AppTech Payments Reports Positive Second Quarter Financial Results and Strategic Progress
AppTech Payments Corp. (Nasdaq: APCX) reported its Q2 2024 financial results, showing strategic progress and operational efficiency. Revenue decreased to $76,000 due to lower merchant processing revenue, aligning with the company's focus on long-term growth initiatives. Operating expenses were reduced to $3.0 million, down from $9.4 million in Q2 2023. The net loss improved to $(2.9) million, compared to $(9.1) million in the same period last year. Earnings per share improved to $(0.12) from $(0.49).
Recent highlights include a settlement agreement with Infinios Solutions, successful piloting of multiple portfolios, integration of payment systems for airports, a strategic partnership with FISB Solutions, and the launch of a Banking-as-a-Service platform. AppTech is focusing on consolidating operations to support revenue scaling.
AppTech Payments Corp. (Nasdaq: APCX) ha riportato i risultati finanziari del secondo trimestre del 2024, mostrando progressi strategici ed efficienza operativa. I ricavi sono diminuiti a $76.000 a causa della riduzione delle entrate da processamenti commerciali, in linea con l'attenzione dell'azienda su iniziative di crescita a lungo termine. Le spese operative sono state ridotte a $3,0 milioni, in calo rispetto ai $9,4 milioni del secondo trimestre del 2023. La perdita netta è migliorata a $(2,9) milioni, rispetto ai $(9,1) milioni nello stesso periodo dell'anno scorso. Gli utili per azione sono migliorati a $(0,12) rispetto ai $(0,49).
I recenti punti salienti includono un accordo di risoluzione con Infinios Solutions, il successo nella sperimentazione di più portafogli, l'integrazione dei sistemi di pagamento per gli aeroporti, una partnership strategica con FISB Solutions e il lancio di una piattaforma Banking-as-a-Service. AppTech si sta concentrando sulla consolidazione delle operazioni per supportare la scalabilità dei ricavi.
AppTech Payments Corp. (Nasdaq: APCX) informó sobre sus resultados financieros del segundo trimestre de 2024, mostrando avances estratégicos y eficiencia operativa. Los ingresos disminuyeron a $76,000 debido a la disminución de los ingresos por procesamiento de comerciantes, alineándose con el enfoque de la empresa en iniciativas de crecimiento a largo plazo. Los gastos operativos se redujeron a $3.0 millones, en comparación con $9.4 millones en el segundo trimestre de 2023. La pérdida neta mejoró a $(2.9) millones, en comparación con $(9.1) millones en el mismo período del año pasado. Las ganancias por acción mejoraron a $(0.12) desde $(0.49).
Los aspectos destacados recientes incluyen un acuerdo de conciliación con Infinios Solutions, la exitosa prueba de múltiples carteras, la integración de sistemas de pago para aeropuertos, una asociación estratégica con FISB Solutions y el lanzamiento de una plataforma Banking-as-a-Service. AppTech se está centrando en consolidar operaciones para apoyar la escalabilidad de los ingresos.
AppTech Payments Corp. (Nasdaq: APCX)는 2024년 2분기 재무 결과를 발표하며 전략적 발전과 운영 효율성을 보여주었습니다. 수익은 $76,000로 감소했습니다, 이는 상인 처리 수익의 감소 때문이며, 회사가 장기 성장 계획에 집중하고 있음을 나타냅니다. 운영 비용은 $3.0백만으로 줄어들었습니다, 이는 2023년 2분기의 $9.4백만에서 감소한 수치입니다. 순손실은 $(2.9) 백만으로 개선되었습니다, 지난해 같은 기간에 비해 $(9.1) 백만에서 나아진 결과입니다. 주당 순이익은 $(0.12)로 개선되었습니다 $(0.49)에서 증가했습니다.
최근 하이라이트로는 Infinios Solutions와의 합의, 여러 포트폴리오의 성공적인 파일럿, 공항 결제 시스템 통합, FISB Solutions와의 전략적 파트너십, Banking-as-a-Service 플랫폼 출시가 포함됩니다. AppTech은 수익 확장을 지원하기 위해 운영 통합에 집중하고 있습니다.
AppTech Payments Corp. (Nasdaq: APCX) a annoncé ses résultats financiers du deuxième trimestre 2024, montrant des progrès stratégiques et une efficacité opérationnelle. Le chiffre d'affaires a diminué à 76 000 $ en raison de la baisse des revenus de traitement des marchands, ce qui s'aligne sur l'accent mis par l'entreprise sur les initiatives de croissance à long terme. Les dépenses opérationnelles ont été réduites à 3,0 millions $, contre 9,4 millions $ au deuxième trimestre 2023. La perte nette s'est améliorée à (2,9) millions $, comparé à (9,1) millions $ au même période de l'année dernière. Le bénéfice par action s'est amélioré à (0,12 $) par rapport à (0,49 $).
Les points forts récents incluent un accord de règlement avec Infinios Solutions, des essais réussis de plusieurs portefeuilles, l'intégration de systèmes de paiement pour les aéroports, un partenariat stratégique avec FISB Solutions et le lancement d'une plateforme Banking-as-a-Service. AppTech se concentre sur la consolidation des opérations pour soutenir la montée en échelle des revenus.
AppTech Payments Corp. (Nasdaq: APCX) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, die strategische Fortschritte und operationale Effizienz zeigen. Der Umsatz sank auf 76.000 $, bedingt durch geringere Einnahmen aus der Händlerverarbeitung, was der langfristigen Wachstumsstrategie des Unternehmens entspricht. Die Betriebskosten wurden auf 3,0 Millionen $ gesenkt, im Vergleich zu 9,4 Millionen $ im zweiten Quartal 2023. Der Nettoverlust verbesserte sich auf (2,9) Millionen $, im Vergleich zu (9,1) Millionen $ im gleichen Zeitraum des letzten Jahres. Der Gewinn pro Aktie verbesserte sich auf (0,12 $) von (0,49 $).
Zu den neuesten Höhepunkten gehören eine Einigung mit Infinios Solutions, erfolgreiche Pilotprojekte mehrerer Portfolios, die Integration von Zahlungssystemen für Flughäfen, eine strategische Partnerschaft mit FISB Solutions und der Start einer Banking-as-a-Service-Plattform. AppTech konzentriert sich auf die Konsolidierung der Betriebe zur Unterstützung der Umsatzsteigerung.
- Significant reduction in operating expenses from $9.4 million to $3.0 million
- Net loss improvement from $(9.1) million to $(2.9) million
- Earnings per share improvement from $(0.49) to $(0.12)
- Strategic partnership with FISB Solutions to modernize banking systems for 250+ community banks
- Successful launch of Banking-as-a-Service platform supporting InstaCash
- Integration of payment systems for 440+ airports planned over next 18 months
- Rollout of services to 4,000 credit union locations planned over next 12 months
- Revenue decrease from $210,000 to $76,000 in Q2 2024
- Continued net loss of $(2.9) million despite improvements
Insights
AppTech's Q2 2024 results show a mixed financial picture. While revenue declined to
AppTech's technological advancements are promising. The successful testing of multiple portfolios ready for commercial scaling and the integration of payment systems for airports demonstrate practical applications of their technology. The Banking-as-a-Service platform launch and partnerships with credit unions show potential for market expansion. However, the real test will be in the execution and adoption of these technologies. The planned rollout to 440 airports and 4,000 credit union locations over the next 12-18 months will be critical in proving the scalability and market acceptance of AppTech's solutions.
AppTech's strategic partnerships and market positioning show potential. The collaboration with FISB Solutions to modernize 250+ community banks addresses a significant market need. The launch of InstaCash through their Banking-as-a-Service platform targets the underserved SME market. These initiatives, combined with the planned expansion to thousands of credit unions and airports, indicate a strong focus on market penetration. However, investors should watch closely for concrete revenue growth in the coming quarters as these initiatives mature. The company's ability to convert these opportunities into sustainable revenue streams will be important for long-term success.
CARLSBAD, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (Nasdaq: APCX) (“AppTech” or the “Company”), a pioneering Fintech company powering frictionless commerce, today announces its financial results for the second quarter ended June 30, 2024, showcasing strategic progress and continued operational efficiency.
Financial Highlights
Revenue Performance
Reported revenue of approximately
Operating Efficiency
Operating expenses were strategically reduced to approximately
Substantial Net Loss Improvement
The net loss was approximately
Earnings Per Share Growth
Earnings per share improved significantly to approximately
Recent Business Highlights
- On August 8, 2024, AppTech entered into a Settlement Agreement and Mutual Release with Infinios Solutions (Bahrain) W.L.L. The terms of the Settlement Agreement are confidential. Following the fulfillment of its terms, both parties will jointly file for the dismissal and termination of the arbitration, expected to be completed before the end of September 2024.
- In August 2024, the Company successfully piloted and tested multiple portfolios, which are now ready to scale to commercial levels.
- In July 2024, AppTech successfully tested and integrated payment systems for multiple airports, building custom back-end payment systems and upgrading the airport's legacy systems. The Company anticipates rolling out these systems to over 440 airports over the next 18 months.
- On June 11, 2024, AppTech announced a strategic partnership with FISB Solutions to modernize legacy core banking systems for over 250 community banks. This partnership enables these banks to compete in the digital banking era by providing them with advanced neobank technologies, including automated underwriting, and leveraging local Independent Sales Organizations (ISOs) to foster community engagement and growth. After years of supporting and driving millions of dollars in revenue to Jack Henry, Jerry Federico is exclusively committed to AppTech.
- Following a successful pilot program, AppTech officially launched its Banking-as-a-Service platform in May 2024. The platform supports the launch of InstaCash, offering virtual accounts, debit and credit cards, and high-yielding financial products. This initiative aims to democratize banking by providing small and medium-sized enterprises with access to financial products typically reserved for large corporations.
- In May 2024, strategic partner PayToMe.co was honored with six prestigious Stevie® Awards, including gold, silver, and bronze awards. These accolades underscore the transformative power of AppTech’s collaborative approach to technological innovation and our shared vision of driving long-term shareholder value.
- In May 2024, the Company began integrating multiple credit union backends, providing the necessary support to offer mobile to mobile payment systems, ACH capabilities, virtual card issuance, ledger management, and fraud detection. The Company plans to roll out these services to 4,000 credit union locations over the next 12 months.
- After acquiring Finzeo last year, AppTech has been focused in Q1 and Q2 2024 on consolidating, integrating, and streamlining operations to support the scaling of top-line revenue, which includes the projects mentioned above.
“We continue to execute our strategy to enhance our technology platform and expand our market presence,” stated Luke D’Angelo, Chairman and CEO of AppTech Payments Corp. “The second quarter of 2024 was a period of significant progress in our partnerships and technology innovation. We remain focused on leveraging our strong platform to drive future growth and deliver value to our shareholders.”
About AppTech Payments Corp.
AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit apptechcorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Investor Relations Contact
CORE IR
Scott Arnold
AppTech Payments Corp.
760-707-5959
FAQ
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