FOR WORKERS

FOR BUSINESSES

Payfare Announces Unaudited Fourth Quarter and Full Year2023 Financial Results

Payfare generated unaudited net income of $4.9 million, and Adjusted net income
per share1 of $0.15 in Q4 2023. The Company has also provided an update on its
Annual Filings.


Toronto, Ontario – April 25, 2024 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF),a leading fintech powering instant payout and digital banking solutions for workforces, today announced summarized unaudited results for the fourth quarter and year ending December 31, 2023. 

Unaudited Q4 2023 Highlights:

  • Increased revenue to a record $50.0 million for the three months ended December 31, 2023, representing an $11.6 million (+30%) increase compared to the same period in 2022. 
  • Ended Q4 2023 with 1,400,127 active users1, up 346,255 (+33%) compared to active users1 count as at the end of Q4 2022. 
  • Total gross dollar value (Total GDV)1 in Q4 2023 was $3.3 billion, an increase of $0.9 billion (+36%) over Q4 2022. 
  • Net income of $4.9 million, or $0.10 per share, for the three months ended December 31, 2023, up $2.0 million (+69%), compared to the same period in 2022. 
  • Adjusted net income1 of $7.4 million, or $0.15 per share, for the three months ended December 31, 2023, representing growth of $2.8 million (+60%) over the prior year period.
  • Adjusted EBITDA1 of $7.5 million for the three months ended December 31, 2023, reflecting a $3.9 million increase (+108%) compared to the same period in 2022. 
  • Free cash flow1 of $6.5 million for the three months ended December 31, 2023, which equates to growth of $0.5 million (+8%) over the prior year period. 

Unaudited Full Year 2023 Highlights:

  • Payfare achieved record revenue of $186.0 million, representing a $56.1 million (+43%) increase over 2022 and met its full year 2023 revenue guidance. 
  • Total gross dollar value (Total GDV)1 in 2023 was $11.8 billion, an increase of $3.9 billion (+49%) over 2022. 
  • Net income of $13.1 million or $0.28 per share, representing an increase of $16.1 million (+547%) compared to 2022. 
  • Adjusted net income1 of $23.0 million or $0.48 per share, reflecting an increase of $17.0 million (+283%) compared to 2022. 
  • Payfare generated Adjusted EBITDA1 of $21.6 million, representing growth of $17.2 million (+394%) over 2022 and met its full year 2023 Adjusted EBITDA1 guidance.
  • Free cash flow1 of $17.0 million which equates to growth of $9.9 million (+137%) over the prior year period. 

The amounts disclosed in this press release are unaudited as the Company’s auditors, KPMG LLP, have not yet completed their audit procedures on the consolidated financial statements as at, and for the year ended December 31, 2023.

Executed Strategic Objectives for Fiscal 2023

  • Payfare issued 2023 revenue and Adjusted EBITDA1 guidance of $185 millio