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Hank Payments Announces Fourth Quarter and Year End June 30, 2022, Financial Results; Q4 Revenue up 27% Year over Year
Toronto, Ontario--(Newsfile Corp. - October 14, 2022) - Hank Payments Corp.  (TSXV: HANK...
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[{"type":"text","content":"Hank Payments Announces Fourth Quarter and Year End June 30, 2022, Financial Results; Q4 Revenue up 27% Year over YearToronto, Ontario--(Newsfile Corp. - October 14, 2022) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), 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 that collect, store and disburse consumer cash as required to discharge obligations. The Company is pleased to provide its fourth quarter and year end financial results for the period ending June 30, 2022.FINANCIAL HIGHLIGHTSRevenue for the fourth quarter ended June 30, 2022, grew 27% year over year to $1,479,074;Annual Average Gross margins remain strong at 88.95%;Total revenue grew 22% to $5,342,765 for the year ending June 30, 2022, versus $4,369,347 in 2021; Revenue grew 7% over previous quarter as the Company continues to benefit from the recovery in the auto markets;$1,200,000 of annualized corporate overhead cost savings executed in Q4 and fully realized post year end leading to reduced cash burn without affecting growth;Cash balance of $803,146 at year end. KEY PERFORMANCE INDICATORS: 2022 Increase in users managing mortgage payments since the beginning of the pandemic (March-2020) 57%Increase in users managing multiple payments since the beginning of the pandemic (March-2020) 91%Increase in Contract liability (deferred revenue) over the twelve-month period ended June 30, 2022 8%   Active SME Channel Users as of June 30, 2022 42,175  2022 2021Monthly Recurring Revenue (MRR) per User (excluding enrollment fees) in CAD$5.29$5.13    Cash Collected from Fees in the Period$5,049,882$4,626,471  OPERATING AND STRATEGIC MATTERSMonthly Recurring Revenue per user (\"MRR\") has experienced a cumulative annual average growth rate of 7% over the past two years and will continue to rise as new users are enrolled at a higher price for recurring monthly fees, including additional products and features subscribed for. The Average Annual Revenue Per User (\"ARPU\"), described as total fee revenue earned divided by the total users as at year end, is $118.42 per user as at June 30, 2022.Year end adjusted loss from operations was $3,072,184...