365 0 Kommentare XTM Files 2022 Annual Financial Results

XTM, Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto-based Fintech creator of disruptive payment innovations including fully certified Earned Wage Access through its QRails AnyDay solution, announced that it filed the following financial statements (collectively, the “Required Filings”):

audited annual financial statements for the year ended December 31, 2022, management’s discussion & analysis relating to the audited annual financial statements and related officer certifications for the year ended December 31, 2022;
interim financial statements for the period ended March 31, 2023, management’s discussion & analysis relating to the interim financial statements and related officer certifications for the year for the period ended March 31, 2023.

The Company is currently subject to a failure-to-file cease trade order (the “FFCTO”) issued by the Ontario Securities Commission (the “OSC”) on July 18, 2023 as a result of the Company’s failure to file the Required Filings in accordance with National Instruments 51-102 – Continuous Disclosure Obligations. The Company has remedied the default that led to the FFCTO by filing the Required Documents on August 3, 2023, and copies are available under the Company’s SEDAR profile at www.sedarplus.ca. It is expected that as a result of the filing of the Required Documents, the OSC, as the Company’s principal regulator, will revoke the FFCTO in accordance with National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions (collectively, the “Legislation”).

Upon the revocation of the FFCTO, trading in the common shares of the Company through the facilities of the Canadian Securities Exchange (the “CSE”) is expected to resume. The Company is working with the CSE in this respect and the revocation of the FFCTO and the resumption of trading will be confirmed in a further press release.

Audited Annual Financial Statements and Management Discussion and Analysis for the year shows, among other things, a more than 111% increase in annual revenue over the year ending December 31, 2021.

Highlights include:

Net revenue for the year ending 2022 was $ 4,733,727 compared to revenue of $2,262,938 for the year ending 2021, an increase of $2,470,789 or 111%.
Gross dollar value (“GDV”) loaded on the Company’s platform grew 200% to almost half a billion dollars to $462.1MM for the year with the Company trending upward with its highest 2022 single month load totaling $50.4MM in December. GDV is key performance indicator as the Company generates revenue when money is spent from the Today wallet at a point-of-sale in-store or online. XTM’s revenue is derived mainly from interchange fees, which is earned when a user of a Today wallet uses their VISA or branded card at a point-of-sale. A higher GDV will generally result in higher revenues from interchange fees.
Gross Profit for the year ending 2022 increased to $930,408 for a Gross Margin percentage of 19.7%, compared to Gross Profit of $60,909 or 2.7% Gross Margin percentage for the year ending 2020.
Loss for the year was $7,266,150 or a loss per share of $0.04 compared to a loss of $5,450,042 or a loss per share of $0.04 in 2021
XTM experienced increased velocity in new customer acquisitions signing up 655 new locations from across the US and Canada in 2022 for total locations at the year ending of 1,996 and current locations to-date at 2,809.
Active users on the Company’s Today platform increased 64% from the year ending 2021. The Company classifies an active user as one who has made transactions through their Today wallet within a 30-day period.