Pushpay Holdings, the mobile payments app company, widened its net loss in the first half despite lifting revenue but reiterated its guidance for the year ahead.
The Auckland-domiciled, US-headquartered company's loss widened to US$12.5 million (NZ$18.2m) in the six months ended September 30, from US$11.3m a year earlier, while revenue more than doubled to US$29.7m from US$12.1m.
Pushpay's app has gained traction in the US faith sector, where its services are used by 2 per cent of the estimated 314,000 churches. It is now in use in 50 of the top 100 churches in the US, with transactions of US$2.1 billion based on annualised monthly figures. In the first half, the company lifted customer numbers and average revenue per customer, along with staff numbers which rose 22 per cent to 341.
Annualised committed monthly revenue, the company's preferred metric which measures total billings through merchants that Pushpay collects fees from, jumped to US$67.5m from US$34.3m a year earlier.
Pushpay is still aiming for a US listing, and the company's board now plans to pursue that within the next 15 months, it said. The company reiterated its expectations of reaching US$100m in ACMR by December 31, annual revenue of US$70m in the 2018 financial year, and break even on a monthly cash flow basis by the end of calendar 2018.
