Sezzle Inc. reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 30, 2024. Total revenue for the third quarter reached $69.96 million, a 71.3% increase from $40.84 million in the same period of 2023. For the nine months, revenue rose to $172.91 million, up 56.5% from $110.46 million year-over-year. This growth was driven by a substantial increase in subscription revenue, which surged 167.2% to $22.86 million for the third quarter and 222.9% to $57.38 million for the nine months.

Operating income also saw a remarkable increase, with $20.84 million reported for the third quarter compared to $5.35 million in 2023, and $51.38 million for the nine months, up from $14.53 million. Net income for the third quarter was $15.45 million, a significant rise from $1.29 million in the prior year, while net income for the nine months reached $53.16 million, compared to $4.16 million in 2023.

Total assets increased to $252.87 million as of September 30, 2024, up from $212.65 million at the end of 2023. Current assets also rose to $232.43 million, compared to $209.04 million previously. Notably, total stockholders' equity surged to $61.14 million from $22.09 million, reflecting improved profitability and financial health.

The company’s provision for credit losses increased significantly, totaling $30.64 million for the nine months, compared to $12.67 million in 2023. This rise is attributed to the growing volume of notes receivable, which reached an amortized cost basis of $151.41 million, up from $142.89 million at the end of 2023.

Sezzle's operational strategy has included the launch of new products such as Sezzle Anywhere and Payment Streaks, aimed at enhancing consumer engagement and expanding its market presence. The company has also been winding down operations in India and certain European markets while focusing on its core markets in the U.S. and Canada.

As of September 30, 2024, Sezzle supported approximately 23,000 active merchants and 2.7 million active consumers, reflecting a 2.6% increase in active consumers since December 31, 2023. The company’s financial position has been bolstered by a new revolving line of credit facility of $150 million, which provides additional liquidity for growth initiatives.