BM Technologies, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
April 03, 2024 at 04:15 pm EDT
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BM Technologies, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 14.86 million compared to USD 15.68 million a year ago. Net loss was USD 3.96 million compared to USD 4.19 million a year ago. Basic loss per share from continuing operations was USD 0.34 compared to USD 0.35 a year ago. Diluted loss per share from continuing operations was USD 0.34 compared to USD 0.35 a year ago.
For the full year, revenue was USD 55.25 million compared to USD 83.6 million a year ago. Net loss was USD 17.33 million compared to USD 0.779 million a year ago. Basic loss per share from continuing operations was USD 1.5 compared to USD 0.07 a year ago. Diluted loss per share from continuing operations was USD 1.5 compared to USD 0.07 a year ago.
BM Technologies, Inc. is a financial technology company. The Company facilitates deposits and banking services between a customer and its partner bank, Customers Bank and First Carolina Bank, (the Partner Banks), which are related parties. The Company provides high-tech digital banking and disbursement services to consumers and students nationwide through a full service fintech banking platform, accessible to customers anywhere and anytime through digital channels. Its banking platform provides access to checking and savings accounts, personal loans, and financial wellness. Its fintech business model leverages Banking-as-a-Service (BaaS) partnersâ and University partnersâ existing customer bases to achieve high volume, low-cost customer acquisition in its Higher Education Disbursement and BaaS businesses.
BM TECHNOLOGIES, INC. 
