Payfare Announces Record 4th Quarter and Full Year 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 and year ending December 31, 2022.

Q4 2022 Highlights:

Revenue of $38.4 million in Q4 2022, representing a $21.8 million (+131%) increase over Q4 2021 and a $3.5 million (+10%) increase over Q3 2022.

Gross profit of $8.3 million in Q4 2022, up $5.8 million (+230%) compared to Q4 2021 and up $1.4 million (+20%) compared to Q3 2022.

First quarter reporting positive net profit of $2.9 million or $0.06 per share in Q4 2022 compared to a net loss of ($4.6 million or $0.10 per share) in Q4 2021 and a net loss of ($0.8 million or $0.02 per share) in Q3 2022.

Record Adjusted EBITDA1 expansion to $3.6 million in Q4 2022, a $6.0 million (+248%) increase over Q4 2021 and a $2.3 million (+171%) increase over Q3 2022.

Record Operating Cash Flow generation of $6.4 million in Q4 2022, up $10.6 million over Q4 2021 and up $2.6 million over Q3 2022.

Total gross dollar value (Total GDV)1 in Q4 2022 was $2.4 billion, an increase of $1.4 billion (+137%) over Q4 2021 and $0.3 billion (+13%) over Q3 2022.

Ended Q4 2022 with 1,053,872 active users1, an increase of 542,100 (+106%) compared to active users as at December 31, 2021. This was primarily due to the significant growth of the DoorDash program and steady gains in the Lyft & Uber ride-sharing programs.

DasherDirect App by Payfare was once again ranked # 1 in December 2022 amongst all US Finance Apps by UnitQ, a product quality monitoring platform which conducts rankings based on user feedback data from app store reviews and social media.

Full Year 2022 Highlights:

Revenue of $129.9 million in 2022, representing a $88 million (+210%) increase over 2021.

Gross profit of $25.9 million in 2022, up $20.4 million (+372%) compared to 2021.

Net loss of ($2.9 million or $0.06 per share) in 2022 was a significant improvement compared to a net loss of ($21.4 million or $0.49 per share) in 2021.

Record Adjusted EBITDA1 expansion to $4.4 million in 2022, a $14.4 million (+144%) increase over 2021.

Record Operating Cash Flow generation of $7.9 million in 2022, up $22.6 million over 2021.

Total gross dollar value (Total GDV)1 in 2022 was $7.9 billion, an increase of $5.2 billion (+196%) over 2021.

Payfare believes the market price of Common Shares...