TORONTO, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSXV: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 June 30, 2024.
Second Quarter 2024 Highlights
Revenue for Q2 2024 was $387,955, compared to $44,907 in Q2 2023, which equates to 764% growth year-over-year ("YoY"), and 30% growth quarter-over-quarter ("QoQ"). Revenue growth continues to materially outpace changes in Costs of Good Sold ("COGS"). On a YoY basis, COGS were up only 20%. Furthermore, COGS were down 4% on a QoQ basis despite an increase in revenue.
YoY revenue growth for Q2 2024 was driven by a 458% increase in deposit users, and a 168% increase in average revenue per user. New user growth was driven by a combination of (i) expansion of existing customers across the ClipDrop network (ii) welcoming existing customers to recently installed ClipDrop locations (iii) and net new customer brands using the ClipDrop network.
Clip expanded our ClipDrop network by 34 shopping center locations in the quarter, bringing convenient deposit access to current and new clients. As an essential service to our clients, we have been able to rapidly scale current national retail partners at these new locations creating immediate scale and value to these new shopping center locations.
In May 2024, the Company announced an expanded pilot with a prominent ATM operator ...
