Third Quarter and Year-to-Date 2023 Financial Highlights
- Revenue was approximately
$140 thousand for the three months endedSeptember 30, 2023 , representing an increase of 22% from the same prior-year quarter. The increase was principally driven by incremental licensing revenue in 2023. - Revenue was approximately
$363 thousand for the nine months endedSeptember 30, 2023 , representing an increase of 6% from the same prior-year period. The increase was principally driven by incremental licensing revenue in 2023. - Cash and cash equivalents balance was
$251 thousand as ofSeptember 30, 2023 .
Recent Business Highlights
- Executed a strategic agreement with Broadnet Technologies to expand AppTech’s reach in the global text-to-pay space. The Patent License Agreement licenses 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. - Entered a strategic partnership to build, develop, launch, and manage InstaCash, Inc.’s mobile-to-mobile payment system, and subsequently extended the license to
Brazil andMexico .AppTech will develop mobile and web-based applications for the contactless payment system, which will feature digital banking services andVisa /MasterCard sponsorship and provide user support services. As part of the partnership,AppTech will receive an equity stake in InstaCash. - Granted a patent license to PayToMe.co, a
Silicon Valley -based company focused on revolutionizing global digital financial services. - Executed a strategic acquisition of FinZeo, a global software development company centered around the movement of money. FinZeo’s API enables
AppTech to efficiently integrate with software providers and Independent Software Vendors (ISVs), facilitating rapid technology implementation. The onboarding process for ISVs will be streamlined with the support of video tutorials, a dedicated customer center, and a sandbox API environment. With the assimilation of FinZeo,AppTech evolves into a Payment Facilitator (PayFac), propelling the company’s aggregation model.
Management Commentary
“The third quarter represented a transformational period of AppTech,” said Luke D’Angelo, Chairman & CEO of
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Forward-Looking Statements
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
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Source:
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