Q2 2021 Financial and Business Highlights:
- Revenue increased to
$8,726,615 for the quarter compared to revenue of$5,053,019 for Q1 2021. This represents a 73% increase in revenue in Q2 2021 compared to Q1 2021, and a 263% increase when compared to Q2 2020 revenues of$2,403,076 . The national launch ofPayfare's DasherDirectU.S. program with DoorDash in Q1 2021 contributed to this growth. Payfare increased its active user count to 262,567, an increase of 79% compared to Q1 2021 (146,842 active users) and an increase of 618% when compared to the same period in 2020 (36,555 active users). With the staggered reopening of businesses acrossPayfare's footprint and increased demand for rideshare and food delivery, the Company continues to experience increases in user sign-ups.Payfare had positive gross profit of$288,034 (3%) in Q2 2021, compared to negative gross profit in Q1 2021 and the same period in 2020. This was driven by the repayment ofPayfare's operating loan facility in Q1 2021, various cost optimizations and the streamlining of vendor contracts.- The DasherDirect
U.S. program is continuing to build momentum, with active program users climbing a further 15% inJuly 2021 since the end of Q2 2021.
"As the workforce looks to move beyond the COVID-19 pandemic, workers are joining the gig economy seeking flexibility in how, when and where they work. They're also seeking flexibility in how they're paid, and we're continuing to see high demand for instant and automatic pay solutions," said
About
For further information please visit www.payfare.com or contact:
(647) 417-4788
media@payfare.com
or
Chief Compliance & Legal Officer
1 (888) 850-2713
investor@payfare.com
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects
View original content:https://www.prnewswire.com/news-releases/payfare-announces-second-quarter-2021-financial-results-301355328.html
SOURCE
© Canada Newswire, source