FDCTech (OTCQB:FDCT) Inc posted first quarter financial results that saw a 157% year-on-year increase in the company’s technology revenue, boosting overall gross profit margins.
For the period ended March 31, 2023, the Irvine, California-based financial technology company reported total revenue of $1,545,687, compared to $1,541,122 in the same quarter in 2022.
The company said that its technology revenue during the quarter jumped 157% to $173,250 from $67,500 in 1Q 2022.
Helped immeasurably by the technology revenue, FDCTech (OTCQB:FDCT)’ said its overall gross margin increased 79% to $296,541.
Most importantly, FDCTech which has successful integrated its rapidly growing wealth management and enhanced technology businesses, narrowed its net loss by 41% to $237,176 during the quarter, compared to $403,944 in the same quarter a year earlier.
The company’s cash on hand at the end of the quarter was $139,844, compared to $264,829 on December 31, 2022.
FDC, which specializes in buying small to mid-size legacy financial services companies, has made three recent acquisitions which include equity interest in broker-dealer CIM Securities, online trading brokerage firm NSFX Ltd and fintech company AD Advisory Services Private Ltd (ADSL).
In addition to its many acquisitions, FDC delivers a suite of technology infrastructure solutions to forex, crypto, wealth management, and other financial sectors.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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