BM Technologies $BMTX stock broke uptrend channel support on November 16, 2022, after the company reported a miss on EPS and revenue.
BM Technologies Reports Third Quarter 2022 Results
On November 15, 2022, BM Technologies, Inc. (NYSE American: BMTX) one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, reported results for the three and nine months ended September 30, 2022. BM Technologies reported Q3 core EPS of (7c) versus the consensus estimate of 30c. The company reported Q3 revenue of $19.9M versus the consensus estimate of $23.94M.
CEO Luvleen Sidhu said, “In the first nine months of 2022, we are proud to report solid results with revenue of $67.9M, Net Income of $3.4M, and Core EBITDA of $16.4M…We celebrate many business wins even as we face unprecedented times with rapidly rising interest rates, inflationary pressures, and market volatility. Revenue and EBITDA were negatively impacted this quarter as we are no longer benefiting from the tailwinds of stimulus, which affected customer spend, and our decision not to chase rate to keep balances…We believe we will benefit immensely in the long term from having a bank charter which will provide more flexibility in pricing deposits and the ability to earn more on these deposits with a high-quality asset generation strategy. In 2023, we are committed to combining with a bank and improving our revenues. We remain excited about our future as we continue to expand our existing business and work on building new business opportunities.”
BM Technologies $BMTX Stock Technical Analysis
BM Technologies $BMTX stock is in a technical weak downtrend. Long-term indicators suggest a continuation of the downtrend. The stock has formed an uptrend channel breakdown below support. The MACD has given a sell signal. The money flow has collapsed as traders dump the stock.