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AppTech Payments Corp. Reports Fourth Quarter and Fiscal Year 2022 Results
Globe Newswire 20-Mar-2023 6:00 AM
CARLSBAD, Calif., March 20, 2023 (GLOBE NEWSWIRE) -- AppTech Payments Corp. ("AppTech") (NASDAQ:APCX), an innovative Fintech company powering seamless, omni-channel commerce between businesses and consumers, today announced results for its fourth quarter and fiscal year ended December 31, 2022. The financial statements and 10-K are available on sec.gov.
Fourth Quarter and Fiscal Year 2022 Financial Highlights
4Q22 revenues were $108,000, an increase of 14% from 4Q21, driven by larger processing volumes.
Fiscal year 2022 revenues were $450,000, an increase of 27% from fiscal year 2021, driven primarily by higher transaction volume and the onboarding of additional merchant accounts.
Cash balance was $3.5 million as of December 31, 2022.
Recent Business Highlights
Launched Commerse, the first-to-market, cloud-based Commerce Experiences-as-a-Service platform backed by the Company's mobile commerce patents, core partner technology and other related internal intellectual property. Commerse allows customers to incorporate a customizable mix of products and services to create flexible, rich, personalized payment and banking experiences for end users.
Expanded its intellectual property rights, Software-as-a-Service (SaaS), Payments-as-a-Service (PaaS) and Banking-as-a-Service (Baas) offerings, and global reach through strategic acquisitions and complimentary partnerships.
Continued to strengthen the management team across operations, technology and sales and business development by bringing onboard senior executives with long-tenured backgrounds and considerable expertise to accelerate the Company's growth trajectory.
Following the closing of a $15 million underwritten public offering and a successful up-listing of its common stock to the Nasdaq Capital Market in January 2022, the Company raised an additional $5 million of capital via a registered direct offering further strengthening its capital position.
Engaged MZ Group to develop and implement a comprehensive investor relations and shareholder communications strategy designed to increase the Company's visibility across the investment community.
Management Commentary
Luke D'Angelo, Chief Executive Officer of AppTech, commented: "Last year can be characterized as setting the stage for the company's next phase of growth. Our accomplishments were broad-based and foundational, as we look to increasingly convert our growing backlog of clients. Key milestones included the launch of our unique Commerce Experiences-as-a-Service platform, further expanding our ecosystem via partnerships and acquisitions, strengthening the management team, and bolstering our capital position.
"Looking to 2023 and beyond, we expect to onboard clients on to our Commerse platform that will drive a step up in revenue and earnings growth. In addition, our strong balance sheet positions us well to capitalize on M&A opportunities and strategic partnerships to further enhance our growth prospects and ultimately drive value for our shareholders."
About AppTech Payments Corp.
AppTech Payments Corp. (NASDAQ:APCX) provides digital financial services for corporations, small and midsized enterprises ("SMEs") and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with our commerce experiences 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 www.apptechcorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will" and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the company's control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
