Paymentus Holdings, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $231.6 million for the three months, marking a 51.9% increase from $152.4 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $613.9 million, up 36.5% from $449.7 million year-over-year. This growth was primarily driven by an increase in transaction volume, attributed to the addition of new billers and financial institutions, as well as increased transactions from existing clients.
Gross profit for the third quarter was $60.7 million, a 29.3% increase from $46.9 million in Q3 2023. For the nine-month period, gross profit rose to $172.1 million, up 29.6% from $132.9 million. The company's income from operations also saw substantial growth, reaching $12.1 million for the third quarter and $30.7 million for the nine months, compared to $5.3 million and $21.7 million, respectively, in the prior year.
Net income for the third quarter was reported at $14.4 million, significantly higher than $6.4 million in Q3 2023. For the nine months, net income totaled $31.0 million, compared to $12.9 million in the same period last year. Basic net income per share for the third quarter was $0.12, up from $0.05, while for the nine months, it increased to $0.25 from $0.10.
The company’s total assets as of September 30, 2024, were $552.9 million, an increase from $504.9 million at the end of 2023. Total current assets also rose to $320.1 million from $270.3 million. Cash and cash equivalents increased to $187.5 million, compared to $179.4 million at the end of 2023.
Paymentus reported a total of 155.3 million transactions processed in Q3 2024, a 34.6% increase from 115.4 million in Q3 2023. The company continues to diversify its customer base, with no single customer accounting for more than 10% of revenue.
Despite the positive financial performance, the company noted material weaknesses in internal control over financial reporting, prompting remediation measures including the onboarding of experienced finance professionals and updates to its accounting systems. The effective tax rate for the nine months ended September 30, 2024, was 17.6%, up from 7.2% in the prior year, primarily due to increased income before taxes and disallowed stock-based compensation.
About Paymentus Holdings, Inc.
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