11:27 AM EDT, 04/26/2024 (MT Newswires) -- Payfare ( PYFRF ) overnight on Thursday reported a 60% increase in fourth-quarter adjusted net income as the Fintech company posted record revenue.

Adjusted net income for the three months ended Dec. 31 rose to $7.4 million, up from $4.6 million in the same quarter of 2022. Adjusted net income per share for the quarter was $0.15, in line with the S&P Capital IQ consensus normalized EPS estimate.

Revenue rose 30% to a record $50 million in the fourth quarter, the company said. Payfare ( PYFRF ) ended the fourth quarter with roughly 1.4 million active users, up 33% from the end of 2022.

For the full year, Payfare ( PYFRF ) reported a 283% jump in adjusted net income to $23 million, or $0.48 per share. The result beat the S&P Capital IQ consensus normalized EPS estimate of $0.47. Revenue came in at $186 million, up 43% from 2022.

The company forecast 2024 revenue of $235 million to $245 million. Payfare ( PYFRF ) also said it is working on extending partnerships with partners that would use Payfare ( PYFRF ) to pay their delivery gig workforce.

Payfare ( PYFRF ) said there has been a delay in the filing of its audited annual financial statements and now expects to complete the filings by May 22.

Payfare ( PYFRF ) at last look gained C$0.575 to to $6.575 per share on the Toronto Stock Exchange..

Meanwhile, B. Riley Securities said Payfare's ( PYFRF ) results were in line to better than its forecast.

B. Riley said Payfare's ( PYFRF ) 2024 guidance issued was higher than its forecast, and it views this as a "strong positive."

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