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AppTech Payments Reports Positive Second Quarter Financial Results and Strategic Progress

CARLSBAD, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) — AppTech Payments Corp. (Nasdaq: APCX) (“AppTech” or the “Company”), a pioneering Fintech company powering frictionless commerce, today announces its financial results for the second quarter ended June 30, 2024, showcasing strategic progress and continued operational efficiency.

Financial Highlights

Revenue Performance
Reported revenue of approximately $76 thousand for Q2 2024, reflecting a decrease of $134 thousand in the same period last year due to lower merchant processing revenue. This decrease aligns with the Company’s strategic decision to prioritize long-term growth through multiple integrations and the licensing of its innovative product offerings. These initiatives are expected to contribute positively to future quarters, subject to market adoption and customer uptake.

Operating Efficiency
Operating expenses were strategically reduced to approximately $3.0 million, a significant improvement from $9.4 million in Q2 2023. This reduction is largely due to the absence of a $6.1 million impairment charge recorded in the prior year and reflects AppTech’s disciplined cost management and operational effectiveness.

Substantial Net Loss Improvement
The net loss was approximately $(2.9) million for Q2 2024, a dramatic improvement compared to $(9.1) million in Q2 2023, driven by effective cost management and focus on strategic investments that align with long-term growth objectives.

Earnings Per Share Growth
Earnings per share improved significantly to approximately $(0.12), compared to $(0.49) in the same period last year. This improvement reflects ongoing efforts to enhance shareholder value through strategic financial stewardship.

Recent Business Highlights

“We continue to execute our strategy to enhance our technology platform and expand our market presence,” stated Luke D’Angelo, Chairman and CEO of AppTech Payments Corp. “The second quarter of 2024 was a period of significant progress in our partnerships and technology innovation. We remain focused on leveraging our strong platform to drive future growth and deliver value to our shareholders.”

About AppTech Payments Corp.

AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure, coupled with our Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. For more information, please visit apptechcorp.com.

FORWARD-LOOKING STATEMENTS 

This press release contains forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations Contact

CORE IR

Scott Arnold

scotta@coreir.com

AppTech Payments Corp.

760-707-5959

info@apptechcorp.com


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