Payfare Announces Second Quarter 2022 Financial Results

Continued gross margin expansion to 19.1% in Q2 from 17.2% in Q1, first quarter of positive Adjusted EBITDA generation and first quarter of share repurchases under the Normal Course Issuer Bid (“NCIB”) program

TORONTO, Aug. 10, 2022 /CNW/ – 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 ending June 30, 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.

Q2 2022 Financial Highlights:

  • Revenue of $33.6 million in Q2 2022, representing a $24.8 million (285%) increase over Q2 2021, and an $8.7 million (35%) increase over Q1 2022.
  • Gross profit of $6.4 million (19.1% margin) in Q2 2022, up $5.3 million compared to Q2 2021 (13.0% margin) and up $2.1 million compared to Q1 2022 (17.2% margin).
  • Net loss improved to ($2.3 million) in Q2 2022 compared to a net loss of ($5.0 million) in Q2 2021.
  • First quarter generating positive Adjusted EBITDA1 of $0.3 million in Q2 2022, a $3.4 million increase over Q2 2021 and a $1.2 million increase over Q1 2022.
  • Under the Normal Course Issuer Bid (NCIB) program, the Company has repurchased 257,725 Common Shares to date at an average cost of&nb