in the previous year. Core EBITDA rose from a loss of $1.9 million in Q1 2023 to a positive $1.4 million. The company highlighted growth in interchange and card revenue (15%) and servicing revenue (35%). Operating expenses saw a 21% decline year-over-year. BMTX retained 99% of its Higher Education clients and saw significant engagement in its BaaS vertical. Liquidity remains strong with $14.6 million in cash and no debt.
BM Technologies (NYSE American: BMTX), a major digital banking platform and BaaS provider, will announce its Q1 2024 earnings on May 16, 2024.
The company will host a live webcast to discuss the results at 9:00 am ET. Interested parties can access the webcast through the company's investor relations website.