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BM Technologies, Inc. (BMTX), a prominent player in the te chnology and financial services sector, has released its unaudited consolidated financial statements for the second quarter of 2023. The financial data reveals a net loss of $4.46 million during the quarter, highlighting the challenges faced by the company. However, the company managed to generate operating revenues of $12.99 million, demonstrating its ability to maintain a substantial revenue stream despite the difficult financial conditions.
Net Loss Incurred in Q2 2023
BM Tech experienced a net loss of $4.46 million in the three months ending June 30, 2023. This loss comes as a result of various factors affecting the company's operations and finances during the quarter. The net loss marks a significant decline compared to the net income of $4.36 million reported in the same period last year. The company's financial performance was affected by several factors, including operating expenses and non-operating income.
Operating Revenues Remain Strong
Despite the challenges faced by BM Tech, the company managed to generate operating revenues of $12.99 million for the second quarter of 2023. This revenue comes from various sources, including interchange and card revenue, servicing fees, account fees, university fees, and other revenue streams. The operating revenues of $12.99 million demonstrate the company's ability to maintain a significant revenue stream amidst the financial difficulties experienced during the quarter.
Consolidated Balance Sheets
The company's unaudited consolidated balance sheets indicate a total asset value of $59.17 million as of June 30, 2023. The assets are primarily composed of cash and cash equivalents, accounts receivable, prepaid expenses, and other assets. The decline in cash and cash equivalents from $21.11 million to $11.52 million highlights the financial challenges BM Tech faced during the quarter.
Consolidated Statements of (Loss) Income
The unaudited consolidated statements of (loss) income show that the company's operating revenues for the three months ending June 30, 2023, amounted to $12.99 million. However, the operating expenses of $18.03 million resulted in a loss from operations of $5.04 million for the quarter. Non-operating income, including a gain on the fair value of private warrant liability, partially offset the losses.
Consolidated Statements of Changes in Shareholders' Equity
The company's unaudited consolidated statements of changes in shareholders' equity depict fluctuations in common stock, additional paid-in capital, and accumulated deficit. Despite the challenges faced during the quarter, BM Tech's shareholders' equity amounted to $38.04 million as of June 30, 2023.
Consolidated Statements of Cash Flows
The unaudited consolidated statements of cash flows reveal that BM Tech's net (loss) income of $9.42 million was accompanied by various adjustments, including depreciation, amortization, and share-based compensation expenses. The company managed to generate $12.42 million in net cash provided by operating activities despite the challenging financial quarter.
BM Technologies, Inc. faced financial difficulties leading to a net loss of $4.46 million in Q2 2023. However, the company's ability to generate $12.99 million in operating revenues showcases its resilience in maintaining revenue streams amidst a challenging financial environment.