RADNOR, Pa., May 16, 2022 (GLOBE NEWSWIRE) — BM Technologies, Inc. BMTX (the “Company”), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, today reported preliminary first quarter results for the three months ended March 31, 2022.
The company expects to report EBITDA in excess of $8 million for the quarter, which exceeds the consensus estimate, and strong revenues of approximately $25 million. The Company recently executed a term sheet with a significant new BaaS partner and expects to finalize a contract over the next approximately 90 days and provide details over the next few quarters.
PRELIMINARY FIRST QUARTER FINANCIAL AND BUSINESS HIGHLIGHTS:
- Total revenue of approximately $25 million.
- Net income expected to exceed $2.5 million, which includes $2.9 million of non-cash, share-based compensation expense, $0.3 million of merger costs, and a $1.7 million gain on the private warrant liability.
- Core 1Q 2022 EBITDA expected to exceed $8 million, beating the consensus estimate.
- The Company recently executed a term sheet with a significant new Banking-as-a-Service (BaaS) partner.
- Average serviced deposits totaled $2.1 billion in Q1 2022; a 60% increase compared to Q1 2021. Average new business serviced deposits increased $0.7 billion, or 102% compared to Q1 2021 to $1.5 billion.
- Debit card spend was $0.8 billion in Q1 2022, slightly below Q1 2021’s government stimulus driven peak. New business debit card spend increased 5% compared to Q1 2021.
- Revenue per 90-day active account increased 20% year over year to approximately $54 in Q1 2022.
- Approximately 115 thousand new accounts were opened in Q1 2022.
- BMTX has signed agreements with six new colleges and universities year to date in 2022, providing over 40,000 additional students access to BankMobile Disbursements and the BankMobile Vibe checking account. In addition, BMTX has signed four colleges and universities to its new Vendor Pay offering in 2022, and its first Vendor Pay…