Beforepay posts second consecutive quarterly profit and record quarterly revenue

ASX-listed Beforepay have posted its second consecutive quarterly profit of $0.57 million on record quarterly revenue of $9.1 million, for the quarter ended 31 December 2023 (Q2 FY24).

Beforepay achieved a net profit before tax of $0.57 million and an EBITDA of $1.63 million. This is the company’s second consecutive quarterly net profit and results in an unaudited H1 FY24 net profit of $2.21 million and EBITDA of $4.24 million.

Beforepay also has a strong balance sheet with cash on hand of $18.9 million and an equity position of $29.7 million.

Beforepay CEO Jamie Twiss said, “I’m pleased to be announcing our second consecutive quarterly profit, driven by continued top-line growth, tightly controlled costs, and strong default outcomes. We continue to support more customers than ever with a safe, affordable alternative to revolving debt. With another quarter of profitability and our strong balance sheet, we continue to be well-positioned for the future, and are exploring additional growth opportunities.”