Nov 13, 2023 / Fast Finance Pay Corp (Nasdaq OTC:FFPP) today announced its financial results for the third quarter ended September 30, 2023.
Key Financial Highlights:
Operating Results for the Three Months Ended September 30, 2023
- Revenues for three months ended September 30, 2023, were $1.2 million, an increase of 465% from $203 thousand in the same period of 2022.
- Gross profit was $282 thousand for the three months ended September 30, 2023, compared to $10 thousand in the same period in 2022.
- Net profit for the three months ended September 30, 2023, was $81 thousand, as compared to an ($11 thousand) loss in the same period of 2022.
Operating Results for the Nine Months Ended September 30, 2023
- Revenues for nine months ended September 30, 2023, were $2.7 million, an increase of 280% from $720 thousand in the same period of 2022.
- Gross profit was $1.3 million for the nine months ended September 30, 2023, compared to $185 thousand in the same period in 2022.
- Net profit for the nine months ended September 30, 2023, was $254 thousand, as compared to $70 thousand in the same period of 2022.
Andreas Garke, President and Chief Executive Officer of Fast Finance Pay Corp. stated, “I am proud of the team’s accomplishments in the third quarter and ability to focus on increasing revenues and being mindful of our operations to compete in a very competitive market. I believe we are well positioned going into 2024 due to our focus on operational efficiency, working capital management, and cash flow generation which has allowed us to continue to generate strong revenue and profitability performance.”
“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, all of which included a focus on higher-margin product lines,” concluded Mr. Garke.
Full report can be seen here:
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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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.