Sezzle, Splitit lodge 4C filings as markets assess future growth rates
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With BNPL stocks showering investors with riches this year, markets are in the process of matching actual numbers with bullish growth outlooks.
Sezzle booked underlying merchant sales of $318.2m, a quarterly gain of 21.4 per cent. (As a dollar-amount comparator, Afterpay (ASX:APT) chalked up $4.1bn in the September quarter).
That flowed through to merchant fee revenue of 18.1m — a margin of 5.69 per cent (APT charges between 3-7 per cent).
SZL reported an active customer base of 1,792,681, with a merchant base of 20,890 companies.
The company booked cash receipts from customers of just under $US209m, up from US$169.3m in the June quarter.
Factoring in about $US200m worth of payments to merchants, net operating cash outflows came it at -$US4.7m. SZL finished the quarter with about $US118m of cash in the bank.
Following the update, shares in SZL traded steady at around $6.90.
The company ran red-hot from March lows of 40c to more than $11, before investors hit the brakes following its half-year results in August.
For Splitit, merchant sales volume for the quarter came in at $US70.9m, a gain of eight per cent from Q2.
That flowed through to gross revenue of $2.4m (flat for the quarter), from 186,000 active shoppers across an active merchant base of 629 companies.
Splitit, which broadly targets a consumer market that makes more expensive purchases, said its average order value was $US1,004, a gain of 12 per cent from the previous quarter.
SPT finished September with a cash balance of $US100.6m following a $100m cap raise in August.
The company recorded cash receipts from customers of $2.027m for the quarter.
Net cash outflows came in at more than $US18m, a shortfall SPT attributed to a “$US12.6M increase in merchant receivables, due to continued rapid growth in the merchant funded model”.
Shares in the company were around 4.5pc lower in morning trade at ~$1.30, still well up for the year following a huge surge in June on the back of a new deal with Mastercard.