Business
Hank Payments Reports Third-Quarter Financial Results with Revenue Growth of 24% Year over Year, Record Gross Margins Approaching 90% and Continued Strong ARR and LUM
Toronto, Ontario--(Newsfile Corp. - May 30, 2022) - Hank Payments Corp.  (TSXV: HANK) ( ...
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[{"type":"text","content":"Hank Payments Reports Third-Quarter Financial Results with Revenue Growth of 24% Year over Year, Record Gross Margins Approaching 90% and Continued Strong ARR and LUMToronto, Ontario--(Newsfile Corp. - May 30, 2022) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), a North American leader in consumer FinTech Software-as-a-Service (SaaS) announced today record quarter-over-quarter organic revenue growth, record gross margins, continued strong ARR and LUM (defined below) and, in addition to the B2C application of personal financial wellness through automating payments management resulting in improved household cash flow and debt management and overall financial hygiene, acceleration of its B2B go-to-market strategy to become the industry-leading Enterprise SaaS payments platform.Headquartered in Canada with operations in the United States, Hank is on a mission to transform outmoded personal financial wellness and consumer financial technology through offering a best-in-class payments platform and payment management capabilities. Hank's modern, elegant and proprietary cloud-based solution is revolutionizing the way both consumers and lenders alike manage payments with speed, automation, ease-of-use and best-in-class service as well as B2B SaaS Enterprise solutions that allow Hank to power bank, lender, originator, debt settlement companies and gig-worker platforms.FINANCIAL HIGHLIGHTS - CONTINUED STRONG FINANCIAL FUNDAMENTALSRevenue for the third quarter ended March 31, 2022, grew 24% year over year to $1,378,598. (Nine month $3,863,691, 21%)Gross margins grew to an unprecedented 89.2% in keeping with our historical trajectory.Revenue quarter over quarter grew 6% as the Company benefits from the recovery in the auto industry.Annual Recurring Revenue (ARR) and Liabilities under Management (LUM) continue to remain strong.OPERATING AND STRATEGIC MATTERS - EVOLUTION TO THE ENTERPRISE AND FEALTY TO SHAREHOLDER VALUEThe Company's historical B2C sales channel, being the SME auto dealer channel, continues to perform well and has resulted in predictable consumer growth, consumer loan payment performance and related analytics, generating for the Company stable and predictable revenue growth and providing the resources and expertise necessary to win larger contracts in that channel and allowing the Company to focus on the...