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.
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.
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.
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
AppTech Payments Corp.
SOURCE: AppTech Payments Corp.
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