Fintech Tyro Payments [ASX:TYR] was down 3% in late Monday trade after the release of the transaction value metrics ending 31 August 2022.
So far this year, TYR has fallen 66%.
Peer, Raiz Invest [ASX:RZI] has dropped 67% in the year, while EML Payments [ASX:EML] is tracking even lower, down more than 73% year-to-date.
Source: www.tradingview.com
Tyro transactions — the update
Tyro is keeping to its promise of providing monthly transaction value updates to the end of the calendar year.
This brings us to its August update, with data presented on unaudited transaction values to 31 August 2022.
The fintech reported that August FY23 (year to date) transaction value rose 57% to $6.8 billion.
These monthly comparisons are in addition to the full-year update provided by TYR only last week, in which, despite the impacts of COVID-19, the fintech reported ‘record’ transaction value in FY22, up 34% to $34.2 billion.
Payments revenue rose 36.7% to $326.1 million, and both gross profits and payments revenue were also up 29.5% and 39%, respectively.
Having said that, TYR did end with an EBITDA loss of $10.7 million on $123 million in total cash and cash equivalents.
Tyro’s outlook
Tyro considers its business to remain in a strong position for FY23, having projected a guidance range of transaction value within the $40–42 billion range.
As stated last week, the fintech believes it will target free positive cash flow by the end of the 2023 financial year, backed by a normalised gross profit range within $175–181 million.
Time will tell if Tyro can hit these targets and improve overall sentiment regarding share value.
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