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Hank Payments Announces Financial Results for the Second Quarter Ending December 31, 2022
Sharply Lower Adjusted Losses and Continued Growth Toronto, Ontario--(Newsfile Corp. - March 2, ...
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[{"type":"text","content":"Hank Payments Announces Financial Results for the Second Quarter Ending December 31, 2022Sharply Lower Adjusted Losses and Continued GrowthToronto, Ontario--(Newsfile Corp. - March 2, 2023) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), is a North American leader in consumer Fintech Software-as-a-Service (\"SaaS\") in the Banking-as-a-Service (\"BaaS\") market segment. Hank platforms manage consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion. Hank is pleased to provide its second quarter financial results for the period ending December 31, 2022.FINANCIAL HIGHLIGHTSRevenue for the second quarter ended December 31, 2022, grew 16% year over year to $1,512,194;Revenue for the six month period ending December 31, 2022 grew 23% year over year to $3,053,782;Gross margins remain strong at 89%;Operating expense reduction leads to lowest quarterly adjusted losses in twelve months at $392,223 with operating expenses back to pre-IPO levels;Monthly Recurring Revenue per user (\"MRR\") is up year over year from $5.77 to $6.02 (excluding enrolment fees). SUBSEQUENT EVENTS AND UPDATES ON STRATEGIC OBJECTIVES National Canadian License agreement negotiation continues, and the MOU has been extended into March as the parties work on finalizing the agreement and identifying early large-scale enterprise partnerships;Five Hank Education products are nearing completion and expected to launch successively, starting with the April 2023 semester. Demand is high across the USA and the company is already receiving interest letters from early adopter Colleges;Two student records companies have approved Hank as a value added partner, representing some 2,300 schools with access to approximately 5,000,000 students;The Company expects to enrol schools monthly commencing in calendar Q2, earning revenue almost immediately following school activations.Michael Hilmer, Chairperson and CEO commented \"Overall we are pleased with the trajectory and demand for Hank expanding Banking as a Service product stack. Our lower operating burn reflects an even more efficient operating model, and we are excited by the meaningful interest we are gathering for our technology. We look forward to regularly reporting activations in Educat...