Priority Technology Holdings Reports 16.4% Revenue Growth to $879.7 Million for Fiscal Year 2024

Priority Technology Holdings, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $879.7 million, a 16.4% increase from $755.6 million in 2023. The company also reported an operating income of $133.4 million, up from $81.5 million the previous year. Despite these gains, Priority Technology experienced a net loss attributable to common shareholders of $24.0 million, an improvement from a loss of $49.1 million in 2023. The increase in revenue was primarily driven by growth in merchant bankcard processing volumes and the acquisition of Plastiq, which contributed to the B2B Payments segment.

The company made strategic advancements during the year, including the acquisition of Plastiq, a B2B payments platform, which was finalized in July 2023. This acquisition is expected to enhance Priority's capabilities in accounts payable automation and improve cash flow for its customers. Additionally, Priority Technology expanded its operational footprint, serving approximately 1.2 million customer accounts and processing over $130 billion in annual transaction activity. The company also reported an increase in employee headcount, rising to 1,019 from 977 in the previous year, reflecting its growth and expansion efforts.

Operationally, Priority Technology's SMB Payments segment generated $613.5 million in revenue, a 5.2% increase from the previous year, while the B2B Payments segment saw a substantial revenue increase of 116.5%, reaching $89.1 million. The Enterprise Payments segment also grew, with revenues of $180.4 million, up 36.6% from 2023. The company reported a total of 755,989 merchant bankcard transactions processed, an increase of nearly 60,000 transactions compared to the previous year. This growth in transaction volume and customer engagement metrics indicates a strong demand for Priority's services across its various segments.

Despite the positive financial results, the company acknowledged a material weakness in its internal control over financial reporting, which could impact the accuracy of its financial statements. Management is actively working on remediation efforts to address this issue. Looking ahead, Priority Technology Holdings expressed optimism about its growth trajectory, driven by ongoing investments in technology and strategic acquisitions, as well as the increasing demand for integrated payment solutions in the evolving fintech landscape. The company anticipates that its focus on enhancing customer experiences and expanding its service offerings will continue to drive revenue growth in the coming years.