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AmeriTrust Financial Technologies (OTCQB:AMTFF) has released its 2024 annual financial results, marking significant improvements in its financial position. Cash holdings increased to $10.2M from $1.9M in 2023, while working capital turned from a $15.9M deficit to a $4.0M surplus.
The company reported Q4 2024 revenue of $477,232, down from $975,711 in Q4 2023. However, AmeriTrust achieved net income of $6.2M for 2024, largely due to the removal of an $11.0M loss provision following portfolio review and credit union confirmation of no claims.
The company successfully raised over $13M through private placements during the year. AmeriTrust has resolved various legal and corporate challenges, improved credit union partnerships, and strengthened its management team. The company is currently in discussions with potential funding providers to support its automotive leasing technology platform.
AmeriTrust Financial Technologies (TSXV:AMT)(OTCQB:AMTFF)(Frankfurt:1ZVA) has received approval to upgrade its listing to the OTCQB Market effective March 10th, 2025, trading under the symbol AMTFF. The company, which specializes in used vehicle lease originations and automotive finance through its fintech platform, will maintain its listing on the TSX Venture Exchange under AMT.
The OTCQB, operated by OTC Markets Group Inc., is recognized as a premier marketplace for emerging and growth-focused companies, requiring companies to meet strict financial and reporting standards set by the SEC. This uplisting aims to provide enhanced trading accessibility for U.S. shareholders and increase liquidity to diversify the company's shareholder base.
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