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AppTech Payments Corp. Reports Strong Start to 2024 with Positive First Quarter Financial Results and Strategic Business Advances

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AppTech Payments Corp. (NASDAQ: APCX) announced strong financial results for Q1 2024, showcasing significant progress. The company reported Q1 2024 revenue of approximately $105,000, an 18% increase from the previous year. Operating expenses were reduced by 13% to $3.1 million, and net loss improved by 4% to $(3.0) million. Earnings per share rose by 39% to $(0.13). Recent achievements include a positive reception at the Planet MicroCap Conference and a new partnership with a sports agency aimed at expanding market reach. An upcoming shareholders' meeting on May 29, 2024, will discuss future strategies.

Positive
  • Revenue increased by 18% to $105,000 in Q1 2024.
  • Operating expenses reduced by 13% to $3.1 million.
  • Net loss improved by 4% to $(3.0) million.
  • Earnings per share increased by 39% to $(0.13).
  • Positive reception at the Planet MicroCap Conference.
  • New partnership with a sports agency to expand service offerings.
Negative
  • Net loss remains high at $(3.0) million.
  • Revenue of $105,000 is relatively low despite the increase.

Financial Performance: The company reported $105,000 in revenue for Q1 2024, reflecting an 18% increase from the same period last year ($89,000). Although an increase in revenue is positive, the absolute figures are relatively small for a NASDAQ-listed firm. The significant reduction in operating expenses to $3.1 million (down 13%) is noteworthy, as it suggests a focus on cost management. However, the net loss still remains substantial at $(3.0) million, albeit improved by 4% from the previous year. The improvement in earnings per share (EPS) by 39% to $(0.13) is encouraging for shareholders, but investors should be cautious given the overall financial health still reflects a loss.

In summary, while the company shows signs of improvement in its financial metrics, the small revenue base and ongoing net loss require careful consideration. Long-term sustainability will depend on significantly increasing revenue while maintaining or further reducing costs.

Market Positioning and Strategic Advances: The new partnership with a sports agency and consulting firm could potentially expand the company's service offerings and market reach. This collaboration leverages AppTech’s digital payment technologies with the partner’s extensive network, which may help in scaling the user base of its Specialty Payments platform. This strategic move is aimed at enhancing long-term shareholder value. However, it's important to monitor how effectively this partnership translates into market penetration and revenue growth.

The company's recent presentation at the Planet MicroCap Conference garnered positive feedback, which is a good sign of market interest and industry recognition. However, it's essential to convert this interest into tangible business results. The scheduled shareholders' meeting on May 29, 2024, will likely discuss future strategies, which could provide more clarity on the company's path forward.

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

scotta@coreir.com

AppTech Payments Corp.

760-707-5959

info@apptechcorp.com


FAQ

What was AppTech Payments Corp.'s revenue for Q1 2024?

AppTech Payments Corp. reported revenue of approximately $105,000 for Q1 2024.

How much did APCX's revenue increase in Q1 2024 compared to last year?

APCX's revenue increased by 18% in Q1 2024 compared to the same period last year.

What were the operating expenses for AppTech Payments Corp. in Q1 2024?

Operating expenses for AppTech Payments Corp. were $3.1 million in Q1 2024.

How did APCX's net loss change in Q1 2024?

APCX's net loss improved by 4% to $(3.0) million in Q1 2024.

What was the earnings per share for AppTech Payments Corp. in Q1 2024?

The earnings per share for AppTech Payments Corp. improved by 39% to $(0.13) in Q1 2024.

What notable event did APCX participate in during Q1 2024?

APCX presented at the Planet MicroCap Conference in April 2024.

What new partnership did AppTech Payments Corp. announce in Q1 2024?

AppTech Payments Corp. announced a new collaboration with a sports agency and consulting firm in Q1 2024.

AppTech Payments Corp.

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