CARLSBAD, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (NASDAQ:APCX) ("AppTech" or the "Company"), a pioneering Fintech company powering frictionless commerce, today announces its financial results for the second quarter ended June 30, 2024, showcasing strategic progress and continued operational efficiency. Financial Highlights Revenue PerformanceReported revenue of approximately $76 thousand for Q2 2024, reflecting a decrease of $134 thousand in the same period last year due to lower merchant processing revenue. This decrease aligns with the Company's strategic decision to prioritize long-term growth through multiple integrations and the licensing of its innovative product offerings. These initiatives are expected to contribute positively to future quarters, subject to market adoption and customer uptake. Operating EfficiencyOperating expenses were strategically reduced to approximately $3.0 million, a significant improvement from $9.4 million in Q2 2023. This reduction is largely due to the absence of a $6.1 million impairment charge recorded in the prior year and reflects AppTech's disciplined cost management and operational effectiveness. Substantial Net Loss Improvement The net loss was approximately $(2.9) million for Q2 2024, a dramatic improvement compared to $(9.1) million in Q2 2023, driven by effective cost management and focus on strategic investments that align with long-term growth objectives. Earnings Per Share GrowthEarnings per share improved significantly to approximately $(0.12), compared to $(0.49) in the same period last year. This improvement reflects ongoing efforts to enhance shareholder value through strategic financial stewardship. Recent Business Highlights On August 8, 2024, AppTech entered into a Settlement Agreement and Mutual Release with Infinios Solutions (Bahrain) W.L.L. The terms of the Settlement Agreement are confidential. Following the fulfillment of its terms, both parties will jointly file for ...