Strong Revenue Growth
First quarter revenues reached $34.9 million, a 10% increase from the previous year. Excluding ERTC, revenues grew by 13%.
Increased New Bookings and Backlog
New bookings increased by 45% compared to the prior year. The contracted revenue backlog rose 339% year-over-year to $82 million.
Successful Product Launches and Expansions
The Payroll Tax Management product continued its momentum, launching new capabilities for Canadian companies. AsurePay is witnessing positive trends with over 70% of active card users using it more than three times per month.
Improved Profitability Forecast
The company expects adjusted EBITDA margins of 23% to 24% for the full year 2025, indicating expected profitability as revenue growth continues.
Positive Strategic Developments
Entered into a new $60 million credit facility to drive customer acquisition and potential acquisitions, aligning with the growth strategy.