Payfare Announces Update to Timing of its Fourth Quarter and Full Year 2023 Results Release and Earnings Conference Call 

Payfare reaffirms fourth quarter 2023 revenue and Adjusted EBITDA1 guidance of $50 million and $7 million, respectively  

Toronto, Ontario – March 18, 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 an update to the timing of its fourth quarter and full year 2023 results release and corresponding earnings conference call to April 1, 2024, after market close, from the previously scheduled date of March 21, 2024. 

The Company has not yet received a System and Organization Controls (“SOC 1”) auditor’s report from one of its key service providers related to the operating effectiveness of the service provider’s controls. The Company cannot complete the certification of the fiscal 2023 results until this report has been obtained and assessed and for Payfare’s external auditors to complete their related audit procedures. The delivery of the SOC 1 auditor’s report is the sole responsibility of the key service provider and the key service provider is working closely with its auditor to finalize the SOC 1 report.

Payfare reaffirms its previously issued fourth quarter 2023 revenue and Adjusted EBITDA1 guidance of $50 million and $7 million, respectively, and highlights that the delay in receiving this SOC 1 report from its service provider has no impact on the Company’s financial outlook. 

Revised Conference Call Details

Management will host a conference call on April 1, 2024, at 6:30 p.m. ET to discuss these r