Beforepay continues quarterly profitability as it plans to launch new products

ASX-listed Beforepay Group have announced that they have achieved a net profit before tax of $1.4 million and an EBITDA of $2.7 million. This is the company’s fourth consecutive quarterly unaudited net profit.

The company has seen record active users in Q4 FY24 and increased new-user acquisition in core products in recent months as a result of focused performance marketing and additional marketing spend.

Carrington Labs, Beforepay Group’s new business set up in early 2024 to provide its AI-powered risk models and lending solutions, is off to a strong start, with a robust pipeline of international opportunities, including two signed non-binding Letters of Intent in Q4FY24.

Beforepay Group’s underlying reported cash on hand has also improved, with $19.2 million as at Q4 FY24, compared to $18.0 million at Q3 FY24.

Commenting on the quarter’s successes, Beforepay Group CEO, Jamie Twiss said, “I’m pleased to be announcing another profitable quarter, driven by strong credit performance and continued operational discipline and efficiency. I’m also excited about seeing the team’s hard work be brought to life with the upcoming launch of a new loan product in FY25, pending regulatory approval, and the launch of Carrington Labs, our new enterprise business.”