Breaking #Fintech #Stock
News: AppTech Payments Corp. (NASDAQ: $APCX) Reports First Quarter 2023 Results;
@AppTechCorp
CARLSBAD, CA - May 9, 2023
(Investorideas.com Newswire) AppTech Payments Corp. ("AppTech") (NASDAQ: APCX), an
innovative Fintech company powering seamless commerce between businesses and
consumers, today announced results for its first quarter ended March 31, 2023.
The financial statements and 10-Q are available on sec.gov.
Read this news, featuring APCX in full at https://www.investorideas.com/CO/APCX/news/2023/05091First-Quarter-Results.asp
First Quarter Financial
Highlights
·
1Q23 revenue was approximately $89 thousand, a 14% decrease
versus 1Q22, driven primarily by lower transaction volume and fewer merchant
accounts.
·
Cash and cash equivalents balance as of March 31, 2023, was $2.1
million, reflecting the Company's public offering on February 2, 2023, which
netted $4.5 million.
Recent
Business Highlights
·
Signed Memorandum of Understanding with Broadnet Technologies to
expand AppTech's reach in the global text-to-pay space, offering AppTech's
Commerse platform to Broadnet's global customer base. In addition, AppTech and
Broadnet will offer two-way SMS and a suite of SMS tools to the global market.
The Patent License Agreement will license AppTech's SMS and Mobile Payment
patents to Broadnet, thereby expanding the Company's footprint by supporting
integrations with its patent-based portfolio in text-to-pay and SMS solutions.
·
Announced strategic partnership with Corix Solutions that
strengthens AppTech's global reach and expands the Company's footprint by
supporting integrations with its patent-based portfolio in text-to-pay,
geolocation-based solutions, and peer-to-peer mobile payment systems.
Management
Commentary
Luke D'Angelo, Chief Executive Officer of AppTech, commented:
"In the first quarter, we remained focused on onboarding new clients to
our Commerse platform. Commerse is a cloud-based payments and banking platform
backed by AppTech's mobile commerce patents and core partner technology that
offers customers a customizable mix of Software-as-a-Service,
Payments-as-a-Service, and Banking-as-a-Service offerings. In addition, we
continued to expand our ecosystem through further strategic partnerships, which
position the Company to drive market share gains and accelerating growth, as we
increasingly leverage AppTech's fully integrated approach to specialty
payments."
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 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.
Investor
Relations Contact
Michael Kim/Brooks Hamilton
737-289-0835
APCX@mzgroup.us
AppTech
Payments Corp.
info@apptechcorp.com
760-707-5959
SOURCE:
AppTech Payments Corp.
AppTech Payments Corp. (APCX) is a featured tech stock on
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