AppTech Payments Corp. Reports Strong Start to 2024 with Positive First Quarter Financial Results and Strategic Business Advances

SAN DIEGO, May 15, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (NASDAQ: APCX), a pioneering Fintech company powering frictionless commerce, today announced its financial results for the first quarter ended March 31, 2024, demonstrating significant revenue growth and strategic progress.

Financial Highlights:

• Revenue Growth: Reported revenue of approximately $105,000 for Q1 2024, reflecting an 18% increase from $89,000 in the same period last year, driven primarily by dynamic licensing activities and innovative product enhancements.
• Operating Efficiency: Operating expenses were strategically reduced to $3.1 million, a 13% decrease from the previous year, reflecting internal focus on cost management and operational efficiency through advanced technologies.
• Net Loss Improvement: Our net loss was reduced to $(3.0) million, a 4% improvement compared to the previous year. This highlights the Company’s commitment to financial stability and growth.
• Earnings Per Share: Enhanced shareholder value with earnings per share improving by 39% to $(0.13).

Recent Business Highlights

• Conference Presentation: Presented at the Planet MicroCap Conference in April 2024, where we received positive feedback on AppTech’s innovative solutions. This event provided an excellent platform for networking and showcasing the Company’s advanced digital payment technologies.
• New Partnerships: Announced a new collaboration with a sports agency and consulting firm, aimed at expanding service offerings and enhancing market reach. This partnership leverages the Company’s core technologies and the partner’s extensive network to help scale the user base of the Specialty Payments platform while building long-term shareholder value.

Upcoming Events

• Shareholders’ Meeting: Scheduled for May 29, 2024, to discuss future strategies and initiatives, underscoring our proactive approach to stakeholder engagement.
  

Management Commentary

“Our first quarter performance reflects the successful execution of our strategic initiatives and our continuous commitment to innovation and customer satisfaction,” stated Luke D’Angelo, AppTech Payments Corp. Chairman and CEO. “With our advanced digital platform and strong market positioning, we are well-equipped to sustain our growth trajectory and enhance value for our shareholders.”