Veritec, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2023
May 11, 2023 at 01:40 pm EDT
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Veritec, Inc. reported earnings results for the third quarter and nine months ended March 31, 2023. For the third quarter, the company reported revenue was USD 0.087 million compared to USD 0.09 million a year ago. Net loss was USD 0.346 million compared to USD 0.234 million a year ago. Basic loss per share from continuing operations was USD 0.01.
For the nine months, revenue was USD 0.295 million compared to USD 0.287 million a year ago. Net loss was USD 0.929 million compared to USD 0.589 million a year ago. Basic loss per share from continuing operations was USD 0.02 compared to USD 0.01 a year ago.
Veritec, Inc. is engaged in the development, sales, and licensing of products and providing services related to its mobile banking solutions. It provides back-end cardholder transaction processing services for Visa-branded card programs on behalf of its sponsoring bank. Its Mobile Banking Technology is used to offer Prepaid Card Programs to sponsor banks and approved applicants/cardholders. Its products and solutions include MTC Debit Card - Visa Prepaid Card Programs, blinx ON-OFF Debit Card - Visa Prepaid Card Programs, Custom Branded Debit Card Programs and blinxPay Mobile Wallet App. The blinx ON-OFF card is based on the Mobile Banking Technology platform and offers the same features and functions as the MTC branded card but with different pricing for bank-sponsored cards. The blinxPay is a secure payment processing system and mobile app that enables customers to make purchases. Its Mobile Banking Technology resides within a Payment Card Industry compliant data processing center.
VERITEC, INC. 
