Revenue increased by 85% to $14.8 million, representing record quarterly performance
Net income before tax increased by 223% to $1.5 million, representing record quarterly performance
Adjusted EBITDA increased by 559% to $3.1 million
Edmonton, Alberta--(Newsfile Corp. - May 22, 2024) - Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) ("Everyday People" or the "Company"), a financial services provider, is pleased to announce its record consolidated financial results for the three months ended March 31, 2024, marking a significant milestone in the Company's growth strategy.
"The Company had exceptionally strong financial results for the first quarter of 2024. Our strong first quarter results reflect the hard work and dedication of our entire team, and these results are a testament to our dedication and commitment to increase shareholders value," said Gordon Reykdal, Executive Chairman of Everyday People.
Key Financial Highlights for the Three Months Ended March 31, 2024
Revenue growth of $14.8 million for the three months ended March 31, 2024, compared to $8.0 million for the same period in 2022.
Net income before taxes of $1.5 million for the three months ended March 31, 2024, as compared to a net loss before taxes of $1.2 million for the same period in 2023, reflecting the successful implementation of our strategic growth strategy.
Achieved positive adjusted EBITDA1 of $3.1 million for the three months ended March 31, 2024, compared to adjusted EBITDA of $0.5 million for the same period in 2023. Refer to "Reconciliation of Non-IFRS Financial Measures" disclosed in the Company's "Management's Discussion and Analysis" report.
1Adjusted EBITDA
Three months ended | Three months ended | |
March 31, 2024 | March 31, 2023 | |
Adjusted EBITDA reconciliation | ||
Net income (loss) before tax | 1,466,985 | (1,192,841) |
Adjustments | ||
Interest included in direct cost | - | 17,031 |
Depreciation and amortization | 798,941 | 587,410 |
Acquisition costs | 72,477 | 212,150 |
Share-based compensation | 152,895 | 230,943 |
Finance costs | 896,927 | 616,128 |
Gain on debt settlement | (286,686) | - |
Total adjustments to net income (loss) before tax | 1,634,554 | 1,663,662 |
Adjusted EBITDA | 3,101,539 | 470,821 |
Less: Finance costs | (896,927) | (616,128) |
Adjusted EBTDA | 2,204,612 | (145,307) |
