Payfare Announces Record Third Quarter 2023 Financial Results

Record quarterly profitability, generating net income of $4.8 million, and Adjusted net income per share1 of $0.16 in Q3 2023 

Toronto, Ontario – November 8, 2023 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF),a leading fintech powering instant payout and digital banking solutions for workforces, today announced the filing of its Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ending September 30, 2023. 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.sedarplus.ca.

Q3 2023 Highlights:

  • Increased revenue to a record $47.2 million for the three months ended September 30, 2023, representing a $12.3 million (+35%) increase compared to the same period in 2022. 
  • Ended Q3 2023 with 1,211,275 active users1, up 290,593 (+32%) compared to active user1 count as at the end of Q3 2022. As of October 31, 2023 Payfare had 1,254,848 active users, up 43,573 from the quarter ended September 30, 2023 as the company enters the seasonally strong fourth quarter. 
  • Total gross dollar value (Total GDV)1 in Q3 2023 was $3.0 billion, an increase of $0.8 billion (+40%) over Q3 2022. 
  • Net income of $4.8 million, or $0.10 per share, for the three months ended September 30, 2023, up $5.6 million (+684%), compared to the same period in 2022. 
  • Adjusted net income1 of $7.5 million, or $0.16 per share, for the three months ended September 30, 2023, representing growth of $5.8 million (+337%) over the prior year period.
  • Adjusted EBITDA1 of $6.3 million for the three months ended September 30, 2023, reflecting a $5.0 million increase (+373%) compared to the same period in 2022. 
  • Free cash flow1 of $3.6 million for the three months ended Sept 30, 2023, which equates to growth of $0.8 million (+29%) over the prior year period. 
  • The Company has issued fourth quarter 2023 revenue and Adjusted EBITDA1 guidance of $50 million and $7 million, respectively, and remains on track to meet its full year guidance.
  • In the prior quarter, the Company was successfully selected in two Request for Proposal (RFP) process