PAYFARE INC - PYFRF STOCK NEWS

Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access company, announced that its core services agreement with DoorDash, Inc. for the DasherDirect card program will not be renewed beyond early 2025. As DasherDirect is Payfare's largest program, contributing substantially to total revenues, the company is withdrawing its 2024 financial guidance for revenue and earnings. A transition plan will begin in Q4 2024.

Payfare remains well-capitalized with over $100 million in cash and equivalents. The company is pursuing new strategic initiatives, including large-scale EWA programs in both gig economy and employee verticals, which could potentially mitigate the impact of the DoorDash non-renewal. Additionally, Mr. Hugo Chan has resigned from Payfare's Board of Directors, effective September 26, 2024.

Lyft and Payfare have announced new features for the Lyft Direct debit card and banking app, designed to enhance financial well-being for Lyft drivers. Key additions include:

• Lyft Direct Savings: A high-yield savings account with competitive interest rates
• Balance Protection: Access to up to $200 for unexpected expenses
• Enhanced Cashback Rewards: Up to 12% cashback on EV charging, 10% on gas, and 5% on dining for elite drivers
• Wellness Perks: Health and financial wellness tools through Avibra
• Spend Insights: Detailed analysis of spending habits
• Cash ATM Deposits: Ability to deposit cash at participating ATM locations

These features aim to provide Lyft drivers with better financial management tools and support their overall financial health.

Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access company, announced its Q2 2024 financial results. Key highlights include:

• Record revenue of $56.0 million, up 20% year-over-year
• Net income of $4.9 million ($0.10 per share), up 132% from Q2 2023
• Adjusted net income of $7.5 million ($0.16 per share), up 61% year-over-year
• Active users increased to 1,468,770, up 24% from Q2 2023
• Total gross dollar value reached $3.8 billion, up 31% year-over-year

The company also announced a long-term extension of its agreement with Lyft Inc. and the formation of a Strategic Advisory Board to guide international expansion.

Lyft (NASDAQ: LYFT) and Payfare (TSX: PAY, OTCQX: PYFRF) have announced a long-term extension of their Lyft Direct program partnership. This collaboration offers drivers on the Lyft platform a mobile banking solution with key benefits:

1. Free instant access to earnings after every ride
2. A feature-rich digital banking platform
3. A robust cashback rewards program for everyday spending
4. Exclusive discounts and offers

The extension aims to support drivers' financial well-being, allowing them to better manage their finances and cash flow. Both companies expressed enthusiasm for the continued partnership, emphasizing their commitment to empowering gig economy workers with tailored financial tools.

Payfare Inc. (TSX: PAY, OTCQX: PYFRF) has announced an investor conference call scheduled for August 7, 2024, at 6:30 p.m. ET to discuss its second quarter 2024 financial results. The company expects to release the complete financial results shortly after market close on the same day. A presentation related to the call will be available on Payfare's website prior to the event.

Additionally, Payfare has completed the refiling of its Q1 2024 financial statements and MD&A. The refiled documents now include the auditor's review, following the receipt of the SOC 1 auditor's report from a material vendor on June 30, 2024. Importantly, there are no changes to the financial figures reported for Q1 2024 compared to those previously filed on May 8, 2024.

Payfare Inc. (TSX: PAY, OTCQX: PYFRF), a leading international Earned Wage Access (EWA) company, has announced the formation of a Strategic Advisory Board to guide its rapid international expansion. The company has appointed Alex Ceballos as the first member of this board. Ceballos, a seasoned executive with 16 years of experience as Vice President of Worldwide Corporate Development at Amazon, brings valuable expertise in strategic investments and acquisitions.

Ceballos' notable achievements include orchestrating Amazon's acquisition of Kiva Systems (now Amazon Robotics) and launching the Amazon Industrial Innovation Fund. He will assist Payfare in reviewing growth initiatives and strategic acquisition opportunities. Additionally, Payfare is expanding its business development, operations, and engineering teams to support anticipated growth, new client programs, and global expansion plans.

Payfare announced the completion of its 2023 annual filings, including audited financial statements, management's discussion and analysis, and annual information form. These filings follow the receipt of a SOC 1 auditor's report from a key vendor on June 30, 2024. The company's independent auditors have issued a clean opinion. There are no changes to the financial figures compared to the unaudited results disclosed on April 25, 2024. Payfare expects the Ontario Securities Commission to revoke the current cease trade order on its securities after reviewing the filings. The documents are available on SEDAR+.

Payfare Inc. announced its Q1 2024 financial results, including net income of $5.1 million and adjusted net income per share of $0.15. The company reported record revenue of $51.9 million, a 23% increase year-over-year, with a total of 1,423,502 active users. Gross profit increased by 36% to $12.8 million, while net income grew by 296% to $5.1 million. Adjusted EBITDA increased by 98% to $6.0 million, and free cash flow was $5.8 million. Payfare also launched the Uber Pro Card program, a new embedded finance product, and signed a commercial agreement with ADP to offer Earned Wage Access in Canada.

Payfare Inc. announced unaudited fourth quarter and full-year 2023 financial results, showcasing significant revenue growth, user base expansion, and positive financial performance. The company reported record revenue of $50.0 million in Q4 2023, a 30% increase from 2022, with net income of $4.9 million. For the full year 2023, Payfare achieved record revenue of $186.0 million, a 43% increase from 2022, with total gross dollar value reaching $11.8 billion. The company also issued strategic objectives for 2024, expecting revenue of $235 to $245 million and Adjusted EBITDA of $30 to $35 million, showcasing continued growth and expansion plans. Payfare provided updates on partnerships, new business verticals, and financial filings, highlighting ongoing efforts to drive innovation and growth in the fintech sector.