BM Technologies(BMTX) - 2024 Q1 - Quarterly Report

Revenue Performance - For the three months ended March 31, 2024, the company recognized $2.6 million in revenues from Customers Bank, a decrease from$12.4 million in the same period of 2023[182]. - The company reported net revenues of $12.5 million from First Carolina Bank for the three months ended March 31, 2024, compared to zero in the same period of 2023[184]. - The company has four primary revenue sources: interchange and card revenue, servicing fees, account fees, and university fees, primarily driven by customer activity[164]. Financial Position - Cash and cash equivalents were reported at$14.63 million as of March 31, 2024[176]. - Accounts receivable, net, amounted to $6.875 million as of March 31, 2024[176]. - The company has deferred revenue recognized over the service period on a straight-line basis or when contractual obligations are satisfied[165]. Workforce and Restructuring - The company completed a workforce reduction of approximately 3 employees in Q1 2024, with restructuring expenses totaling less than$0.1 million, down from $0.8 million for 60 employees in Q1 2023[185]. Risk Factors - The company is exposed to concentration of credit risk primarily from accounts receivable from Customers Bank and other partners, with minimal historical losses reported[202]. - The company has established relationships with Partner Banks, which are related parties, impacting its financial operations[176]. Earnings Calculations - The company’s performance shares and warrants were excluded from diluted earnings calculations due to conditions not being met as of March 31, 2024[168].