Payfare Inc T.PAY

Alternate Symbol(s): PYFRF

Technology Computer Systems

Payfare Inc. is a Canada-based international Earned Wage Access company powering instant access to earnings through a digital banking platform for the workforce. It partners with e-commerce marketplaces, payroll platforms and employers to provide financial security and inclusion for all workers. It partners with platforms and marketplaces, such as Uber, Lyft and DoorDash. It provides services to gig workers and businesses. The Company operates in two geographical areas: Canada and USA. It provides 1099 and contract workers with instant access to their earnings and a digital banking service. It offers a full application programming interface suite and a turn-key private label solution. It provides multiple worker payout options, like on-demand or automatically each day or after each task, shift or sale. It provides services to various workforces of all sizes, including trades and construction, hospitality, rideshare, healthcare, home services, creators, trucking and freelance.

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Payfare Inc > Earnings...

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Comment by kijijion Aug 07, 2024 6:42pm

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Post# 36168510

RE:Earnings...

Q2 2024 Highlights:

Increased revenue to a record $56.0 million for the three months ended June 30, 2024, representing a $9.5 million (+20%) increase compared to the same period in 2023.
Ended Q2 2024 with 1,468,770 active users¹, up by 280,445 (+24%) compared to active users¹ count as at the end of Q2 2023.
Total gross dollar value (Total GDV)¹ in Q2 2024 was $3.8 billion, up by $0.9 billion (+31%) over Q2 2023.
Gross Profit¹ of $13.9 million in Q2 2024, up by $2.7 million (+25%) over the prior year period.
Net income of $4.9 million, or $0.10 per share, for the three months ended June 30, 2024, up $2.8 million (+132%), compared to the same period in 2023.
Adjusted net income¹ of $7.5 million, or $0.16 per share, for the three months ended June 30, 2024, representing growth of $2.8 million (+61%) over the prior year period.
Adjusted EBITDA¹ of $6.6 million for the three months ended June 30, 2024, reflecting a $1.8 million increase (+39%) compared to the same period in 2023.
Free cash flow¹ of $9.6 million for the three months ended June 30, 2024, versus $0.2 million in the prior year period.
On July 25, 2024, the Company announced the long-term extension of its agreement with Lyft Inc. in respect to the Lyft Direct Program, which Payfare currently powers. The extension means drivers on the Lyft program will continue to benefit from free instant pay, a feature rich digital banking platform and a rich cashback rewards program that is offered through Lyft's partnership with Payfare.
On July 16, 2024, the Company announced the formation of a Strategic Advisory Board led by seasoned strategy and corporate development executive Alex Ceballos to guide the company's rapid international expansion opportunities (including EWA platform) and achieve global scale efficiently and effectively.