Payfare Announces Record 3rd Quarter 2022 Financial Results.

TORONTO: Payfare Inc. ("Payfare" or the "Company") (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced the filing of its Financial Statements and Management's Discussion and Analysis ("MD&A") for the quarter ending September 30, 2022. A comprehensive discussion of Payfare's financial position and results of operations are provided in the MD&A, which is filed on SEDAR under Payfare's profile and can be found at www.sedar.com.

Q3 2022 Financial Highlights:

Revenue of $35.9 million in Q3 2022, representing a $23.2 million (+183%) increase over Q3 2021 and a $2.3 million (+7%) increase over Q2 2022.

Gross profit of $6.9 million in Q3 2022, up $4.9 million (+246%) compared to Q3 2021 and up $0.5 million (+8%) compared to Q2 2022.

Net loss improved to ($0.8 million) in Q3 2022 compared to a net loss of ($4.0 million) in Q3 2021 and a net loss of ($2.3 million) in Q2 2022.

Record Adjusted EBITDA1 expansion to $1.3 million in Q3 2022, a $3.5 million (+161%) increase over Q3 2021 and a $1.0 million (+357%) increase over Q2 2022.

Record Operating Cash Flow generation of $3.9 million in Q3 2022, up $4.9 million over Q3 2021 and up $7.3 million over Q2 2022.

Total gross dollar value (Total GDV)1 in Q3 2022 was $2.1 billion, an increase of $1.4 billion (+176%) over Q3 2021 and $0.2 billion (+9%) over Q2 2022.

Ended Q3 2022 with 920,682 active users1, an increase of 560,395 (+156%) compared to active users as at September 30, 2021.

Payfare believes the market price of Common Shares may not, from time to time, fully reflect their...