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Payfare Announces Record Fourth Quarter and Full Year 2022 Financial Results

First quarter reporting positive net profit of $2.9MM or $0.06 per share in Q4 2022 with record Adj. EBITDA1 of $3.6MM and Operating Cash Flow of $6.4MM

Toronto, Ontario – March 22, 2023 – Payfare Inc. (“Payfare”or the “Company”) (TSX: PAY),a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced the filing of its Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter and year ending December 31, 2022. A comprehensive discussion of Payfare’s financial position and results of operations are provided in the MD&A, which is filed on SEDAR under Payfare’s profile and can be found at www.sedar.com.

Q4 2022 Highlights:

  • Revenue of $38.4 million in Q4 2022, representing a $21.8 million (+131%) increase over Q4 2021 and a $3.5 million (+10%) increase over Q3 2022. 
  • Gross profit of $8.3 million in Q4 2022, up $5.8 million (+230%) compared to Q4 2021 and up $1.4 million (+20%) compared to Q3 2022. 
  • First quarter reporting positive net profit of $2.9 million or $0.06 per share in Q4 2022 compared to a net loss of ($4.6 million or $0.10 per share) in Q4 2021 and a net loss of ($0.8 million or $0.02 per share) in Q3 2022. 
  • Record Adjusted EBITDA1 expansion to $3.6 million in Q4 2022, a $6.0 million (+248%) increase over Q4 2021 and a $2.3 million (+171%) increase over Q3 2022. 
  • Record Operating Cash Flow generation of $6.4 million in Q4 2022, up $10.6 million over Q4 2021 and up $2.6 million over Q3 2022.   
  • Total gross dollar value (Total GDV)1 in Q4 2022 was $2.4 billion, an increase of $1.4 billion (+137%) over Q4 2021 and $0.3 billion (+13%) over Q3 2022. 
  • Ended Q4 2022 with 1,053,872 active users1, an increase of 542,100 (+106%) compared to active users as at December 31, 2021. This was primarily due to the significant growth of the DoorDash program and steady gains in the Lyft & Uber ride-sharing programs.
  • DasherDirect App by Payfare was once again ranked # 1 in December 2022 amongst all US Finance Apps by UnitQ, a product quality monitoring platform which conducts rankings based on user feedback data from app store reviews and social media.

Full Year 2022 Highlights:

  • Revenue of $129.9 million in 2022, representing a $88 million (+210%) increase over 2021.
  • Gross profit of $25.9 million in 2022, up $20.4 million (+372%) compared to 2021.
  • Net loss of ($2.9 million or $0.06 per share) in 2022 was a significant improvement compared to a net loss of ($21.4 million or $0.49 per share) in 2021.
  • Record Adjusted EBITDA1 expansion to $4.4 million in 2022, a $14.4 mil