Fast Finance Pay Corp Announces Fiscal Year 2024 Results
Rhea-AI Summary
Fast Finance Pay Corp (FFPP) has reported strong financial results for fiscal year 2024. The company achieved significant growth with revenues reaching $10.4 million, marking a 130% increase from $4.5 million in 2023. Gross profit rose to $4.5 million from $1.8 million, while net profit increased to $568 thousand from $244 thousand in the previous year.
The company recently implemented a reverse stock split to strengthen its capital structure, aiming to uplist to a major stock exchange. Despite challenging market conditions and high interest rates, all business units performed successfully. The company operates as a fintech gateway provider offering payment solutions for e-merchants, and maintains OK.de Services, which includes a free email platform and OK.secure, an encrypted messaging service.
Positive
- Revenue growth of 130% year-over-year to $10.4 million
- Gross profit increased 150% to $4.5 million
- Net profit rose 133% to $568 thousand
- Completed reverse stock split to strengthen capital structure
- Positioning for uplisting to major stock exchange
Negative
- Operating in challenging market environment with high interest rates
- Relatively modest net profit margins at 5.46% of revenue
NEW YORK CITY, NY / ACCESS Newswire / February 10, 2025 / Fast Finance Pay Corp. (OTC PINK:FFPP) today announced its financial results for the fiscal year ended December 31, 2024. Ole Jensen, CEO, President and Chairman of Fast Finance Pay Corp. stated, "All of our business units were successful throughout the entire year despite the challenging market environment due to high interest rates and uncertainty in some sectors. We saw continued increases in revenues, as well as gross and net profits. Looking ahead, we continue to focus on executing and navigating difficult macroeconomic conditions and believe our past investments strengthened our operations and will optimize the business for the near future."
Results for the Fiscal Year Ended December 31, 2024
Revenues for the twelve months ended December 31, 2024 were
$10.4 million , an increase of130% from$4.5 million in the same period of 2023.Gross profit was
$4.5 million , compared to$1.8 million in the same period of 2023.Net profit was
$568 thousand , as compared to$244 thousand in the same period of 2023.
"We feel we are better positioned than we have been in the past to realize significant positive gains and long-term growth and profitability. We recently announced a reverse stock split that strengthened our capital structure which we believe will allow us to uplist onto a major stock exchange and continue to expand our business and deliver top and bottom-line results that will increase shareholder value," concluded Mr. Jensen.
About Fast Finance Pay Corp.
Fast Finance Pay Corp. is a gateway provider and nascent Fintech, Fast Finance Pay Corp offers a flexible payment platform to assist e-merchants with their online ventures. It allows e-merchants to process all popular payment methods with just one partner, instead of installing a multitude of "payment plugins".
OK.de Services contains the OK.de mobile 'free-mailer' e-mail and end-to-end secure, encrypted, instant messaging service. Ok.de is a free email provider with news, comparison portal and numerous other free services. With this service, we are building an active user interface that is used to connect people all over the world on one platform.
With OK.secure, we released a completely free and absolutely secure Messenger-Service on the market: private and secure messaging with a military level of encryption. Via end-to-end-encryption based on the blockchain-technology, OK.secure provides secure communication with chat, video calls, and cloud storage.
For additional information, visit www.ff24pay-corp.com.
Forward-looking statements
This news release may contain forward-looking statements within the meaning of Section 27a of the Securities Act of 1933 (as amended) and section 21e of the Securities and Exchange Act of 1934 (as amended). Those statements include the intent, belief or current expectations of the Company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.
CONTACT:
Investor Relations
Andrew Barwicki
516-662-9461
andrew@barwicki.com
SOURCE: Fast Finance Pay Corp.
View the original press release on ACCESS Newswire
FAQ
What was FFPP's revenue growth in fiscal year 2024?
How much net profit did FFPP generate in 2024?
What is the purpose of FFPP's recent reverse stock split?
What are FFPP's main business segments?
How did FFPP's gross profit change in 2024?
