Fast Finance Pay Corp Announces First Quarter Fiscal Year 2024 Financial Results

Rhea-AI Summary

Fast Finance Pay Corp (FFPP) reports strong financial results for Q1 FY 2024 with record revenues, showcasing growth in various business units and expansion efforts, including the success of the German subsidiary FF24 Merchant Services GmbH and the popularity of the OK.secure digital crypto wallet.

Positive

• Record revenues of $1.8 million in Q1 FY 2024, a 119% increase from the same period in 2023.
• Gross profit of $484 thousand, up from $449 thousand in Q1 FY 2023.
• Net profit of $59 thousand, compared to $116 thousand in Q1 FY 2023.
• Successful expansion efforts and growth in new users for payment services segment.
• Increased downloads of the OK.secure digital crypto wallet expected to drive global expansion.

Negative

• None.

BERLIN, GERMANY / ACCESSWIRE / April 15, 2024 / Fast Finance Pay Corp. (OTC PINK:FFPP) today announced its financial results for the first quarter ended March 31, 2024.

Rahul Mital, President of Fast Finance Pay Corp. stated, "Our record revenues in the first quarter continue to show positive results from our strategies in our various business units. This success builds on the sustainable growth we've demonstrated and these financial results are just the latest proof that we have built a business that can integrate numerous financial platforms for businesses and consumers while providing more financial services in a user-friendly manner."

"Our efforts, which we started over the last year in terms of expanding growth, have proven successful, with continued growth, especially for the German subsidiary FF24 Merchant Services GmbH, in terms of new users in the payment services segment. In addition, our OK.secure digital crypto wallet is now being downloaded in record numbers, which we believe will further improve our results and allow us to expand globally with our product offering," concluded Mr. Mital.

Operating Results for the three months ended March, 31 2024:

• Revenues for the three months ended March 31, 2024 were $1.8 million, an increase of 119% from $806 thousand in the same period of 2023.
• Gross profit was $484 thousand, compared to $449 thousand in the same period in 2023.
• Net profit was $59 thousand, as compared to $116 thousand in the same period of 2023.

About Fast Finance Pay Corp.

Fast Finance Pay Corp. is a gateway provider and nascent FinTech, Fast Finance Pay Corp offers a flexible payment platform to assist e-merchants with their online ventures. It allows e-merchants to process all popular payment methods with just one partner instead of installing a multitude of "payment plugins".

OK.de Services contains the OK.de mobile 'free-mailer' e-mail and end-to-end secure, encrypted, instant messaging service. Ok.de is a free email provider with news, comparison portal and numerous other free services. With this service, we are building an active user interface that is used to connect people all over the world on one platform.

With OK.secure, we released a completely free and absolutely secure Messenger-Service on the market: private and secure messaging with a military level of encryption. Via end-to-end-encryption based on the blockchain-technology, OK.secure provides secure communication with chat, video calls, and cloud storage.

For additional information, visit www.ff24pay-corp.com.

Forward-looking statements

This news release may contain forward-looking statements within the meaning of Section 27a of the Securities Act of 1933 (as amended) and section 21e of the Securities and Exchange Act of 1934 (as amended). Those statements include the intent, belief or current expectations of the Company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.

CONTACT:

Investor Relations
Andrew Barwicki
516-662-9461
andrew@barwicki.com

SOURCE: Fast Finance Pay Corp.

View the original press release on accesswire.com

FAQ

What were Fast Finance Pay Corp's (FFPP) revenues in Q1 FY 2024?

Fast Finance Pay Corp reported revenues of $1.8 million in Q1 FY 2024, a 119% increase from the same period in 2023.

How did Fast Finance Pay Corp's (FFPP) gross profit compare in Q1 FY 2024 to Q1 FY 2023?

Fast Finance Pay Corp's gross profit was $484 thousand in Q1 FY 2024, up from $449 thousand in Q1 FY 2023.

What was Fast Finance Pay Corp's (FFPP) net profit in Q1 FY 2024?

Fast Finance Pay Corp's net profit was $59 thousand in Q1 FY 2024, compared to $116 thousand in Q1 FY 2023.

What expansion efforts did Fast Finance Pay Corp (FFPP) mention in the PR?

Fast Finance Pay Corp highlighted successful expansion efforts, especially for the German subsidiary FF24 Merchant Services GmbH, and increased downloads of the OK.secure digital crypto wallet.

How does Fast Finance Pay Corp (FFPP) plan to expand globally?

Fast Finance Pay Corp aims to expand globally by leveraging the popularity of the OK.secure digital crypto wallet and improving financial results.

What growth strategies did Fast Finance Pay Corp (FFPP) implement in Q1 FY 2024?

Fast Finance Pay Corp implemented growth strategies that led to record revenues, growth in various business units, and expansion efforts, including new user acquisition in the payment services segment.