497 0 Kommentare XTM Files Q2 2023 Quarterly 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 (EWA) through its QRails AnyDay product announced the filings of its quarterly unaudited condensed consolidated Financial Statements and Management Discussion and Analysis (“MD&A”) for Q2 2023 which shows, among other things, a 47% increase in Gross Dollar Value (GDV) over Q2 2022.

Highlights include:

Gross dollar value (“GDV”) loads on the Company’s platform was just under $170.8MM for the quarter. This is the highest quarter in the Company’s history, surpassing $143MM in Q1 2023 and an increase of 47% from $116.5M in Q2 2022;
Revenue of just under $1.6 MM for the quarter ending Q2 2022. This was the strongest quarter for revenue since the Company’s inception, increasing $333K or 26% compared to Q2 2022, and $191K or 13% compared to Q1 2023. Of note, in accordance with IFRS-15, the Company started to recognize card revenue over the remaining life of the customer contract, starting in Q4 2022. On a comparative basis, revenue would have been up 46% year-over-year.
To reflect the mix of full and part-time Today employees the Company is using a single member/user metric, “Total Active Users” (defined as a Today wallet holder with at least one transaction in the past 6 months). The Company’s Total Active User count was 119K as at the end of the Q2 2023 from 83K at the end of Q2 2022;
Gross Profit was $130K or 8% of revenue for the quarter; this compares to $297K or 23% of revenue for Q2 2022 with the lower percentage a result of one-time fees associated with the QRails transaction;
Operating expenses were $2.218MM for the quarter, an increase of 5% or $144K compared to $2,104K for Q2 2022 with the main driver being an increase in professional fees to support the acquisition of QRails, offset by the reduction in contract engineering resourcing and investor relations.
Net loss was $2,425K for the quarter. Current quarter net loss increased compared to a net loss of $1,871K for Q2 2022 mainly due to an increased focus on security, increases in fraud monitoring and cyber protection.

Cash totaled $0.4MM as of June 30, 2023, down -$0.7MM from prior year-end total of $8.4MM with the decrease attributable to funding operational requirements and investments into new products including platform improvements to support new verticals, Earned Wage Access (EWA) and Tip and Gratuity allocation and distribution solution.
After June 30, 2023, the Company received a CAD $2,000,000 short-term bridge-loan for the purpose of supporting the Company’s working capital requirements until the close of the Convertible Debt Financing.