BM Technologies, Inc. (BMTX) stock soared 16.65% in the after-hours trading session at the price of $15.06 after reporting its financial results for the three and nine months ended 30th September 2021.   

BM Technologies, Inc. is one of the largest digital banking platforms in the United States. It provides access to savings and checking accounts, credit cards, personal loans, and financial wellness.  

BMTX Third Quarter 2021 Financial Results 

On 15th November 2021, BMTX published financial results for the three and nine months ended on 30th September 2021. The company has also presented its corporate updates and future outlook.  

Financial Highlights  

BMTX reported revenues of $22.0 million for the third quarter of 2021. It represents a gain of 20% from $18.3 million in the third quarter of 2020. For the third quarter ended 30th September 2021, core earnings were $2.8 million, or per diluted share of $0.23. The company reported core earnings of $0.5 million, or per diluted share of $0.09, for the third quarter of 2020. For the third quarter of 2021, net income improved to $8.8 million. Net income was $250,000 in the third quarter of 2020.  

Core EBITDA grew 91% to $7.0 million in the third quarter ended on 30th September 2021. For the same quarter of last year, core EBITDA was approximately $3.7 million. During the quarter, the core EBITDA margin raised to 32% by 200 basis points. BMTX calculated a cash balance of $20.4 million on 30th September 2021. It reported zero balance on its $10.0 million lines of credit as of 30th September 2021. 

BMTX Business Highlights 

For the third quarter of 2021, BMTX reported average serviced deposits of $1.7 billion. It represents a surge of 128% from the third quarter of 2020. Debit card spending totaled $773.0 million in the third quarter ended on 30th September 2021. It represents a gain of 4% compared to the third quarter of 2020. New business debit spending raised 44% from the third quarter of 2020. In the third quarter of 2021, unannualized revenue per 90-day active account grew 31% to $47 from the same period of 2020.