AppTech Payments Corp. Highlights Q4 2024 Financial and Strategic Developments

Rhea-AI Summary

AppTech Payments Corp (NASDAQ: APCX) reported its Q4 2024 financial results, showing improved performance with a reduced operating loss of $2.1 million ($0.08 per share) compared to $3.4 million ($0.18 per share) in Q4 2023. The full-year 2024 operating loss decreased to $8.8 million ($0.35 per share) from $18.5 million ($1.01 per share) in 2023.

The fintech company underwent significant changes in Q4 2024, including a $5 million investment from a new investor group who gained Board voting control and implemented leadership changes, replacing the CEO and CFO. New CFO Felipe Corrado highlighted organizational improvements, strengthened capital position, reduced expenses, and a narrowed focus on potentially profitable near-term customers. The company will file its 2024 Form 10K on March 31, 2025.

Positive

• 52% reduction in Q4 operating loss year-over-year ($2.1M vs $3.4M)
• 52% improvement in full-year operating loss ($8.8M vs $18.5M)
• $5 million new capital investment secured
• Reduced operational expenses

Negative

• Still operating at a loss of $2.1M in Q4 2024
• Significant management turnover with CEO and CFO replacement
• Full-year losses remain substantial at $8.8M

CARLSBAD, Calif., March 07, 2025 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (“AppTech or the “Company”) (NASDAQ: APCX), a fintech company, today shared its Fourth Quarter 2024 financial results. The Company reported an operating loss of $2.1 million ($0.08 per share) versus a $3.4 million loss in the same quarter of 2023 ($0.18 per share).

The operating loss for the full year 2024 was $8.8 million ($0.35 per share) versus $18.5 million ($1.01 per share) in 2023.

CEO Thomas DeRosa noted that AppTech underwent significant organizational changes in the fourth quarter when a new investor group committed $5 million to improve the Company’s operations; established voting control of the Board of Directors and replaced certain key executives including the CEO and CFO. New CFO Felipe Corrado stated “We are encouraged by the organizational and operating improvements made in the fourth quarter. We bolstered our capital position, reduced expenses and narrowed our focus solely to several potentially near-term and profitable customers.”

The company also announced it would file its 2024 Form 10K on March 31, 2025.

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. For more information, please visit apptechcorp.com.

Forward-Looking Statements

This press release may contain forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

AppTech Payments Corp.
760-707-5959
info@apptechcorp.com

FAQ

What was AppTech Payments (APCX) Q4 2024 operating loss?

APCX reported a Q4 2024 operating loss of $2.1 million ($0.08 per share), down from $3.4 million ($0.18 per share) in Q4 2023.

How much did AppTech Payments (APCX) reduce its full-year losses in 2024?

APCX reduced its full-year operating loss to $8.8 million ($0.35 per share) in 2024, compared to $18.5 million ($1.01 per share) in 2023.

What major changes occurred at AppTech Payments (APCX) in Q4 2024?

A new investor group invested $5 million, gained Board voting control, and replaced key executives including the CEO and CFO.

When will AppTech Payments (APCX) file its 2024 Form 10K?

APCX will file its 2024 Form 10K on March 31, 2025.