Clip Money Inc. Reports Second Quarter 2024 Results
Clip Money Inc. (TSXV:CLIP) (OTCQB:CLPMF) reported strong financial results for Q2 2024. Revenue surged 764% year-over-year to $387,955, with 30% quarter-over-quarter growth. The company's ClipDrop network expanded by 34 shopping center locations, driving a 458% increase in deposit users and 168% rise in average revenue per user. Notably, COGS only increased 20% YoY and decreased 4% QoQ despite revenue growth.
Clip Money also announced an expanded pilot with a major ATM operator, bringing its in-store ATM deposit functionality to over 40 additional ATMs in convenience stores across Florida, Texas, and Virginia. This expansion demonstrates the scalability of Clip's platform and its potential for growth in the convenience store sector.
Clip Money Inc. (TSXV:CLIP) (OTCQB:CLPMF) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. I ricavi sono aumentati del 764% rispetto all'anno precedente, raggiungendo i $387,955, con una crescita del 30% rispetto al trimestre precedente. La rete ClipDrop dell'azienda si è espansa con 34 nuovi centri commerciali, portando a un incremento del 458% degli utenti che effettuano depositi e a un aumento del 168% del ricavo medio per utente. È importante notare che i costi delle merci vendute sono aumentati solo del 20% su base annua e sono diminuiti del 4% rispetto al trimestre precedente nonostante la crescita dei ricavi.
Clip Money ha anche annunciato un programma pilota ampliato con un importante operatore di ATM, portando la funzionalità di deposito ATM in negozio a oltre 40 nuovi ATM in negozi di convenienza in Florida, Texas e Virginia. Questa espansione dimostra la scalabilità della piattaforma di Clip e il suo potenziale di crescita nel settore dei negozi di convenienza.
Clip Money Inc. (TSXV:CLIP) (OTCQB:CLPMF) informó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos aumentaron un 764% en comparación con el año anterior, alcanzando los $387,955, con un crecimiento del 30% en comparación con el trimestre anterior. La red ClipDrop de la empresa se expandió con 34 nuevos centros comerciales, lo que impulsó un aumento del 458% en los usuarios que depositan y un aumento del 168% en los ingresos promedio por usuario. Es notable que el costo de bienes vendidos solo aumentó un 20% interanual y disminuyó un 4% intertrimestral a pesar del crecimiento de los ingresos.
Clip Money también anunció un piloto ampliado con un importante operador de cajeros automáticos, llevando su funcionalidad de depósito en cajero a más de 40 cajeros automáticos adicionales en tiendas de conveniencia en Florida, Texas y Virginia. Esta expansión demuestra la escalabilidad de la plataforma de Clip y su potencial de crecimiento en el sector de las tiendas de conveniencia.
클립 머니 주식회사 (TSXV:CLIP) (OTCQB:CLPMF)는 2024년 2분기에 강력한 재무 결과를 보고했습니다. 수익은 전년 대비 764% 증가하여 $387,955에 달했습니다, 분기 대비 30% 성장했습니다. 회사의 클립드랍 네트워크는 34개의 쇼핑 센터로 확장되었습니다, 이로 인해 예치 사용자 수가 458% 증가하고 사용자당 평균 수익이 168% 증가했습니다. 특히, 매출 성장에도 불구하고 매출 원가는 전년 대비 20%만 증가하고 분기 대비 4% 감소했습니다.
클립 머니는 또한 주요 ATM 운영자와의 파일럿 프로그램 확대를 발표했습니다, 이로 인해 플로리다, 텍사스 및 버지니아의 편의점에 40개 이상의 추가 ATM에 ATM 예치 기능을 도입했습니다. 이 확장은 클립 플랫폼의 확장성 및 편의점 부문에서의 성장 가능성을 보여줍니다.
Clip Money Inc. (TSXV:CLIP) (OTCQB:CLPMF) a annoncé des résultats financiers solides pour le deuxième trimestre 2024. Le chiffre d'affaires a bondi de 764 % par rapport à l'année précédente, atteignant 387 955 $, avec une croissance de 30 % par rapport au trimestre précédent. Le réseau ClipDrop de l'entreprise s'est agrandi avec 34 nouveaux centres commerciaux, ce qui a entraîné une augmentation de 458 % du nombre d'utilisateurs effectuant des dépôts et une augmentation de 168 % du revenu moyen par utilisateur. À noter que le COGS n'a augmenté que de 20 % d'une année sur l'autre et a diminué de 4 % d'un trimestre sur l'autre malgré la croissance des revenus.
Clip Money a également annoncé un projet pilote élargi avec un important opérateur de guichets automatiques, étendant sa fonctionnalité de dépôt de guichet automatique en magasin à plus de 40 guichets automatiques supplémentaires dans des magasins de proximité en Floride, au Texas et en Virginie. Cette expansion démontre la scalabilité de la plateforme Clip et son potentiel de croissance dans le secteur des magasins de proximité.
Clip Money Inc. (TSXV:CLIP) (OTCQB:CLPMF) berichtete über starke Finanzergebnisse für das 2. Quartal 2024. Der Umsatz stieg im Jahresvergleich um 764% auf 387.955 $, mit einem Wachstum von 30% im Vergleich zum Vorquartal. Das ClipDrop-Netzwerk des Unternehmens wurde um 34 Einkaufszentren erweitert, was zu einem Anstieg der Einzahlungsnutzer um 458% und einem Anstieg des durchschnittlichen Umsatzes pro Nutzer um 168% führte. Erwähnenswert ist, dass die Herstellungskosten nur um 20% im Jahresvergleich gestiegen sind und im Quartalsvergleich um 4% gesunken sind, trotz des Umsatzwachstums.
Clip Money kündigte auch ein erweitertes Pilotprojekt mit einem wichtigen ATM-Betreiber an, das die ATM-Einzahlungsfunktionalität in über 40 weiteren Geldautomaten in Convenience-Stores in Florida, Texas und Virginia einführt. Diese Expansion zeigt die Skalierbarkeit der Clip-Plattform und ihr Wachstumspotenzial im Convenience-Store-Sektor.
- Revenue increased by 764% year-over-year to $387,955 in Q2 2024
- 30% quarter-over-quarter revenue growth
- 458% increase in deposit users
- 168% increase in average revenue per user
- COGS only increased 20% YoY and decreased 4% QoQ despite revenue growth
- Expanded ClipDrop network by 34 shopping center locations
- Launched expanded pilot with a major ATM operator, adding over 40 ATMs in convenience stores
- None.
TORONTO, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSXV:CLIP) (OTCQB:CLPMF) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce its financial results for the three months ended June 30, 2024.
Second Quarter 2024 Highlights
- Revenue for Q2 2024 was
$387,955 , compared to$44,907 in Q2 2023, which equates to764% growth year-over-year (“YoY”), and30% growth quarter-over-quarter (“QoQ”). Revenue growth continues to materially outpace changes in Costs of Good Sold (“COGS”). On a YoY basis, COGS were up only20% . Furthermore, COGS were down4% on a QoQ basis despite an increase in revenue. - YoY revenue growth for Q2 2024 was driven by a
458% increase in deposit users, and a168% increase in average revenue per user. New user growth was driven by a combination of (i) expansion of existing customers across the ClipDrop network (ii) welcoming existing customers to recently installed ClipDrop locations (iii) and net new customer brands using the ClipDrop network. - Clip expanded our ClipDrop network by 34 shopping center locations in the quarter, bringing convenient deposit access to current and new clients. As an essential service to our clients, we have been able to rapidly scale current national retail partners at these new locations creating immediate scale and value to these new shopping center locations.
- In May 2024, the Company announced an expanded pilot with a prominent ATM operator in the United States to bring Clip’s in-store ATM deposit functionality to over 40 ATMs additional ATMs deployed in convenience stores located in Florida, Texas and Virginia. This US-based convenience store operator can now utilize ATMs enabled with Clip’s technology to deposit funds directly to their commercial treasury account. ClipATM, Clip’s secure, cardless ATM deposit solution, eliminates the need for traditional cash deposit methods like daily bank branch visits, armored service, and expensive smart safes.
“This quarter highlighted the powerful organic growth potential of Clip’s business model, as existing customers naturally expanded their use of ClipDrop to newly installed deposit locations. This expansion, driven by the addition of new stores, underscores the value and scalability of our platform, particularly as we continue to partner with large multi-store retailers. Furthermore, we’re thrilled to have launched an expanded pilot with a nationwide convenience store operator, which presents a significant growth opportunity for Clip.”
Joseph Arrage (CEO & Co-Founder)
Additional Information
The Company’s interim condensed consolidated financial statements, notes to financial statements, and management’s discussion and analysis for the three months ended June 30, 2024 are available on the Company’s SEDAR+ profile at www.sedarplus.ca. Unless otherwise indicated, all references to “$” in this press release refer to U.S. dollars.
Forward‐Looking Statements
This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Clip Money Inc.
Clip Money operates a multi-bank self-service deposit system for businesses through its ClipDrop Boxes that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business banking transactions. Combined with mobile user applications, Clip Money offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.
For further information, please contact:
Joseph Arrage
Chief Executive Officer
tel: 844-593-2547
FAQ
What was Clip Money's (CLPMF) revenue for Q2 2024?
How many new shopping center locations did Clip Money (CLPMF) add in Q2 2024?
What was the percentage increase in Clip Money's (CLPMF) deposit users in Q2 2024?
How many additional ATMs were added in Clip Money's (CLPMF) expanded pilot with an ATM operator?
