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AppTech Payments Reports Third Quarter 2024 Results and Provides Business Update
Globe Newswire 15-Nov-2024 4:14 PM
CARLSBAD, Calif., Nov. 15, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (NASDAQ:APCX), a pioneering Fintech company powering frictionless commerce, announced its financial results for the third quarter ended September 30, 2024.
Strategic Highlights In Q3 2024, AppTech continued its strategic focus on platform innovation, operational efficiency, and expanding partnerships within high-growth sectors such as credit unions, Independent Sales Organizations (ISOs), and airports, addressing the increasing demand for seamless, secure, and customized payment solutions. Utilizing its Payments-as-a-Service (PaaS) and Banking-as-a-Service (BaaS) models, AppTech is working to provide ISOs, credit unions, and travel hubs with foundational digital payment capabilities. These ongoing developments are intended to help AppTech's clients address the operational challenges of digital payments while adapting to changing market demands.
Key growth drivers for AppTech in the upcoming quarters and year include the continued expansion of its BaaS program and white-label solutions, which are the primary drivers for ISOs to transition their portfolios to the FinZeo platform. The rollout of FinZeo is expected to continue, with new airports coming on board by the end of 2024, and plans for nationwide availability to credit unions. Additionally, the anticipated launch of InstaCash is poised to transform the specialty payments space. Another significant growth factor is the onboarding of a new strategic partner with a portfolio of 40,000 clients, which will further expand AppTech's reach and market presence.
CEO Statement
"Our Q3 results reflect our focused approach to refining digital payment solutions and advancing strategic platform development to serve key sectors better," said Luke D'Angelo, Chairman and CEO of AppTech. "As we continue enhancing our platform, we remain committed to delivering adaptable payment solutions to Independent Sales Organizations, credit unions, and airports. These efforts demonstrate our dedication to operational efficiency and sustainable growth while building long-term shareholder value."
Operational Efficiency and Investment in Growth
In Q3 2024, AppTech reported revenues of $43,000, compared to $140,000 in Q3 2023, reflecting a strategic adjustment in the Company's focus, prioritizing long-term platform development over short-term merchant processing revenue. AppTech aims to support sustainable growth and scalability across key sectors by shifting resources toward enhancing its proprietary digital financial services.
Total operating expenses for the quarter were $1.9 million, a decrease from $3.0 million in Q3 2023, due to disciplined cost management and expense reductions. As a result, net loss narrowed to $2.0 million for Q3 2024, compared to a net loss of $2.9 million in Q3 2023. This improvement underscores the Company's commitment to efficient resource allocation, ensuring that investments align with strategic goals for long-term value creation.
Capital and Equity Strategy AppTech raised $0.9 million through a convertible note to support its growth initiatives and $1.0 million from warrant exercises during the quarter. The Company's financial resources continue to drive shareholder value and advance ongoing technological developments as we invest in the future.
About AppTech Payments Corp.
AppTech Payments Corp. (NASDAQ:APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises ("SMEs"), and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments 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 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.
