Fast Finance Pay Corp (OTC PINK: FFPP) today announced its financial results for the second quarter ended June 30, 2023.
See full report here: https://ff24pay-corp.com/filings/
Key Financial Highlights:
Operating Results for the Three Months Ended June 30, 2023
- Revenues for three months ended June 30, 2023, were $781 thousand, an increase of 169% from $290 thousand in the same period of 2022.
- Gross profit was $555 thousand for the three months ended June 30, 2023, compared to $61 thousand in the same period in 2022. Gross profit margin increased to 71% in the three months ended June 30, 2023, compared to 21% in the same period of 2022.
- Net profit for the three months ended June 30, 2023, was $56,339, as compared to $61,127 in the same period of 2022.
Operating Results for the Six Months Ended June 30, 2023
- Revenues for six months ended June 30, 2023, were $1.6 million, an increase of 205% from $520 thousand in the same period of 2022.
- Gross profit was $1 million for the six months ended June 30, 2023, compared to $179 thousand in the same period in 2022. Gross profit margin increased to 63% in the six months ended June 30, 2023, compared to 34% in the same period of 2012.
- Net profit for the six months ended June 30, 2023, was $172,617, as compared to $82,644 in the same period of 2022.
Andreas Garke, President and Chief Executive Officer of Fast Finance Pay Corp. stated, “Our continued efforts to expand our customer base combined with our customer service has successfully demonstrated market acceptance of our product offerings and the success of the strategy we implemented in 2021, all of which included a focus on our higher-margin product lines. Some of our customers, which had suspended or severely curtailed operations in response to the pandemic, have resumed operations, and we are working with them to ensure that we are in a position to satisfy their needs as they work to ramp up operations to pre-pandemic levels.”
“Moreover, during these trying times when so many businesses are suffering from the substantial impacts on their working capital caused by the pandemic, we continue to enjoy a healthy balance sheet. At June 30, 2023, our assets were $10.3 million and our shareholder equity was $4.4 million. We continue to focus on expanding our sales channels and preparing our sales and marketing departments for future opportunities,” concluded Mr. Garke.
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”.
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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.