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XTM Files Year-end 2023, Q1 and Q2 2024
Financial Results
For Immediate Release
XTM reports in Canadian dollars and in accordance with International Financial Reporting Standards ("IFRS")
TORONTO – October 1, 2024 – XTM Inc. ("XTM" or the "Company") (CSE: PAID / FSE: 7XT) on September 30, 2024 filed
its audited annual financial statements for the year ended December 31, 2023 (the “2023 Financial Year”), interim
financial statements for the periods ended March 31, 2024 (“Q1”) and June 30, 2024 (“Q2”, and together with the
2023 Financial Year and Q1, the “Financial Periods”), as well as management’s discussion & analysis relating and
related officer certifications for the relevant periods (collectively, the “Financial Statements”)..
Financial Highlights for the Financial Periods include:
• Gross dollar value (“GDV”) loaded on the Company’s platform volume increased in the 2023 Financial Year
over the previous financial year by 42% to $659 million. GDV is a non-IFRS metric the Company monitors to
track performance and refers to the total gross amount loaded on XTM’s products during a particular period.
• GDV loaded on the Company’s platform was $202.6 million during Q2. This was the highest quarter of
measured GDV in the Company’s history, surpassing the previous high of $178.7 million in the fourth financial
quarter of 2023 and an increase of 22% from $165.5 million in the second financial quarter of 2023.
• Current active users on the XTM platform increased by 20% in the 2023 Financial Year over the previous
financial year ended December 31, 2022 (the “2022 Financial Year”).
• Active users on the XTM platform increased by 11% in the first six months of 2024.
• New employees on the QRails platform increased by 461% in the 2023 Financial Year compared with the 2022
Financial Year, with a further and 104% increase in the first six months of 2024.
• Revenue increased 43% to $6.8 million in the 2023 Financial Year from the $4.8 million in revenue reported
in the 2022 Financial Year, and during the first six months of 2024 revenue was $4.0 million, which represents
a 30% increase from the $3.0 million of revenue reported for the first six months of 2023.
• Net loss grew to $16.1 million in the 2023 Financial Year, up $8.8 million from $7.3 million in the 2022
Financial Year due to the Company’s acquisition of QRails.
2
• Working capital deficit grew to $15.7 million in the 2023 Financial Year, representing a decrease of $16.7
million compared to a positive working capital of $1.0 million in the 2022 Financial Year due to the QRails
acquisition.
• Net loss per fully diluted share was $0.08 for the 2023 Financial Year compared to $0.04 for the 2022 Financial
Year.
Selected events in Q2 & Q3:
· Further to its news releases of December 13, 2023 and February 6, 2024, the Company announced that
it had completed its previously announced non-brokered private placement offering of the secured
convertible debentures ("Debentures") for aggregate gross proceeds of US$11,028,468. Due to
unforeseen events, an investor rescinded their investment of $5 million reducing the total gross proceeds
to $6,028,468.
· XTM rolled-out the QRails AnyDay™ is Payday solution in the U.S., delivering a fully compliant, embedded,
single source, EWA solution to Fortune 100 company employees in the U.S. including to employees of
one of the largest casinos in the world.
· In Canada, the Company is transitioning its hospitality payments Software as a Service from fee to paid.
The Company began signing new clients to the tiered subscription model in February 2023 and has
achieved a 421% increase in SAAS revenue over the past 18 months.
· The Company was targeted by external fraud during the 2022 Financial Year and the 2023 Financial Year.
Perpetrators included an organized criminal group operating within the hospitality industry, contributing
to an increase in the recorded deficit in the Company’s restricted funds. The Company has made claims
under its insurance policies and is working with law enforcement authorities to recover funds, where
possible. The company ensured that no customer or member transaction has ever been impacted as a
result of the restricted cash deficit. The company in March 2024 secured a USD$20,000,000 lending
facility from which funds may be used for operations and to satisfy any restricted cash deficits.
· In order to ensure the responsible deployment of capital, the Company reduced payroll obligations in Q1
and Q2 by 25% through an adjustment of its staffing.
XTM’s full financial position and results of operations is provided in the Financial Statements and a discussion of those
results can be found in the Company’s MD&A filed on SEDAR+.
On July 3, 2024, the Ontario Securities Commission, as the principal regulator of XTM Inc., issued a failure-to-file cease
trade order (the “Cease Trade Order”) to the Company under National Policy 11-207 (Failure-To-File Cease Trade
Orders and Revocations In Multiple Jurisdictions) as a result of the Company’s failure to file certain financial
statements. The Company has now satisfied the required filings set out in the Cease Trade Order and will accordingly
seek the revocation of the Cease Trade Order at the earliest possible opportunity and will also seek to resume the
trading of its common shares on the Canadian Securities Exchange. Due to the duration of the Cease Trade Order,
XTM’s securities will no longer be quoted on the OTC Markets until the OTC Markets accepts XTM’s application to relist
its securities.
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Flash-FM schrieb am 10.02.2025 14:35 Uhr
