The following is a summary of the BM Technologies, Inc. (BMTX) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Operating revenues for second quarter and first half of 2024 were $12.5 million and $28.7 million respectively, showing a growth of 10% in the first half.

• Interchange and card revenue increased by 57% year-over-year, mainly due to the change to a Durbin-exempt bank.

• Core EBITDA for Q2 2024 was a loss of approximately $880,000, a slight improvement from a loss of $906,000 in Q2 last year.

Business Progress:

• BM Technologies completed a significant technology platform transformation with a new micro service architecture, enhancing product and service delivery to the market.

• Launched a new cash back rewards engine and saw significant engagement and utilization from student customers.

• Launched an Identity Verification (IDV) product that is seeing adoption in universities, aimed at mitigating fraud during student enrollment.

Opportunities:

• The rollout of new student-oriented products such as cash back rewards and upcoming financial wellness services are expected to boost customer engagement and revenue.

• The IDV product expands BM Technologies' reach into potential university clients, broadening the client base and revenue sources.

Risks:

• There is a potential wind down of the BaaS business by February 2025 due to current unprofitability in the regulatory and interest rate environment, which could affect revenues in the short term.

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