Clip Money Inc. Reports First Quarter 2025 Results

Associated Press

23-05-2025

TORONTO, May 23, 2025 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (OTCQB: CLPMF) ('Clip Money' or the 'Company'), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce its financial results for the three months ended March 31, 2025. The Company reported continued revenue growth in the first quarter of 2025, up 225% from Q1 2024, while cost of revenues were up only 35% during the same time period, maintaining high operating leverage into the new year.
First Quarter Financial 2025 Highlights:
Network & Customer Highlights:
'We are pleased with our Q1 results, which position Clip for continued growth through 2025. The ongoing addition of store locations by our largest customers underscores our commitment to delivering value and reliable, differentiated service in a category that has long been underserved. We also achieved a key strategic milestone this quarter with the expansion of our network through a partnership with Green Dot. This partnership will add more than 4,000 over-the-counter deposit locations at major big-box retail stores, significantly enhancing the scale, convenience and capacity of the Clip Network. We believe this expansion further strengthens our value proposition to financial institutions, fintech's and businesses nationwide. '
Joseph Arrage (CEO & Co-Founder)
Corporate Update
The Company also announces that the board of directors has approved the grant of an aggregate of 965,000 restricted share units (the 'RSUs') and 27,500 options (the 'Options', and together with the RSUs, the 'Awards') to acquire common shares of the Company to certain directors, executives and employees of the Company to recognize their performance in 2024. The Awards will be issued on May 27, 2025.
All of the RSUs to be awarded to directors will vest 12 months after the date of the grant, and all of the RSUs to be awarded to executives and employees will vest over three years, with one-third vesting every 12 months after the date of the grant. The Options will have a three-year vesting period, with an exercise price equal to the closing market price of Clip Money's common shares on May 26, 2025, and will expire 10 years from the date of the grant. The RSUs and Options will be governed by the terms of the Company's amended and restated omnibus equity incentive plan, under which an aggregate of 10,516,419 Common Shares are issuable.
Additional Information
The Company's interim condensed consolidated financial statements, notes to financial statements, and management's discussion and analysis for the three months ended March 31, 2025 are available on the Company's SEDAR+ profile at www.sedarplus.ca. Unless otherwise indicated, all references to '$' in this press release refer to U.S. dollars.
Forward‐Looking Statements
This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as 'believe', 'anticipate', 'project', 'expect', 'intend', 'plan', 'will', 'may', 'estimate' and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Clip Money Inc.
Clip operates a multi-bank self-service deposit system for businesses through the Clip Money network that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box or ClipATM located near them. After being deposited, the funds will automatically be credited to the business' bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business-banking transactions. Combined with mobile user applications, Clip offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.
For further information, please contact:
Joseph Arrage
Chief Executive Officer
tel: [phone]