Clip Cash Inc. Reviews Third Quarter 2024 Outcomes, File Income Progress

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TORONTO, Nov. 18, 2024 (GLOBE NEWSWIRE) — Clip Cash Inc. (TSX-V: CLIP; OTCQB: CLPMF) (“Clip Cash” or the “Firm”), an organization that operates a multi-bank self-service deposit system for companies, is happy to announce its monetary outcomes for the three and nine-months ended September 30, 2024.

Third Quarter Monetary 2024 Highlights:

• Income for the third quarter of 2024 (“Q3 2024”) was $521,316, in comparison with $148,965 within the third quarter of 2023 (“Q3 2023”), which equates 250% development year-over-year (“YoY”). Q3 2024 income was up 34% quarter-over-quarter (“QoQ”) in comparison with the second quarter of 2024 (“Q2 2024”). For the month of September 2024, income was $212,103 in comparison with $163,101 for the month of August 2024, representing 30% month-over-month (“MoM”) development.

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• Working bills for Q3 2024 have been $1,597,181, in comparison with $1,312,209 in Q3 2023, which represents a 22% YoY improve. Q3 2024 working bills have been 7% decrease QoQ in comparison with Q2 2024. Working bills in Q3 2024, excluding depreciation and amortization, have been $1,104,373. Web loss for Q3 2024 was ($2,383,256), in comparison with ($2,488,856) in Q3 2024, which represents an enchancment of 4% YoY.

• YoY income development for Q3 2024 was pushed by a 101% improve in new deposit customers, and a 65% improve in common deposit income per person. Deposit income development was additional supplemented by scaling new merchandise, specifically income from Change Orders and ATMs. New product income represented 14% of complete income in Q3 2024 in comparison with 3% in Q3 2023.

• Income development continues to outpace modifications in Prices of Income (“COR”). Q3 2024 COR of ($837,252) was up 31% YoY, relative to 250% YoY income development. Moreover, on a QoQ foundation COR was up +17% on the again of +34% income development.

• On September 17, 2024, the Firm closed a non-brokered non-public placement of convertible notes (the “2024 Unsecured Notes”) for combination gross proceeds of $2,800,000. The financing was led by PeoplesBank who subscribed for $2,000,000 in combination principal quantity of the 2024 Unsecured Notes. The remaining $800,000 in combination principal quantity of the 2024 Unsecured Notes was subscribed for by Cardtronics, Inc., a subsidiary of NCR Atleos.

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Community & Buyer Highlights:

• Clip Cash grew its main purchasing heart community (non-ATM) to 408 deposit models in Q3 2024, including areas with prestigious mall operators like: Tanger, Macerich, Spinoso, Taubmans, Brookfield, CBL and Washington Prime Group.

• Continued natural development from present prospects led to the addition of over 400 new, energetic depositing customers this quarter. Our enterprise prospects stay dedicated to using new Clip Cash areas as we increase our community.

• Genesco Inc. is a footwear centered, Nashville-based specialty retailer with roughly 1,200 shops throughout the U.S., Canada and Puerto Rico working as Journeys, Journeys Kidz, Little Burgundy and Johnston & Murphy. Genesco started a Clip Drop deposit rollout in Q3 2024. The deployment has been effectively acquired throughout its retailer footprint with over 30 shops added by the tip of Q3 2024 and a complete of over 500 shops anticipated by the tip of This autumn 2024.

• Two present Clip prospects with over 600 shops actively utilizing the Clip Deposit answer have expanded their partnership with Clip, committing to the Firm’s Change Order answer for normal deliveries. These retailers will now profit from the added comfort of ordering change instantly by means of Clip, eliminating the necessity for time-consuming financial institution department visits.

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“We’re thrilled to report such substantial development and improved monetary efficiency this quarter. Our Q3 outcomes, with a 250% year-over-year income improve underscores the power of our merchandise and our workforce’s execution. Moreover, COR was up solely 31% year-over-year, demonstrating our means to scale effectively and obtain working leverage,” mentioned Joe Arrage, CEO of Clip Cash. “The ramp-up from August to September was strong, with income development accelerating by over 34% month-over-month, pushed by a rise in deposit customers from present and new prospects, and development from our newer merchandise like Clip Change Orders and ATMs. With this momentum constructing, we’re assured that our efficiency will carry by means of This autumn, positioning us for continued sturdy outcomes as we shut out the 12 months.”

Joseph Arrage (CEO & Co-Founder)

Further Info

The Firm’s interim condensed consolidated monetary statements, notes to monetary statements, and administration’s dialogue and evaluation for the three and nine-months ended September 30, 2024 can be found on the Firm’s SEDAR+ profile at www.sedarplus.ca. Except in any other case indicated, all references to “$” on this press launch confer with U.S. {dollars}.

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Ahead‐Trying Statements

This information launch could comprise ahead‐wanting statements (throughout the which means of relevant securities legal guidelines) which replicate the Firm’s present expectations concerning future occasions. Ahead-looking statements are recognized by phrases corresponding to “imagine”, “anticipate”, “challenge”, “count on”, “intend”, “plan”, “will”, “could”, “estimate” and different comparable expressions. These statements are primarily based on the Firm’s expectations, estimates, forecasts and projections and embody, with out limitation, statements concerning the longer term success of the Firm’s enterprise.

The forward-looking statements on this information launch are primarily based on sure assumptions. The forward-looking statements are usually not ensures of future efficiency and contain dangers and uncertainties which are tough to regulate or predict. A variety of elements might trigger precise outcomes to vary materially from the outcomes mentioned within the forward-looking statements. Readers, due to this fact, shouldn’t place undue reliance on any such forward-looking statements. Additional, these forward-looking statements are made as of the date of this information launch and, besides as expressly required by relevant regulation, the Firm assumes no obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new info, future occasions or in any other case.

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Neither the TSXV nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSXV) accepts duty for the adequacy or accuracy of this launch.

About Clip Cash Inc.

Clip Cash operates a multi-bank self-service deposit system for companies by means of its ClipDrop Containers that offers customers the potential of creating deposits exterior of their financial institution department at high retailers and purchasing malls. Fairly than having to go to their private financial institution department or utilizing a money pickup service, companies can deposit their money at any ClipDrop Field positioned close to them. After being deposited, the funds will robotically be credited to the enterprise’ checking account, normally inside one enterprise day. The Firm combines purposeful {hardware}, an intuitive cellular app and an progressive cloud-based transaction engine that maximizes enterprise banking transactions. Mixed with cellular person purposes, Clip Cash affords a cheap and handy answer for enterprise banking deposits in metropolitan statistical areas throughout Canada and america. For extra details about the Firm, go to www.clipmoney.com.

For additional info, please contact:

Joseph Arrage
Chief Government Officer
tel: 844-593-2547

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