Fast Finance Pay Corp. Reports Second Quarter FY2023 Results

BERLIN, GERMANY / ACCESSWIRE / July 25, 2023 / Fast Finance Pay Corp (OTC PINK:FFPP) today announced its financial results for the second quarter ended June 30, 2023.

Key Financial Highlights:

Operating Results for the Three Months Ended June 30, 2023

• Revenues for three months ended June 30, 2023, were $781 thousand, an increase of 169% from $290 thousand in the same period of 2022.
• Gross profit was $555 thousand for the three months ended June 30, 2023, compared to $61 thousand in the same period in 2022. Gross profit margin increased to 71% in the three months ended June 30, 2023, compared to 21% in the same period of 2022.
• Net profit for the three months ended June 30, 2023, was $56,339, as compared to $61,127 in the same period of 2022.

Operating Results for the Six Months Ended June 30, 2023

• Revenues for six months ended June 30, 2023, were $1.6 million, an increase of 205% from $520 thousand in the same period of 2022.
• Gross profit was $1 million for the six months ended June 30, 2023, compared to $179 thousand in the same period in 2022. Gross profit margin increased to 63% in the six months ended June 30, 2023, compared to 34% in the same period of 2012.
• Net profit for the six months ended June 30, 2023, was $172,617, as compared to $82,644 in the same period of 2022.

Andreas Garke, President and Chief Executive Officer of Fast Finance Pay Corp. stated, "Our continued efforts to expand our customer base combined with our customer service has successfully demonstrated market acceptance of our product offerings and the success of the strategy we implemented in 2021, all of which included a focus on our higher-margin product lines. Some of our customers, which had suspended or severely curtailed operations in response to the pandemic, have resumed operations, and we are working with them to ensure that we are in a position to satisfy their needs as they work to ramp up operations to pre-pandemic levels."

"Moreover, during these trying times when so many businesses are suffering from the substantial impacts on their working capital caused by the pandemic, we continue to enjoy a healthy balance sheet. At June 30, 2023, our assets were $10.3 million and our shareholder equity was $4.4 million. We continue to focus on expanding our sales channels and preparing our sales and marketing departments for future opportunities," concluded Mr. Garke.