Clip Money Inc. Reports Third Quarter 2024 Results, Record Revenue Growth
Clip Money Inc. reported strong Q3 2024 financial results with revenue reaching $521,316, marking a 250% year-over-year growth. The company saw a 34% quarter-over-quarter revenue increase, with September 2024 revenue at $212,103. Operating expenses were $1,597,181, up 22% YoY but down 7% QoQ. The net loss improved 4% YoY to ($2,383,256). Growth was driven by a 101% increase in deposit users and 65% increase in average deposit revenue per user. The company secured $2,800,000 through convertible notes and expanded its network to 408 deposit units, with notable customer wins including Genesco Inc.'s rollout across its retail locations.
Clip Money Inc. ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato che ha raggiunto i $521,316, segnando una crescita del 250% rispetto all'anno precedente. L'azienda ha registrato un incremento del 34% nei ricavi rispetto al trimestre precedente, con un fatturato di settembre 2024 pari a $212,103. Le spese operative sono ammontate a $1,597,181, in aumento del 22% rispetto all'anno precedente, ma in calo del 7% rispetto al trimestre precedente. La perdita netta è migliorata del 4% rispetto all'anno precedente, portandosi a ($2,383,256). La crescita è stata guidata da un aumento del 101% degli utenti che effettuano depositi e da un incremento del 65% nelle entrate medie da deposito per utente. L'azienda ha ottenuto $2,800,000 tramite note convertibili ed ha ampliato la sua rete a 408 unità di deposito, con vittorie significative tra cui l'espansione di Genesco Inc. nelle sue location al dettaglio.
Clip Money Inc. reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos que alcanzaron los $521,316, marcando un crecimiento del 250% en comparación con el año anterior. La empresa vio un aumento del 34% en los ingresos respecto al trimestre anterior, con un ingreso de septiembre de 2024 de $212,103. Los gastos operativos fueron de $1,597,181, un aumento del 22% interanual, pero una disminución del 7% respecto al trimestre anterior. La pérdida neta mejoró un 4% interanual, llegando a ($2,383,256). El crecimiento fue impulsado por un aumento del 101% en los usuarios de depósitos y un incremento del 65% en el ingreso promedio por depósito por usuario. La compañía aseguró $2,800,000 a través de notas convertibles y amplió su red a 408 unidades de depósito, con importantes victorias de clientes, incluida la expansión de Genesco Inc. en sus ubicaciones minoristas.
Clip Money Inc.는 2024년 3분기 강력한 재무 결과를 보고하였으며, 수익이 $521,316에 도달하여 전년 대비 250% 성장을 기록하였습니다. 이 회사는 분기별로 34%의 수익 증가를 보였으며, 2024년 9월의 수익은 $212,103에 달했습니다. 운영 비용은 $1,597,181로, 전년 대비 22% 증가했지만 분기 대비 7% 감소했습니다. 순손실은 전년 대비 4% 개선되어 ($2,383,256)에 이릅니다. 성장은 예치금 사용자 수가 101% 증가하고 사용자당 평균 예치 수익이 65% 증가하여 이뤄졌습니다. 회사는 전환사채를 통해 $2,800,000를 확보하고 408개의 예치 단위로 네트워크를 확장하였으며, Genesco Inc.의 소매 위치 확장과 같은 주요 고객 수주를 포함하고 있습니다.
Clip Money Inc. a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des revenus atteignant 521 316 $, marquant une croissance de 250 % par rapport à l'année précédente. L'entreprise a connu une augmentation des revenus de 34 % par rapport au trimestre précédent, avec des revenus en septembre 2024 s'élevant à 212 103 $. Les dépenses d'exploitation se sont élevées à 1 597 181 $, en hausse de 22 % par rapport à l'année précédente, mais en baisse de 7 % par rapport au trimestre précédent. La perte nette s'est améliorée de 4 % par rapport à l'année précédente, atteignant (2 383 256 $). La croissance a été soutenue par une augmentation de 101 % du nombre d'utilisateurs de dépôts et une hausse de 65 % des revenus de dépôts moyens par utilisateur. L'entreprise a sécurisé 2 800 000 $ par le biais de billets convertibles et a élargi son réseau à 408 unités de dépôt, avec des succès notables auprès de clients, notamment le déploiement de Genesco Inc. dans ses points de vente au détail.
Clip Money Inc. hat im dritten Quartal 2024 starke Finanzzahlen gemeldet, mit einem Umsatz von $521,316, der ein Wachstum von 250% im Vergleich zum Vorjahr markiert. Das Unternehmen verzeichnete einen Anstieg der Umsätze um 34% im Vergleich zum vorherigen Quartal, wobei der Umsatz im September 2024 bei $212,103 lag. Die Betriebskosten beliefen sich auf $1,597,181, was einem Anstieg von 22% im Jahresvergleich entspricht, jedoch einen Rückgang von 7% gegenüber dem vorherigen Quartal darstellt. Der Nettverlust verbesserte sich im Jahresvergleich um 4% auf ($2,383,256). Das Wachstum wurde durch einen Anstieg von 101% bei den Einzahlungsnutzern und einen Anstieg von 65% beim durchschnittlichen Einzahlungsertrag pro Nutzer vorangetrieben. Das Unternehmen sicherte sich $2,800,000 durch wandelbare Anleihen und erweiterte sein Netzwerk auf 408 Einzahlungseinheiten, wobei bemerkenswerte Kundengewinne, einschließlich der Ausweitung von Genesco Inc. in seinen Einzelhandelsstandorten, erzielt wurden.
- 250% year-over-year revenue growth to $521,316
- 34% quarter-over-quarter revenue increase
- 101% increase in new deposit users
- 65% increase in average deposit revenue per user
- Secured $2,800,000 through convertible notes financing
- Network expansion to 408 deposit units
- 4% improvement in net loss year-over-year
- Operating expenses increased 22% YoY to $1,597,181
- Net loss of $2,383,256 in Q3 2024
- Cost of Revenue increased 31% year-over-year
TORONTO, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: 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 and nine-months ended September 30, 2024.
Third Quarter Financial 2024 Highlights:
- Revenue for the third quarter of 2024 (“Q3 2024”) was
$521,316 , compared to$148,965 in the third quarter of 2023 (“Q3 2023”), which equates250% growth year-over-year (“YoY”). Q3 2024 revenue was up34% quarter-over-quarter (“QoQ”) compared to the second quarter of 2024 (“Q2 2024”). For the month of September 2024, revenue was$212,103 compared to$163,101 for the month of August 2024, representing30% month-over-month (“MoM”) growth.
- Operating expenses for Q3 2024 were
$1,597,181 , compared to$1,312,209 in Q3 2023, which represents a22% YoY increase. Q3 2024 operating expenses were7% lower QoQ compared to Q2 2024. Operating expenses in Q3 2024, excluding depreciation and amortization, were$1,104,373. Net loss for Q3 2024 was ($2,383,256) , compared to ($2,488,856) in Q3 2024, which represents an improvement of4% YoY.
- YoY revenue growth for Q3 2024 was driven by a
101% increase in new deposit users, and a65% increase in average deposit revenue per user. Deposit revenue growth was further supplemented by scaling new products, namely revenue from Change Orders and ATMs. New product revenue represented14% of total revenue in Q3 2024 compared to3% in Q3 2023.
- Revenue growth continues to outpace changes in Costs of Revenue (“COR”). Q3 2024 COR of (
$837,252) was up31% YoY, relative to250% YoY revenue growth. Furthermore, on a QoQ basis COR was up +17% on the back of +34% revenue growth.
- On September 17, 2024, the Company closed a non-brokered private placement of convertible notes (the “2024 Unsecured Notes”) for aggregate gross proceeds of
$2,800,000. T he financing was led by PeoplesBank who subscribed for$2,000,000 in aggregate principal amount of the 2024 Unsecured Notes. The remaining$800,000 in aggregate principal amount of the 2024 Unsecured Notes was subscribed for by Cardtronics, Inc., a subsidiary of NCR Atleos.
Network & Customer Highlights:
- Clip Money grew its leading shopping center network (non-ATM) to 408 deposit units in Q3 2024, adding locations with prestigious mall operators like: Tanger, Macerich, Spinoso, Taubmans, Brookfield, CBL and Washington Prime Group.
- Continued organic growth from existing customers led to the addition of over 400 new, active depositing users this quarter. Our enterprise customers remain committed to utilizing new Clip Money locations as we expand our network.
- Genesco Inc. is a footwear focused, Nashville-based specialty retailer with roughly 1,200 stores across the U.S., Canada and Puerto Rico operating as Journeys, Journeys Kidz, Little Burgundy and Johnston & Murphy. Genesco began a Clip Drop deposit rollout in Q3 2024. The deployment has been well received across its store footprint with over 30 stores added by the end of Q3 2024 and a total of over 500 stores anticipated by the end of Q4 2024.
- Two existing Clip customers with over 600 stores actively using the Clip Deposit solution have expanded their partnership with Clip, committing to the Company’s Change Order solution for regular deliveries. These retailers will now benefit from the added convenience of ordering change directly through Clip, eliminating the need for time-consuming bank branch visits.
"We are thrilled to report such substantial growth and improved financial performance this quarter. Our Q3 results, with a
Joseph Arrage (CEO & Co-Founder)
Additional Information
The Company’s interim condensed consolidated financial statements, notes to financial statements, and management’s discussion and analysis for the three and nine-months ended September 30, 2024 are available on the Company’s SEDAR+ profile at www.sedarplus.ca. Unless otherwise indicated, all references to “$” 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
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