Welcome to our dedicated page for Payfare news (Ticker: PYFRF), a resource for investors and traders seeking the latest updates and insights on Payfare stock.
Payfare (PYFRF) is a leading fintech innovator providing digital banking and earned wage access solutions for gig economy workers worldwide. This dedicated news hub offers investors and stakeholders timely updates on corporate developments, financial performance, and strategic initiatives shaping the future of workforce financial inclusion.
Access comprehensive coverage of Payfare's official announcements, including quarterly earnings reports, platform partnerships, and product innovations in digital payments. Our curated news collection serves as an essential resource for tracking the company's progress in delivering instant payout solutions and expanding financial access for modern workforces.
Key updates include developments in Payfare's core operations: digital banking platform enhancements, strategic gig economy alliances, and regulatory compliance measures. Stay informed about the company's position within the competitive fintech landscape through verified reporting on operational milestones and market expansions.
Bookmark this page for direct access to Payfare's latest press releases and objective analysis of its financial technology solutions. Check regularly for updates on initiatives driving financial empowerment for gig workers through innovative digital tools and secure transaction systems.
Payfare announced the completion of its 2023 annual filings, including audited financial statements, management's discussion and analysis, and annual information form. These filings follow the receipt of a SOC 1 auditor's report from a key vendor on June 30, 2024. The company's independent auditors have issued a clean opinion. There are no changes to the financial figures compared to the unaudited results disclosed on April 25, 2024. Payfare expects the Ontario Securities Commission to revoke the current cease trade order on its securities after reviewing the filings. The documents are available on SEDAR+.
Payfare Inc. announced its Q1 2024 financial results, including net income of $5.1 million and adjusted net income per share of $0.15. The company reported record revenue of $51.9 million, a 23% increase year-over-year, with a total of 1,423,502 active users. Gross profit increased by 36% to $12.8 million, while net income grew by 296% to $5.1 million. Adjusted EBITDA increased by 98% to $6.0 million, and free cash flow was $5.8 million. Payfare also launched the Uber Pro Card program, a new embedded finance product, and signed a commercial agreement with ADP to offer Earned Wage Access in Canada.
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