Bm Technologies, Inc. ( (BMTX) ) has released its Q3 earnings. Here is a breakdown of the information Bm Technologies, Inc. presented to its investors.
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BM Technologies, Inc. is one of the largest digital banking platforms and Banking-as-a-Service providers in the United States, focusing on innovative, user-friendly financial services through partner banks.
In its latest financial report, BM Technologies announced a significant development: the company is set to be acquired by First Carolina Bank for $5 per share in cash, a transaction valued at approximately $67 million. This acquisition comes amid BMTX’s reported year-to-date revenue growth of 6% to $42.8 million.
Key financial highlights for the third quarter of 2024 include operating revenues totaling $14.1 million, with a net loss of $5 million or $0.42 per diluted share. Despite this loss, the company maintained strong liquidity with $11.2 million in cash and no debt. Additionally, BMTX saw a total debit card spend of $663 million and added around 125,000 new accounts during the quarter.
The acquisition agreement promises a substantial 55% premium over the trading price of BMTX shares as of late October 2024. Post-acquisition, BM Technologies will operate as a subsidiary of First Carolina Bank, continuing under its current leadership and brand name.
Looking ahead, BM Technologies anticipates the merger will enhance its service offerings and expand its technological capabilities, benefiting both current and future customers of BMTX and First Carolina Bank.