Business
Everyday People Financial Reports Financial Results for Three and 12 Months Ended September 30, 2022
Edmonton, Alberta--(Newsfile Corp. - November 18, 2022) - Everyday People Financial Corp. ...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Reports Financial Results for Three and 12 Months Ended September 30, 2022Edmonton, Alberta--(Newsfile Corp. - November 18, 2022) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a Canadian-based financial technology and consumer financing company, is pleased to announce financial and operational results for the three and 12 months ended September 30, 2022. All figures are in Canadian dollars unless otherwise stated.\"Our financial results for the three and 12 months ended September 30, 2022 show revenue growth across all our business lines, reflecting strong operations and demand for our products and services,\" said Barret Reykdal, CEO of Everyday People. \"There is a significant market opportunity serving the underserved and underrepresented borrower; and the diversity of our business lines allows us to capture recurring and other revenue from our services in Canada and the United Kingdom. We are executing on our long-term business strategy and will continue to develop our complementary suite of products and services to capture growth from different market segments in 2023 and beyond.\" As previously announced on November 17, 2022, the Company has changed its financial year-end from September 30 to December 31 to align with all entities in its corporate group. Key Financial Highlights for the Three Months Ended September 30, 2022Revenue of $4.9 million, up 70% from $2.9 million for the same period in 2021.Adjusted EBITDA loss of $0.6 million as compared to adjusted EBITDA loss of $0.6 million for the same period in 2021. Refer to \"Non-IFRS Financial Measures\" below.Net loss of $10.3 million, as compared to net loss of $2.1 million for the same period in 2021. The increase of $8.2 million in net loss includes:$4.5 million impairment of goodwill related to Everyday People Climb Credit Inc.;$3.4 million listing expenses related to the securities issued upon completion of qualifying transaction; and $0.3 million related to growth and qualifying transaction related cost.Key Financial Highlights for the 12 Months Ended September 30, 2022Revenue of $17.7 million, up 31% from $13.6 million for the same period in 2021.Adjusted EBITDA loss of $1.6 million as compared to adjusted EBITDA loss of $0.7 million for the same period in 2021, with the increase primarily related...