Shares in Paymentus Holdings Inc (NYSE:PAY) were propelled 23% higher to their highest since early 2022 after the cloud-based bill payment technology group reported better quarterly results than expected.
Revenue for the final quarter of 2023 rose 24.7% to $164.8 million as the company processed 124.8 million transactions, an increase of 28.4% from the fourth quarter of 2022, with services provided to more than 1,900 corporate clients.
Contribution profit grew 22.7% to $66.3 million and adjusted EBITDA was up 95.4% year-on-year.
"We also ended the year on solid footing with a strong backlog, which we believe leaves us well positioned for continued growth in 2024," said founder and CEO Dushyant Sharma.
The outlook remains positive, the company said, with a strong backlog positioning it for continued growth in 2024.
First quarter guidance was for revenue to continue growing to $170 to $176 million, with contribution profit of $64 to $66 million and adjusted EBITDA of $15 to $17 million.