BM (BMTX) Financial Report Summaries

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Removed: evaluated, implemented, validated

From filing 10-Q 2024 Q3

Financial report summary

Management Discussion

For the three months ended September 30, 2024, Net loss increased $1.0 million as compared to the three months ended September 30, 2023, resulting in a Net loss of $5.0 million, which included a $0.4 million increased loss from the change in the fair value of the private warrants. Loss from operations for the three months ended September 30, 2024 decreased by $0.3 million as compared to the three months ended September 30, 2023. Operating revenues decreased by $0.3 million, or 2%, and Operating expenses decreased by $0.6 million, or 3%. For the three months ended September 30, 2024, the Company credited a Partner Bank $1.0 million for interest lost on cash deposits that is considered infrequent and unusual and is included in the unaudited Consolidated Statements of Loss in Other Loss. Changes in operating revenues and expenses are discussed in greater detail below. Basic and diluted loss per common share, which decreased to $(0.42), are both driven by the impact of total Net loss in the current year.