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Clip Money Q2 Loss Halves to $0.01 Per Share

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Clip Money (CLIP.V) said Monday its second-quarter loss halved to $0.01 per share from $0.02 per share in the prior year period.

Quarterly revenue jumped 42% year over year to $1.9 million. Revenue growth was driven by a 53% increase in new deposit users and a 31% increase in revenue per user, the company, which operates a multi-bank, self-service deposit system for businesses, said.

Active customer locations reached 4,378 in the quarter including eight new enterprise businesses ranging from healthcare, convenience, services and specialty retail industries.

"Our second quarter results demonstrate the growing power and scale of the Clip network. Achieving 42% year-over-year revenue growth while limiting our cost of revenue increase to just 17% highlights the exceptional operating leverage inherent in our model. Furthermore, our channel strategy is picking up significant momentum," said Chief Executive Joseph Arrage.

Clip Money shares were last seen down C$0.01 to C$0.16 on the TSX Venture Exchange.

Price: $0.16, Change: $-0.01, Percent Change: -5.88%

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