AppTech Payments Corp. Reports Second Quarter 2023 Results
CARLSBAD, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (“AppTech”) (NASDAQ: APCX), an innovative Fintech company powering seamless commerce between businesses and consumers, today announced results for its second quarter ended June 30, 2023. The financial statements and 10-Q are available on sec.gov.
Second Quarter and Year-to-Date 2023 Financial Highlights
Revenue was approximately $134 thousand for the three months ended June 30, 2023, up 9% compared to $123 thousand for the three months ended June 30, 2022. The increase was principally driven by higher transaction volume.
Revenue was approximately $223 thousand for the six months ended June 30, 2023, compared to $227 thousand for the prior-year period. The slight decrease was principally driven by an adjustment in our revenue related to a processor.
Cash and cash equivalents balance was $749 thousand as of June 30, 2023.
Recent Business Highlights
Executed a definitive agreement with Broadnet Technologies to expand AppTech’s reach in the global text-to-pay space. The Patent License Agreement licenses 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.
Entered a strategic partnership to build, develop, launch, and manage InstaCash, Inc.’s mobile-to-mobile payment system, and subsequently extended the license to Brazil and Mexico. AppTech will develop mobile and web-based applications for the contactless payment system, which will feature digital banking services and Visa/MasterCard sponsorship, and provide user support services. As part of the partnership, AppTech will receive an equity stake in InstaCash.
Granted a patent license to PayToMe.co, a Silicon Valley-based company focused on revolutionizing digital financial services.
Joined the Russell Microcap® Index, effective after the US market opened on June 26, 2023. Russell indexes are widely used by investment managers and institutional investors as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell’s US indexes.
Management Commentary
Luke D’Angelo, Chief Executive Officer of AppTech, commented: “In the second quarter, we continued to leverage our powerful and differentiated Fintech platform, while the value of our patent portfolio is increasingly being recognized by the market. Our new strategic partnerships with market-leading companies expand AppTech’s opportunity set, further diversifies the business, and accelerates our growth trajectory. Moreover, our inclusion in the Russell Microcap Index reinforces our continued progress on our growth strategy, and amplifies our visibility in the market, which positions us to enhance long-term 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.
Investor Relations Contact
Michael Kim/Brooks Hamilton
949-546-6326
APCX@mzgroup.us
AppTech Payments Corp.
760-707-5959
info@apptechcorp.com
