Pushpay Holdings, the mobile payments app company, reached its target of US$100 million in annualised committed monthly revenue by Dec. 31 and reiterated it expects to break even on a monthly cash flow basis before the end of 2018.
In October, the Auckland-domiciled, US-headquartered company brought forward the target to Dec. 31, 2017, from March 31, 2018, after ACMR, the company's preferred metric which measures total billings through merchants that Pushpay collects fees from, was US$67.5 million in the six months to Sept. 30, from US$34.3 million a year earlier.
"Achieving US$100 million ACMR within 27 months after reaching US$10 million ACMR is a significant milestone for the business," chief executive Chris Heaslip said. "We continue to focus on scaling the business in the US faith sector in order to maximise shareholder value over the long term."
"Pushpay remains in a position to reach its targets of FY18 NZ GAAP revenue guidance of US$70 million and breakeven on a monthly cash flow basis prior to the end of calendar 2018," he said.
Pushpay's app has gained traction in the US faith sector, where its services are used by 2 percent of the estimated 340,000 churches, including 50 of the top 100 churches in the US, according to its latest investor briefing.
The stock last traded at $4.17 after gaining around 198 percent over the past year.
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