Third Quarter Financial 2025 Highlights:
Revenue for the third quarter of 2025 ("Q3 2025") was $1,435,501, compared to $521,316 in the third quarter of 2024 ("Q3 2024"), which equates to 175% growth year-over-year ("YoY"). Q3 2025 core revenue (excluding non-recurring revenue) was up 26% quarter-over-quarter ("QoQ") compared to the second quarter of 2025 ("Q2 2025"), which was a function of new sales growth, existing customer penetration and growth of new products.
Revenue growth continues to outpace changes in costs of revenue ("CoR"). Q3 2025 CoR of $1,301,817 was up 55% YoY, relative to 175% YoY revenue growth.
YoY revenue growth for Q3 2025 was driven by a 157% increase in new deposit users, and supported by contributions from new products, namely revenue from change orders. Revenue from new products, excluding non-recurring items, accounted for 12% of total revenue in Q3 2025 and 8% of total revenue in Q3 2024.
Operating expenses for Q3 2025 were $1,987,589 compared to $1,597,181 in Q3 2024, which represents a 24% YoY increase. Q3 2025 operating expenses were 16% higher QoQ compared to Q2 2025. However, this was due to higher operating expense accruals. Excluding the operating expense accruals, expenses were down 3% QoQ.
Comprehensive loss for Q3 2025 was $2,764,599 compared to $2,318,179 in Q3 2024, which represents an increase of 19% YoY. However, the majority of the increase was driven by a non-cash change in the fair value of the Company's derivative liabilities, which accounted for 14% of the increase. Excluding that change, the increase was 5% YoY.
Network & Customer Highlights: