07:51 AM EDT, 03/21/2022 (MT Newswires) -- Propel Holdings (PRL.TO), an online financial technology company, on Monday said its Q4 adjusted net income decreased 18% to US$1.0 million from US$1.2 million a year earlier.
Revenue for the quarter ended Dec. 31 increased 84% from a year earlier to US$41.2 million. This was primarily a result of growth in loan balances and origination, the company said.
For the full year 2021, adjusted net income increased 40% to US$12.9 million while revenue jumped 76% to US$129.6 million.
The company updated its previous short-term operating and financial targets for 12 to 18 months following June 30, 2021 as a result of higher-than-expected growth trajectory of its loans and advances receivable.
Propel now expects ending combined loan and advance balances to be materially higher than the 100% target. It expects adjusted EBITDA margin to be lower than the 22%-26% target and net income margin to be lower than the 8%-10% target.
For the next two years, Propel anticipates revenue to be around US$230-US$245 million in 2022 and US$345-US$375 million in 2023.
It expects adjusted EBITDA margin to be 18%-22% in 2022 and 25%-30% in 2023. Adjusted net income margin is projected to be 9%-11% for 2022 and 16%-20% for the year after.