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Hank Payments Announces First Quarter September 30, 2022, Financial Results. Q1 Revenue Grows 31% on Sharply Lower Losses
Toronto, Ontario--(Newsfile Corp. - November 30, 2022) - Hank Payments Corp.  (TSXV: HANK) ...
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[{"type":"text","content":"Hank Payments Announces First Quarter September 30, 2022, Financial Results. Q1 Revenue Grows 31% on Sharply Lower LossesToronto, Ontario--(Newsfile Corp. - November 30, 2022) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), is a North American leader in consumer Fintech Software-as-a-Service (SaaS) that provides a platform that manages consumer cash flow and budgets on an automated basis using proprietary algorithms. Hank is pleased to provide its first quarter financial results for the period ending September 30, 2022.FINANCIAL HIGHLIGHTSRevenue for the first quarter ended September 30, 2022, grew 31% year over year to $1,541,588;Gross margins remain strong at 91%;Over $200,000 reduction in operating expenses leading to lowest adjusted losses in twelve months at $422,000 before the full effect of cost avoidance measures previously announced;Monthly Recurring Revenue per user (\"MRR\") grows year over year by 18% from $5.15 to $5.52 (excluding enrolment fees) and expected to rise as users take up more high value products. SUBSEQUENT EVENTS - EXECUTING ON STRATEGIC OBJECTIVESIn November Hank announced the signing of a binding Memorandum of Understanding (\"MOU\") to enter into an exclusive negotiating period, to close a national license agreement for the use of the Hank technology platform in Canada. An initial term of five years, underpinned by minimum monthly licensing fees approaching material user counts over time and is commensurate with meaningful penetration of the Canadian market. The Licensee provided a deposit of $150,000 and will invest $250,000 into the next available financing offered by Hank at then current pricing. Expected definitive signing of the licensing agreement, no later than January 30, 2023.The appointment of Mr. John Cerny as Head of Strategic Partnerships and Chief Compliance Officer. Mr. Cerny has more than 30 years experience in the US banking sector, including roles as President, Chief Operating Officer and Chief Compliance Officer. He will be instrumental in supporting additional product ideation, innovation and regulatory compliant advancement of Hank products. His experience and network of strategic contacts in banking and within Hank's developing markets are expected to accelerate Hank's access to those markets. The addition of Mr. Cerny to the executive team is consistent ...