AppTech Payments Corp. Reports Fourth Quarter and Fiscal Year 2022 Results
March 20 2023 - 6:00AM
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.
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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.
Investor Relations Contact
Michael Kim/Brooks
Hamilton737-289-0835APCX@mzgroup.us
AppTech Payments Corp.
info@apptechcorp.com760-707-5959
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