Fast Finance Pay Corp. Reports Third Quarter FY2023 Results
- Impressive increase in revenues, with a 465% rise to $1.2 million in Q3 2023 compared to $203 thousand in the same period in 2022.
- Gross profit surged to $282 thousand in Q3 2023, a significant improvement from $10 thousand in Q3 2022.
- Net profit turned positive at $81 thousand in Q3 2023, a notable turnaround from a loss of ($11 thousand) in Q3 2022.
- Revenues for the nine months ended September 30, 2023, increased by 280% to $2.7 million from $720 thousand in the same period of 2022.
- Gross profit for the nine months ended September 30, 2023, rose to $1.3 million from $185 thousand in the same period in 2022.
- Net profit for the nine months ended September 30, 2023, improved to $254 thousand from $70 thousand in the same period of 2022.
- President and CEO, Andreas Garke, highlighted the company's focus on operational efficiency, working capital management, and cash flow generation, positioning FFPP well for 2024.
- Market acceptance of FFPP's product offerings and the success of the implemented strategy, including a focus on higher-margin product lines, were emphasized by Mr. Garke.
- None.
BERLIN, GERMANY / ACCESSWIRE / November 13, 2023 / Fast Finance Pay Corp (OTC PINK:FFPP) today announced its financial results for the third quarter ended September 30, 2023.
Key Financial Highlights:
Operating Results for the Three Months Ended September 30, 2023
- Revenues for three months ended September 30, 2023, were
$1.2 million , an increase of465% from$203 thousand in the same period of 2022.
- Gross profit was
$282 thousand for the three months ended September 30, 2023, compared to$10 thousand in the same period in 2022.
- Net profit for the three months ended September 30, 2023, was
$81 thousand , as compared to an ($11 thousand ) loss in the same period of 2022.
Operating Results for the Nine Months Ended September 30, 2023
- Revenues for nine months ended September 30, 2023, were
$2.7 million , an increase of280% from$720 thousand in the same period of 2022.
- Gross profit was
$1.3 million for the nine months ended September 30, 2023, compared to$185 thousand in the same period in 2022.
- Net profit for the nine months ended September 30, 2023, was
$254 thousand , as compared to$70 thousand in the same period of 2022.
Andreas Garke, President and Chief Executive Officer of Fast Finance Pay Corp. stated, "I am proud of the team's accomplishments in the third quarter and ability to focus on increasing revenues and being mindful of our operations to compete in a very competitive market. I believe we are well positioned going into 2024 due to our focus on operational efficiency, working capital management, and cash flow generation, which has allowed us to continue to generate strong revenue and profitability performance."
"Our continued efforts to expand our customer base combined with our customer service has successfully demonstrated market acceptance of our product offerings and the success of the strategy we implemented, all of which included a focus on higher-margin product lines," concluded Mr. Garke.
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.
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.
Investor Relations
Andrew Barwicki
516-662-9461
andrew@barwicki.com
SOURCE: Fast Finance Pay Corp.
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FAQ
What are the financial results announced by Fast Finance Pay Corp for Q3 2023?
How did Fast Finance Pay Corp's financial performance change in Q3 2023 compared to Q3 2022?
What did Andreas Garke, President and CEO of Fast Finance Pay Corp, highlight about the company's performance?
What was the percentage increase in revenues for Fast Finance Pay Corp in the nine months ended September 30, 2023, compared to the same period in 2022?
How did the gross profit for Fast Finance Pay Corp change in the nine months ended September 30, 2023, compared to the same period in 2022?
What was the net profit for Fast Finance Pay Corp in the nine months ended September 30, 2023, compared to the same period in 2022?
