Pushpay shares jump after revenue spurt
Pushpay Holdings shares jumped after the mobile payments app developer said annualised committed monthly revenue (ACMR) grew US$7.3 million in the December quarter, exceeding its performance in the prior period.
The Auckland-domiciled, Redmond, US-headquartered company lifted ACMR to $41.2 million in the December quarter, more than doubling that figure from a year earlier. That excludes ACMR derived from Pushpay's $3.1 million acquisition of church app business Bluebridge in November, and exceeded the previous quarter ACMR increase by 11 percent. The company will provide more details in its full quarterly update to be released on Wednesday, it said.
The shares climbed 9 percent to $1.95, having risen 23 percent in the past year. The company said it had nothing material to tell the market in December after its share price dropped 27 percent in the month, triggering a price enquiry from the NZX, and last week the stock climbed 28 percent in thin holiday trading.
Pushpay raised A$40 million in a private placement in October ahead of its secondary listing on the ASX and purchase of Bluebridge, continuing an expansion that saw revenue soar 308 percent in the first half while its net loss widened. The company is targeting US churches with technology that makes it easy for congregations to make donations using their mobile phones and is expanding its mobile payment app to help people pay utility bills.
In October, chief executive and co-founder Chris Heaslip confirmed the company is on target to reach its forecast $100 million of annualised committed monthly revenue by the end of this year.