- Sezzle ( SZL ) reports a marginal increase in core retail sales of 0.6 percent to US$421.5 million (AU$671.9 million) for the September quarter
- The FinTech company’s premium subscription product has also gained more subscribers since launching in June, with more than 95,000 active subscribers as of October 20
- Sezzle is preparing to launch certain initiatives in the new year that are expected to generate US$60 million in annual revenue and cost savings
- To further bolster its financial position, the company recently signed a US$100 million facility with Bastion Management
- SZL shares ended the day down 1.87 percent to close at 52.5 cents
Sezzle ( SZL ) reported unaudited results for the September quarter, which reported a 0.6 percent rise in core retail sales.
The fintech company reported core retail sales of US$421.5 million (A$671.9 million) in the three-month period, compared with US$419.1 million in the June quarter.
Total revenue also increased 4 percent quarter-on-quarter to US$30.4 million, up 0.23 percent from US$29.3 million in the previous quarter.
Sezzle’s premium subscription product has also gained more subscribers since launching in June. As of October 20, the subscription product had more than 95,000 active subscribers.
The company is also preparing to implement a number of initiatives starting this year, which it expects to generate US$60 million in annual revenue and cost savings.
Completed initiatives include workforce reductions, discontinuing or renegotiating rates with merchants and network partners, and ceasing payment processing in India.
In support of its goal of cost savings and with a flexible balance sheet, the company recently signed a US$100 million line of credit with affiliates of Bastion Management.
The 24-month facility provides Sezzle with the liquidity and balance sheet strength it needs to support its North American business.
The company expects to submit its 4C quarterly report by the end of this month.
SZL shares ended the day down 1.87 percent to close at 52.5 cents.