Business
Hank Payments Announces Record Revenue for Quarter Ending December 31, 2023
Toronto, Ontario--(Newsfile Corp. - February 5, 2024) - Hank Payments Corp. (TSXV: HANK) ( "Han...
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[{"type":"text","content":"Hank Payments Announces Record Revenue for Quarter Ending December 31, 2023Toronto, Ontario--(Newsfile Corp. - February 5, 2024) - 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 announce it has achieved a critical revenue milestone for the quarter ending December 31, 2023. Complete financials will be filed by February 29, 2024.FINANCIAL & BUSINESS HIGHLIGHTS FOR FISCAL Q2, 2024Revenue for the quarter exceeded $1.85 MM, an increase of 21% over the September 2023 quarter and 27% growth over the same quarter in 2022;Canadian licensee revenues contributed over $500,000 in revenue on the quarter and this minimum contracted revenue will continue for the three-year minimum contract term;Adjusted loss from operations has improved by over 50% as compared to the September 2023 quarter;The Company announced a partnership with Ingo Money to power instant disbursements to students initially for Hank's education platform (\"Hank EDU\") thus saving time and money for colleges disbursing funds to students;New colleges signed up for the Hank EDU platform in the states of Texas and Oklahoma, with implementations on track for calendar Q1, 2024;A rich pipeline continues to strengthen for our EDU product suite with several more closings and announcements expected quarterly; andPost fiscal Q2, strategic investments were received from market development partners for two new products expected to launch this year, Hank Equity Builder and Hank Doors.Michael Hilmer, CEO and Chairperson, commented, \"These are the strongest quarterly financial results in our history by a wide margin. We have been diligent about investing in products that will be profitable within a reasonable time horizon, while managing overhead carefully.\" He added, \"Our team is focused on achieving positive Adjusted EBITDA results in calendar 2024, scaling our Automotive and EDU products and launching the Hank Doors and Hank Equity Builder products by calendar 2024 year end.\"The Company looks forward to reporting its second-quarter financials for the period ending December 31, 2023, by the end of February, 2024.About Hank Payments Corp. Hank Payments Corp (the Company or \"Hank\") is a North ...