SAN DIEGO, May 15, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (NASDAQ: APCX), a pioneering Fintech company powering frictionless commerce, today announced its financial results for the first quarter ended March 31, 2024, demonstrating significant revenue growth and strategic progress.
Financial Highlights:
- Revenue Growth: Reported revenue of approximately $105,000 for Q1 2024, reflecting an 18% increase from $89,000 in the same period last year, driven primarily by dynamic licensing activities and innovative product enhancements.
- Operating Efficiency: Operating expenses were strategically reduced to $3.1 million, a 13% decrease from the previous year, reflecting internal focus on cost management and operational efficiency through advanced technologies.
- Net Loss Improvement: Our net loss was reduced to $(3.0) million, a 4% improvement compared to the previous year. This highlights the Company’s commitment to financial stability and growth.
- Earnings Per Share: Enhanced shareholder value with earnings per share improving by 39% to $(0.13).
Recent Business Highlights
- Conference Presentation: Presented at the Planet MicroCap Conference in April 2024, where we received positive feedback on AppTech’s innovative solutions. This event provided an excellent platform for networking and showcasing the Company’s advanced digital payment technologies.
- New Partnerships: Announced a new collaboration with a sports agency and consulting firm, aimed at expanding service offerings and enhancing market reach. This partnership leverages the Company’s core technologies and the partner’s extensive network to help scale the user base of the Specialty Payments platform while building long-term shareholder value.
Upcoming Events
- Shareholders’ Meeting: Scheduled for May 29, 2024, to discuss future strategies and initiatives, underscoring our proactive approach to stakeholder engagement.
Management Commentary
“Our first quarter performance reflects the successful execution of our strategic initiatives and our continuous commitment to innovation and customer satisfaction,” stated Luke D’Angelo, AppTech Payments Corp. Chairman and CEO. “With our advanced digital platform and strong market positioning, we are well-equipped to sustain our growth trajectory and enhance value for our shareholders.”
About AppTech Payments Corp.
AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit apptechcorp.com.
Notice Regarding Forward-Looking Statements
The information contained herein includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, among others, statements regarding the proposed public offering, and the timing of the offering. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. These statements relate to future events or to the Company’s future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy and liquidity. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s most recent Annual Report on Form 10-K and other filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. Except as may be required by applicable law, the Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact
CORE IR
Scott Arnold
AppTech Payments Corp.
760-707-5959
