For the most recently ended period, the company lost $27.9 million, down sharply from a loss of $81.6 million in last year’s corresponding period. Revenue was slightly less than $305 million in the most recently ended period, an increase of 33 percent from slightly less than $229 million a year ago.
CEO Rene Lacerte said during a recent earnings webcast the company has started to see increased macro economic pressure and singled out higher interest rates as having an impact. "Capital and cash have become less affordable for SMBs,” he said.
CFO John Rettig noted the economic pressure in the company’s outlook for fiscal 2024. He said standalone payment volume will be flat from last year. Overall, economic trends that started early this year are having a bigger impact. “We have seen further tightening by our customs and suppliers,” Rettig said.