AppTech Payments Corp. reported a significant increase in revenue for the first quarter of 2025, achieving $217,000 compared to $105,000 in the same period of 2024, marking a 107% rise. The company's gross profit for the quarter was $89,000, slightly down from $94,000 year-over-year. Despite the revenue growth, AppTech recorded a net loss of $2.641 million, an improvement from the $3.037 million loss reported in the prior year. The loss per share also improved, decreasing from $(0.13) to $(0.08).
In terms of operational changes, AppTech's total assets decreased to $6.911 million as of March 31, 2025, down from $8.986 million at the end of 2024. The decline in assets was primarily due to a reduction in cash and cash equivalents, which fell to $417,000 from $868,000. The company’s liabilities also decreased, with total liabilities at $3.249 million compared to $3.519 million at the end of the previous fiscal year. The reduction in liabilities was attributed to lower accrued liabilities and accounts payable.
Strategically, AppTech completed the acquisition of Alliance Partners, LLC, in October 2023, which was aimed at enhancing its software development capabilities. The acquisition was valued at $2 million, and the company assumed certain liabilities from Alliance Partners. This move is expected to bolster AppTech's FinZeo platform, which offers integrated financial services. Additionally, the company has been actively pursuing new funding options to address its ongoing financial challenges and has restructured its leadership to improve operational efficiency.
Customer engagement metrics indicate that a significant portion of AppTech's revenue continues to come from a small number of clients, with 74% of revenue for the quarter derived from just two customers. This concentration poses a risk, as the loss of any major client could substantially impact the company's financial performance. The company has also reported a decrease in employee headcount as part of its cost-reduction strategy, although specific figures were not disclosed.
Looking ahead, AppTech's management remains optimistic about future revenue streams, particularly from its ISO and lending services. However, the company has acknowledged ongoing challenges, including the need to maintain adequate working capital and the potential for delisting from Nasdaq due to not meeting minimum bid price requirements. The company plans to transition to the OTCQB market while pursuing an uplisting to a national exchange within the fiscal year. Management's focus will be on leveraging its technology to meet evolving market demands and enhance shareholder value.
About AppTech Payments Corp.
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