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Paymentus Holdings, a leading provider of cloud-based bill payment technology, reported an impressive 18.9% year-on-year revenue growth to $152.4 million for Q3 2023 ending September 30, according to its unaudited financial results. The company attributed the robust performance to a significant surge in transactions, which increased by 25.2% to reach 115.4 million.
The firm’s gross profit also saw an uptick, growing by 23.9% to hit $46.9 million. Adjusted EBITDA, a key profitability metric, spiked by a substantial 93.9% to land at $15.5 million, translating into a healthy margin of 25.3%.
The company’s net income was reported at $6.4 million (GAAP) and $10.9 million (non-GAAP), with earnings per share standing at $0.05 and $0.09 respectively. Meanwhile, contribution profit demonstrated strong growth of 20.3%, reaching $61.5 million.
CEO Dushyant Sharma highlighted the crucial role of demand and competitive differentiation in driving the company’s performance during the quarter. He also pointed out the substantial backlog and good visibility as key factors contributing to future growth prospects.
The company’s financial results underline its continued momentum in the cloud-based bill payment technology market and its ability to capitalize on increasing transaction volumes.
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