Financial Performance - Year-to-Date 2024 Revenue of 42.8million,up614.1 million, compared to 14.4millioninQ32023[4]−Q32024Netlosstotaled(5.0) million, or (0.42)perdilutedshare[5]−TotaloperatingrevenuesforQ32024were14,077 thousand, a 12.2% increase from Q3 2023's 14,381thousand[16]−NetlossforQ32024was4,995 thousand, compared to a net loss of 3,952thousandinQ32023[16]−CoreNetLossforQ32024was(3,999) thousand, an improvement from (4,209)thousandinQ32023[21]−CoreEBITDAforQ32024was(2,081) thousand, compared to (789)thousandinQ32023[21]−Basicanddilutedearningspercommonshareremainedconsistentat(0.42) in Q3 2024 compared to (0.34)inQ32023[16]AcquisitionandEquity−BMTechnologiestobeacquiredbyFirstCarolinaBankfor5 per share in cash, with an equity value of approximately 67million[2]−Theacquisitionrepresentsa55708 million, and ending serviced deposits totaled 820millionatSeptember30,2024[6]−Approximately125thousandnewaccountsign−upsinQ32024and290thousandnewaccountsign−upsinthefirstninemonthsof2024[6]−HigherEducationOrganicDepositstotaled353 million for Q3 2024 and 1,167millionfortheninemonthsendedSeptember30,2024[7]−TotalEndingDepositsinQ32024were820 million, a 17% decrease from 994millioninQ32023[22]−OrganicDepositsinQ32024were353 million, a 14% decrease from 411millioninQ32023[22]RevenueandExpenses−Interchangeandcardrevenueincreasedto2,990 thousand in Q3 2024, up 30.5% from 2,292thousandinQ32023[16]−Servicingfeesdecreasedto7,557 thousand in Q3 2024 from 8,658thousandinQ32023[16]−Technology,communication,andprocessingexpensesdecreasedto6,168 thousand in Q3 2024 from 7,826thousandinQ32023[16]−Totaloperatingexpensesdecreasedto18,166 thousand in Q3 2024 from 18,766thousandinQ32023[16]−CoreOperatingExpensesexcludingDepreciationandAmortizationforQ32024were16,158 thousand, compared to 15,170thousandinQ32023[19]LiquidityandBalanceSheet−LiquidityremainedstrongatSeptember30,2024,with11.2 million of cash and no debt[5] - Total assets decreased to 43,844thousandinSeptember2024from51,051 thousand in September 2023[17] - Total current liabilities increased to 22,150thousandinSeptember2024from15,953 thousand in September 2023[17] - Accumulated deficit grew to 49,894thousandinSeptember2024from36,853 thousand in September 2023[17] Debit Card and POS Activity - Debit card spend totaled 663millioninQ32024and2.1 billion in the nine months ended September 30, 2024[6] - Total POS spend in Q3 2024 was 663million,a10737 million in Q3 2023[22] Higher Education and FAR Disbursements - Higher Education retention rate remained stable at 99% in Q3 2024[22] - FAR disbursement amount in Q3 2024 was 3.9billion,an83.6 billion in Q3 2023[22]
