Record quarterly gross profit of
Q1 2022 Financial Highlights:
- Revenue of
$24.9 million , representing a$19.8 million (393%) increase over Q1 2021. - Gross profit of
$4.3 million (17.2% margin) in Q1 2022, up$4.4 million compared to Q1 2021 (-3.3% margin). - Ended Q1 2022 with 696,362 active users1, an increase of 184,590 (36%) compared to active users as at
December 31, 2021 and an increase of 549,520 (374%) compared to active users as atMarch 31, 2021 . - Total gross dollar value (Total GDV)1 in Q1 2022 was
$1.4 billion , an increase of$0.4 billion (41%) over Q4 2021 and$1.1 billion (321%) over Q1 2021.
"The first quarter was a significant financial milestone for
Conference Call
Management will host a conference call on
To access the conference call, please dial (438) 803-0546 or (888) 440-2009. Please call the conference telephone number 10-15 minutes prior to the start time so that you are in the queue for an operator to assist in registering and patching you through.
An archived recording of the conference call will be available until
1Non-IFRS and Supplementary Financial Measures
This press release contains references to "active users" and "Total GDV" which are not measures prescribed by International Financial Reporting Standards (IFRS). These supplementary financial measures are provided as additional information to complement IFRS measures by providing a further understanding of our results of operations from management's perspective, to provide investors and security analysts with supplemental measures to evaluate the financial performance of the Company and highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures to facilitate operating performance comparisons from period to period, prepare annual operating budgets and strategic business plans and to evaluate and price potential acquisitions. Accordingly, non-IFRS and supplementary financial measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. Such measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other corporations. The non-IFRS and supplementary financial measures are not subject to standard industry definition and our definitions and method of calculation may differ from other issuers and therefore may not be comparable to similar measures presented by other issuers.
The Company determines the number of users to its services based on active users. "Active users" represent users who have loaded earnings on their card in the period. "Total GDV" is defined as the aggregate dollar amount of active user earnings and direct deposits loaded on their payment card during the period. Additional information on these measure may be found under the heading "Definitions – IFRS, Additional GAAP and Non-GAAP Measures" in the MD&A for the three months ended
Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects
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