PAID, Inc. reported its financial results for the nine months ended September 30, 2024, showing significant changes in revenue, profitability, and operational metrics compared to the previous fiscal period. Total revenues for the nine months reached $13.2 million, a 10% increase from $12.0 million in the same period of 2023. The revenue growth was primarily driven by the shipping coordination and label generation services, which saw an increase from $12.0 million to $13.1 million, reflecting a 10% rise. However, client services revenue decreased by 41% to $15,020, down from $25,532 in 2023, attributed to client cancellations and limited marketing efforts.

For the three months ended September 30, 2024, revenues were $4.4 million, an 8% increase from $4.1 million in the same quarter of 2023. Gross profit for the third quarter was $1.1 million, up 15% from $944,272 in the prior year, with gross margins improving slightly from 23% to 24%. Total operating expenses for the quarter increased by 22% to $1.2 million, driven by higher legal expenses, new hires, and increased marketing costs.

Despite the revenue growth, PAID, Inc. reported a net loss of $133,679 for the third quarter of 2024, compared to a net loss of $44,783 in the same quarter of 2023. For the nine-month period, the company achieved a net income of $936,335, a significant turnaround from a net loss of $282,537 in the prior year. This resulted in a net income per share of $0.12 for the nine months, compared to a loss of $(0.04) per share in 2023.

As of September 30, 2024, PAID, Inc. had total assets of $8.4 million, up from $7.3 million at the end of 2023. Cash and cash equivalents decreased to $1.1 million from $2.1 million, while total shareholders' equity rose to $5.4 million from $4.5 million. The company also reported an increase in contract liabilities, which rose significantly from $15,382 to $260,546, indicating a growing backlog of services.

Strategically, PAID, Inc. is exploring growth opportunities and may seek alternative capital sources to support its operations. The company continues to focus on its SaaS-based business services, including shipping coordination and merchant processing, primarily serving the Canadian market.