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Hank Payments Announces Quarter End September 30, 2023, Financial Results
Toronto, Ontario--(Newsfile Corp. - November 29, 2023) - Hank Payments Corp.  (TSXV: HANK) ...
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[{"type":"text","content":"Hank Payments Announces Quarter End September 30, 2023, Financial ResultsToronto, Ontario--(Newsfile Corp. - November 29, 2023) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), an emerging North American leader in the Banking-as-a-Service (BaaS) market with a platform that modernizes budgets and payments for enterprises and consumers is pleased to provide its first quarter financial results for the period ending September 30, 2023.FINANCIAL HIGHLIGHTSRevenue grew 13% to $1,581,419 for the quarter ending September 30, 2023, versus $1,403,518 for the previous quarter ending June 30, 2023;Improved revenue diversification with 11% of revenue coming from the Company's previously announced Canadian licensing deal;$169,444 of licensing revenue was recognized representing only a month of licensing revenue which will be reported and earned at a rate of $508,332 per quarter going forward over three years, significantly increasing future revenue and earnings;Adjusted loss declined by 25% to $507,797 for the quarter ending September 30, 2023 ($680,878 for the quarter ending June 30, 2023); andQuarterly Gross margins remain strong at 89%.OPERATING AND STRATEGIC MATTERSQuarter end adjusted loss from operations improved to $507,797 from $680,878 for the last quarter. This was primarily due to stronger revenue growth from new licensing revenue streams and operating cost efficiencies undertaken by the Company over the year. Operating expenses remain relatively the same at $1,917,980 compared to $1,913,268 for the last quarter.On March 28, 2023, the Company had announced the signing of a National Technology License Agreement with an initial term of three years comprising a minimum base revenue of $5 million plus 22% maintenance for a total of $6.1 million in revenue to be earned evenly over the term. In September 2023 the Company recognized $169,444 of revenue and expects to do so monthly for the minimum term of three years, or $508,332 per quarter and over $2,000,000 in incremental recurring annual revenue.Over the quarter ending September 30, 2023, the Company also onboarded its first school under the Hank EDU platform and expects to launch additional schools and generate material revenue growth and diversification in the upcoming quarters.Michael Hilmer, Chairperson and CEO commented, \"We are excited to initiate new reve...