Fintech PR
XTM Releases Q1 2020 Financials and Provides Corporate Update
XTM, Inc. (“XTM” or the “Company”) (CSE: PAID) (FSE: 7XT), a Toronto-based Fintech company in the challenger banking space, providing mobile banking and payment solutions around the world announces the filing of its Q1 2020 Financial Statements (“Statements“) and Management Discussion and Analysis (“MD&A“) for the period ending March 31, 2020. A comprehensive discussion of XTM financial position and results of operations is provided in the MD&A for the quarter ending March 31, 2020 filed on SEDAR and can be found at www.sedar.com.
Highlights (to be read together with the Company’s MD&A)
- Revenue of $217,458 for the quarter compared to revenue of $241,968 for the same period in 2019. The Company began 2020 with revenues trending higher however with COVID-19 the Company started to see declines in February and significant declines in March that led to a full government mandated shutdown of all businesses in March 15, 2020.
- The Company had a net loss Q1 2020 of $588,102 or a loss per share of $0.01 compared to a loss of $413,175 or a loss per share of $0.01 in Q1 2019. The increase loss was mainly due to the increased costs associated with the Company’s go public transaction and listing on the CSE on March 10, 2020.
“Despite typical seasonality resulting in reduced revenues in January in hospitality and in salons post the holiday season, coupled with revenue reductions in late February and complete business shutdowns as of March 15, 2020 due to COVID-19, XTM only experienced an 11% decrease in revenue as compared to Q1 2019″ commented Marilyn Schaffer CEO. “We quickly added delivery as a Today Card vertical in Q2 2020 and now with businesses beginning the next phase of reopening we are confident we will see a very strong finish to 2020.”
Corporate Update
With COVID 19 re-openings and record Today™ Program boarding of salons, restaurants and delivery companies, XTM is seeing a surge in the Gross Dollar Value loads (GDV) loaded to the Today Cards and mobile wallets by the employers for employee earnings.
Since XTM earns transaction fees from the usage of the card including out of network ATM usage, card to bank transaction fees, foreign exchange etc., GDV is a metric used by XTM and other companies like XTM as a key performance indicator (KPI). It is too early for XTM to provide guidance on revenues as percentage of GDV and spend usage expectations however other companies like XTM providing corporate loads and payroll are experiencing revenues between 1.28%-2.14% of the GDV as a gross revenue number.
Since Q4 2019 XTM has executed and launched two new verticals including Delivery, Salon and Personal Care. As well the Company has added new partnerships and is working on several new API integrations allowing for seamless, fully automated daily payments and new products for launch before the end of Q3 2020.
Key Metrics for the First 6 Months 2020
Delivery
As per the news releases issued on April 22, 2020 regarding Dominos Pizza and on May 19, 2020 regarding Toppers Pizza the Company has also signed and boarded Pizza Pizza, Pizza Hut, Boston Pizza and many other food delivery locations.
As at June 30 the Company has:
- Boarded over 350 locations with an estimated pipeline of 750 locations to be on-boarded in the coming months.
- Current annual run rate GDV greater than $35M with an estimated annual GDV in excess of $100M by end of Q4 2020.
Salon and Personal Care
As per the news release dated July 3, 2020 regarding the signing of hundreds of franchised personal services salons.
As at June 30 the Company has;
- Signed and boarded more than 250 salon franchise owned locations including brands First Choice Haircutters®, Magic Cuts®, Supercuts®, Roosters® and SmartStyle®, all part of the Regis Corporation family of brands.
- Approaching 4,000 active salon users.
- Pipeline in excess of 200 additional locations in Canada and thousands more in the US.
- Estimated annual run rate GDV of $65M at the end of Q4 2020.
Hospitality
XTM continues to board restaurants of all sizes across the country in record numbers. With the employee per location numbers in the hospitality sector being five (5) to seven (7) times higher than that of a salon or delivery location combined with higher annual sales, the Today card GDV is higher per location in the hospitality sector.
As at June 30 the Company has;
- Boarded a total of 376 restaurants with a pipeline in excess 2,200 plus locations either in boarding que, pending re-opening schedule due to COVID-19 or in final contract review.
- A 652% increase in GDV since end of Q4 2019.
- Estimated annual run rate GDV of $345M at the end of Q4 2020
New Business
Cashless Closed Loop Payment Network
XTM is working on finalizing development of a closed loop payment network and end-to-end solution for community services spending including licensed cannabis dispensaries both online delivery and bricks and mortar. Leveraging many of the systems and processes XTM has already built with the cashless Today Program, XTM expects to have a beta of the product ready for market by the end of Q3 2020. The Company is currently in discussions with a few large US based cannabis dispensaries who are interested in participating in the beta launch.
Credit Card Program
XTM has completed the process of bank approval and has a dedicated Visa Credit BIN and is finalizing the processor integration. This first of its kind all mobile app based micro credit offering will use artificial intelligence (AI) including digital banking to adjudicate and approve credit without the need for a credit check or credit score. With bankruptcies expecting to reach all-time highs in 2021 this product will report good credit to the bureaus and will be a low-cost solution for those looking to establish or re-establish credit. With much of the technology already built and in production with the Today program, it is being leveraged to launch the credit program. XTM is in discussions with multiple parties to license the entire solution and expects to have a significant announcement in the coming weeks.
U.S. Today Card Launch
The Company continues to make great progress with the U.S. issuing bank and networks to launch the Today card program in the U.S. We had anticipated completing the process and launching the end of July 2020 but due to delays out of our control we are now looking at an August 2020 launch.
Stadium and Large Venues
Further to the press release dated June 9, 2020 regarding cash to card kiosks to eliminate cash, XTM is in numerous discussions with large stadiums and sporting event arenas looking to eliminate cash. The XTM kiosk solution coupled with Today card program facilitates a complete end to end turnkey cashless solution and the Company anticipates to have news shortly regarding several large sporting event arenas adopting the solution upon reopening before end of year.
Other items
XTM is in a unique position as it has a rapidly expanding network of integrations and direct to employer technology using Today mobile app whereby we are delivering instant access to earnings and have full visibility to earnings data. The Company is in early stage discussions with several large payroll companies where XTM would integrate and fully automate the payroll process and give employers access to a very low cost payroll processing platform fully integrated with the Today platform and allow instant access to earnings to all employees. The Company expects to have a deal finalized before the end of Q3 and have a beta solution available Q4 2020.
The Company is working on API integrations with a few large Point of Sale (POS) platform providers. This would allow any users of the POS platform instant access to the Today Card program and give XTM access to tens of thousands of restaurants.
Fintech PR
Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore
SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.
Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.
Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”
The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.
Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.
The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.
For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.
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Fintech PR
ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024
OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.
“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.
The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
- The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
- Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
- Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
- Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.
Consolidated results and financial performance
(in millions)
13 weeks ended |
39 weeks ended |
|||||||||||
Change |
Change |
|||||||||||
September |
September |
$ |
% |
September |
September 30, 2023 |
$ |
% |
|||||
Revenue |
$ |
252.7 |
$ 360.6 |
(107.9) |
(30) |
$ 861.2 |
$ 1,841.8 |
(980.6) |
(53) |
|||
Profit (loss) for the period |
$ |
5.7 |
$ (5.8) |
11.5 |
(198) |
$ 24.1 |
$ 15.0 |
9.1 |
61 |
|||
Profit (loss) before |
$ |
1.4 |
$ (8.7) |
10.1 |
(116) |
$ 12.3 |
$ 23.4 |
(11.1) |
(47) |
|||
Profit (loss) before |
0.6 % |
(2.4) % |
1.4 % |
1.3 % |
(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report. |
(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items. |
As at |
||||||||||
September 28, 2024 |
December 31, 2023 |
$ Change |
% Change |
|||||||
Cash |
$ |
58.4 |
$ |
59.8 |
(1.4) |
(2) |
||||
Inventories |
$ |
71.5 |
$ |
68.8 |
2.7 |
4 |
||||
Capital assets |
$ |
174.2 |
$ |
173.0 |
1.2 |
1 |
||||
Total assets |
$ |
376.8 |
$ |
380.4 |
(3.6) |
(1) |
||||
Working capital |
$ |
99.2 |
$ |
97.8 |
1.4 |
1 |
||||
As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.
To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.
For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.
This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.
For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/royal-canadian-mint-reports-profits-and-performance-for-q3-2024-302314428.html
Fintech PR
OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers
MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.
The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.
The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.
On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.
The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.
With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.
For more information: www.asharedpassion.com
Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4
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