PAY EARNS $5.1 MILLION FIRST QUARTER 2024 Payfare earns $5.1-million in Q1
Q1 2024 Highlights:
Increased revenue to a record $51.9 million for the three months ended March 31, 2024, representing a $9.6 million (+23%) increase compared to the same period in 2023.
Ended Q1 2024 with 1,423,502 active users1, up by 296,042 (+26%) compared to active users1 count as at the end of Q1 2023.
Total gross dollar value (Total GDV)1 in Q1 2024 was $3.5 billion, up by $0.9 billion (+33%) over Q1 2023.
Gross Profit of $12.8 million in Q1 2024, up by $3.4 million (+36%) over the prior year period.
Net income of $5.1 million, or $0.11 per share, for the three months ended March 31, 2024, up $3.8 million (+296%), compared to the same period in 2023.
Adjusted net income1 of $7.5 million, or $0.15 per share, for the three months ended March 31, 2024, representing growth of $4.0 million (+116%) over the prior year period.
Adjusted EBITDA1 of $6.0 million for the three months ended March 31, 2024, reflecting a $3.0 million increase (+98%) compared to the same period in 2023.
Free cash flow1 of $5.8 million for the three months ended March 31, 2024, versus $6.5 million in the prior year period. The year-over-year change in free cash flow was a function of investing in new growth programs and enhancing existing programs.
On March 5, 2024, the Company announced the launch of the Uber Pro Card, a significant new program with Uber providing free instant payouts after every trip or delivery, enhanced loyalty features for drivers and delivery people, and backup balance for qualifying users on the Uber platform in Canada, powered by Payfare's leading digital banking app.
Payfare launched a new embedded finance product with an international big box retailer, to provide earnings payouts to the retailer's delivery gig workforce in Canada. The Company expects to announce additional details of this program as it completes the enrollment phase.
In Q1 2024, the Company signed a commercial agreement with Automatic Data Processing Inc. ("ADP") to offer Earned Wage Access (EWA) to the Canadian market.