Priority Technology Holdings Reports Strong Q3 Growth

Priority Technology Holdings ( (PRTH) ) has released its Q3 earnings. Here is a breakdown of the information Priority Technology Holdings presented to its investors.

Priority Technology Holdings, Inc. is a fintech company specializing in payments and banking services, providing solutions that streamline financial transactions to enhance revenue and operational success for businesses. In its latest third-quarter earnings report for 2024, the company showcased a robust performance with substantial growth across its unified commerce platform, achieving notable year-over-year revenue increases.

The company’s financial results for the third quarter of 2024 were impressive, with revenue reaching $227.0 million, marking a 20.1% increase from the same period in 2023. Operating income saw an even more significant rise of 62.0%, reaching $38.1 million. Adjusted EBITDA, a key performance measure, increased by 21.5% to $54.6 million, reflecting the company’s strong financial health and strategic execution. However, the adjusted gross profit margin saw a slight decline of 40 basis points, settling at 37.9%.

Priority’s strategic segments—SMB Payments, B2B Payments, and Enterprise Payments—all contributed to the strong performance. SMB Payments generated $158.8 million in revenue, while B2B Payments and Enterprise Payments saw revenues of $22.1 million and $47.1 million, respectively. Each segment demonstrated growth, with notable increases in transaction volumes and client enrollments, underscoring Priority’s capability to harness its commerce engine effectively.

Looking ahead, Priority Technology Holdings maintains a positive outlook for the full year of 2024, with revenue expected to grow by 16% to 17%. The company also anticipates an increase in adjusted EBITDA, projecting a growth of 19% to 21%, indicating continued confidence in its strategic direction and market opportunities.