Business
Everyday People Financial Reports $57 Million in Revenue for FY2024, a 51% Increase Over 2023
Edmonton, Alberta--(Newsfile Corp. - April 30, 2025) - Everyday People Financial Corp. (TSXV: EP...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Reports $57 Million in Revenue for FY2024, a 51% Increase Over 2023Edmonton, Alberta--(Newsfile Corp. - April 30, 2025) - Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) (\"Everyday People\" or the \"Company\"), a financial technology company that offers AI-driven money management tools to businesses and consumers, announces its consolidated annual financial and operational results for the year ended December 31, 2024, and the year ended December 31, 2023. This news release should be read in conjunction with Everyday People's consolidated financial statements and \"Management's Discussion and Analysis\" report for the year-ended December 31, 2024, which have been posted under the Company's profile on SEDAR+ at www.sedarplus.ca. All figures are in Canadian dollars unless otherwise stated. The Company delivered strong year-over-year revenue growth of 51%, or approximately 76% on a fully adjusted basis, reflecting disciplined execution across both its Revenue Cycle Management (\"RCM\") and Financial Services business pillars. Growth was driven by successful integration of successful acquisitions, scaling of non-lending financial services, and continued margin strength in the Company's RCM business segment.During the fourth quarter, the Company adopted a more conservative revenue recognition policy for its EP Supply Chain operations, resulting in a non-cash reversal of $3.6 million in previously accrued revenue and the deferral of approximately $2.8 million in Q4 revenue. In addition, $3.4 million in RCM revenue was reversed following a review of revenue recognition practices. These adjustments are non-cash in nature and do not reflect impairment or collectability issues. Excluding these changes, performance remained on track across operating units.Key Financial Highlights for the Year Ended December 31, 2024Revenue for the year ended December 31, 2024, was $57.1 million, up from $37.9 million in 2023. On a pre-adjustment basis, revenue would have been approximately $63.5 million, before the $3.6 million non-cash reversal and $2.8 million in unrecognized EP Supply Chain revenue. Additionally, $2.7 million in RCM revenue was reversed following a review of revenue recognition practices. While this adjustment reduced reported revenue and net income, it is entirely non-cash in nature. The Company had...