Chris Heaslip, chief executive of business payments company Pushpay. Photo / Dean Purcell
Chris Heaslip, chief executive of business payments company Pushpay. Photo / Dean Purcell
Pushpay Holdings, a mobile payments app company, said its annualised committed monthly revenue (ACMR) has jumped 96.8 per cent and reiterated its target to break even on a monthly cash-flow basis before the end of 2018. The stock rose 6.9 per cent to a record.
ACMR, a measure favoured bysoftware as a service (SAAS) companies, rose to US$67.5 million (NZ$95.5m) in the quarter ended September 30 from US$34.3m a year earlier, the Auckland-based company said in a statement. Pushpay brought forward its target of reaching US$100m ACMR by three months to December 31. The shares climbed 19 cents to $2.93 and have surged 96 per cent this year.
ACMR is monthly average revenue per customer multiplied by total customers and annualised. It is the preferred metric for software as a service (SaaS) businesses. Pushpay has been targeting US churches with its app, which allows congregations to make donations via their mobile phones. It is now in use in 50 of the top 100 churches in the US, with transactions of US$2.2b based on annualised monthly figures, it said today. Total customers rose 35 per cent to 7,121.
In July, Pushpay raised US$25m in a placement and today the company said it had cash and available funding lines of US$25.5m as at September 30 from US$7m a year earlier.
"Pushpay is confident in its strategy to gain further market share in the medium-term for the long-term benefit of the company," said chief executive Chris Heaslip. "Pushpay remains in a position to reach its targets of FY18 NZ GAAP revenue guidance of US$70m and breakeven on a monthly cash flow basis prior to the end of 2018."
