Financial Performance - Year-to-Date 2024 Revenue of $42.8 million, up 6% YoY[1] - Q3 2024 Operating revenues totaled $14.1 million, compared to $14.4 million in Q3 2023[4] - Q3 2024 Net loss totaled $(5.0) million, or $(0.42) per diluted share[5] - Total operating revenues for Q3 2024 were $14,077 thousand, a 12.2% increase from Q3 2023's $14,381 thousand[16] - Net loss for Q3 2024 was $4,995 thousand, compared to a net loss of $3,952 thousand in Q3 2023[16] - Core Net Loss for Q3 2024 was $(3,999) thousand, an improvement from $(4,209) thousand in Q3 2023[21] - Core EBITDA for Q3 2024 was $(2,081) thousand, compared to $(789) thousand in Q3 2023[21] - Basic and diluted earnings per common share remained consistent at $(0.42) in Q3 2024 compared to $(0.34) in Q3 2023[16] Acquisition and Equity - BM Technologies to be acquired by First Carolina Bank for $5 per share in cash, with an equity value of approximately $67 million[2] - The acquisition represents a 55% premium to the trading price per share as of October 24, 2024, and a 90% premium to the market as of August 14, 2024[3] Deposits and Account Activity - Average serviced deposits totaled $708 million, and ending serviced deposits totaled $820 million at September 30, 2024[6] - Approximately 125 thousand new account sign-ups in Q3 2024 and 290 thousand new account sign-ups in the first nine months of 2024[6] - Higher Education Organic Deposits totaled $353 million for Q3 2024 and $1,167 million for the nine months ended September 30, 2024[7] - Total Ending Deposits in Q3 2024 were $820 million, a 17% decrease from $994 million in Q3 2023[22] - Organic Deposits in Q3 2024 were $353 million, a 14% decrease from $411 million in Q3 2023[22] Revenue and Expenses - Interchange and card revenue increased to $2,990 thousand in Q3 2024, up 30.5% from $2,292 thousand in Q3 2023[16] - Servicing fees decreased to $7,557 thousand in Q3 2024 from $8,658 thousand in Q3 2023[16] - Technology, communication, and processing expenses decreased to $6,168 thousand in Q3 2024 from $7,826 thousand in Q3 2023[16] - Total operating expenses decreased to $18,166 thousand in Q3 2024 from $18,766 thousand in Q3 2023[16] - Core Operating Expenses excluding Depreciation and Amortization for Q3 2024 were $16,158 thousand, compared to $15,170 thousand in Q3 2023[19] Liquidity and Balance Sheet - Liquidity remained strong at September 30, 2024, with $11.2 million of cash and no debt[5] - Total assets decreased to $43,844 thousand in September 2024 from $51,051 thousand in September 2023[17] - Total current liabilities increased to $22,150 thousand in September 2024 from $15,953 thousand in September 2023[17] - Accumulated deficit grew to $49,894 thousand in September 2024 from $36,853 thousand in September 2023[17] Debit Card and POS Activity - Debit card spend totaled $663 million in Q3 2024 and $2.1 billion in the nine months ended September 30, 2024[6] - Total POS spend in Q3 2024 was $663 million, a 10% decrease from $737 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 $3.9 billion, an 8% increase from $3.6 billion in Q3 2023[22]
BM Technologies(BMTX) - 2024 Q3 - Quarterly Results