TORONTO, May 30, 2024 (GLOBE NEWSWIRE) -- Clip Money, Inc. ("Clip" or "Company") (TSXV:CLIP) (OTCQB:CLPMF), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce its financial results for the three months ended March 31, 2024.
First Quarter 2024 Highlights
- Revenue for Q1 2024 was $299,176, compared to $31,465 in Q1 2023, representing a more than 850% year-over-year ("YoY") growth. This growth was fueled by a more than 821% increase in new users making deposits, combined with revenue from new products. Conversely, Cost of Goods Sold ("COGS") increased by 32% YoY, demonstrating the ability for the solution to scale with customer and revenue growth.
- Customer retention and expansion of new stores from existing customers has been a consistent theme for the Company following a record-breaking Q4 2023. In Q1 2024, five of Clip's largest customers added locations-a testament to the value and exceptional level of service and experience delivered through the Clip network.
- In addition, Clip welcomed new customer brands to the platform in Q1'24 with initial store rollouts at a national jewelry retailer, a children's entertainment services provider with hundreds of locations, and a large national retailer with over 1,000 stores across the U.S. and Canada. As previously announced, Clip also partnered with The Michaels Group (Pandora Jewelry) in the quarter, bringing convenient cash management solutions to this leading franchise owner group.
"In the first quarter, we proudly launched our innovative Change Order and ATM products, marking a significant milestone in our product lineup. Building on the momentum of a successful holiday shopping season in Q4, we are excited to announce that our major customers have expanded their partnerships with us, driving growth and reinforcing our commitment to delivering exceptional solutions."
Joseph Arrage (CEO & Co-Founder)
Additional Information
The Company's interim condensed consolidated financial statements, notes to financial statements, and management's discussion and analysis for the three months ended March 31, 2024 are available on the Company's SEDAR+ profile at www.sedarplus.ca. Unless otherwise indicated, all references to "$" in this press release refer to U.S. dollars.
Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Clip Money Inc.
Clip Money operates a multi-bank cash management system for businesses through its nationwide network of ClipDrop Boxes and ClipATMs that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any convenient Clip network location. After being deposited, the funds will automatically be credited to the business' bank account, usually within one business day. Clip Money also provides businesses low denomination notes and coins through its innovative ClipChange solution, delivering change directly to a business store front on-demand. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business banking transactions. Combined with mobile user applications, Clip Money offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.
For further information, please contact:
Joseph Arrage
Chief Executive Officer
tel: 844-593-2547
