TORONTO, Nov. 18, 2024 (GLOBE NEWSWIRE) — Clip Money Inc. (TSX-V: CLIP; OTCQB: CLPMF) (Clip Money or the Company), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce its financial results for the three and nine-months ended September 30, 2024.
Third Quarter Financial 2024 Highlights:
- Revenue for the third quarter of 2024 (Q3 2024) was $521,316, compared to $148,965 in the third quarter of 2023 (Q3 2023), which equates 250% growth year-over-year (YoY). Q3 2024 revenue was up 34% quarter-over-quarter (QoQ) compared to the second quarter of 2024 (Q2 2024). For the month of September 2024, revenue was $212,103 compared to $163,101 for the month of August 2024, representing 30% month-over-month (MoM) growth.
- Operating expenses for Q3 2024 were $1,597,181, compared to $1,312,209 in Q3 2023, which represents a 22% YoY increase. Q3 2024 operating expenses were 7% lower QoQ compared to Q2 2024. Operating expenses in Q3 2024, excluding depreciation and amortization, were $1,104,373. Net loss for Q3 2024 was ($2,383,256), compared to ($2,488,856) in Q3 2024, which represents an improvement of 4% YoY.
- YoY revenue growth for Q3 2024 was driven by a 101% increase in new deposit users, and a 65% increase in average deposit revenue per user. Deposit revenue growth was further supplemented by scaling new products, namely revenue from Change Orders and A™s. New product revenue represented 14% of total revenue in Q3 2024 compared to 3% in Q3 2023.
- Revenue growth continues to outpace changes in Costs of Revenue (COR). Q3 2024 COR of ($837,252) was up 31% YoY, relative to 250% YoY revenue growth. Furthermore, on a QoQ basis COR was up +17% on the back of +34% revenue growth.
- On September 17, 2024, the Company closed a non-brokered private placement of convertible notes (the 2024 Unsecured Notes) for aggregate gross proceeds of $2,800,000. The financing was led by PeoplesBank who subscribed for $2,000,000 in aggregate principal amount of the 2024 Unsecured Notes. The remaining $800,000 in aggregate principal amount of the 2024 Unsecured Notes was subscribed for by Cardtronics (NASDAQ:), Inc., a subsidiary of NCR (NYSE:) Atleos.
Network & Customer Highlights:
- Clip Money grew its leading shopping center network (non-A™) to 408 deposit units in Q3 2024, adding locations with prestigious mall operators like: Tanger, Macerich (NYSE:), Spinoso, Taubmans, Brookfield, CBL and Washington Prime Group (NYSE:).
- Continued…
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