05:18 PM EDT, 09/26/2024 (MT Newswires) -- Payfare ( PYFRF ) on Thursday said its core services agreement related to DoorDash, Inc.'s DasherDirect card program will not be renewed beyond the current term in early 2025.

DasherDirect is currently Payfare's ( PYFRF ) largest program, and the revenue derived from the program has been a substantial proportion of Payfare's ( PYFRF ) total revenues. As such, Payfare ( PYFRF ) is withdrawing its previously issued 2024 financial guidance for revenue and earnings, as the company and DoorDash establish a transition plan to begin in the fourth quarter of 2024.

Both parties are expected to work collaboratively during the remainder of the term.

Payfare ( PYFRF ) continues to see high growth with its other client programs and is working on securing new, large-scale EWA programs in both the gig economy and employee verticals. The company believes the aggregate gross dollar value from these opportunities could mitigate the impact of the DoorDash non-renewal.

Payfare ( PYFRF ) has over $100 million in cash, cash equivalents, and guaranteed investment certificates and is well capitalized to fund its new strategic initiatives.

Also, Hugo Chan has resigned as a director of Payfare ( PYFRF ), and has since moved to become a resident in Asia for personal reasons.