Clip Money Inc. Reports First Quarter 2026 Results
TORONTO, May 29, 2026 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce its financial results for the three months ended March 31, 2026. The Company reported continued revenue growth in the first quarter of 2026, up 81% from Q1 2025, while cost of revenues were up only 36% during the same time period, maintaining high operating leverage into the new year.
First Quarter Financial 2026 Highlights:
- Revenue for the first quarter of 2026 (“Q1 2026”) was $1,763,180, compared to $972,706 in the first quarter of 2025 (“Q1 2025”), which equates to 81% growth year-over-year (“YoY”). Q1 2026 revenue decreased 11% quarter-over-quarter (“QoQ”) compared to the fourth quarter of 2025 (“Q4 2025”), which was heavily impacted by Q4 seasonality from holiday shopping. Excluding the impact of seasonality, revenue grew 19% QoQ.
- Revenue growth continues to outpace changes in Costs of Revenue (“COR”). Q1 2026 COR of $1,369,873 was up 36% YoY, relative to 81% YoY revenue growth.
- Year-over-Year (YoY) revenue growth for Q1 2026 was primarily fueled by a 129% increase in new deposit users and a 5% increase in revenue per user. This deposit revenue expansion was further supported by strong contributions from new Clip products, such as ClipChange, which saw a 164% increase in YoY revenue.
- Operating expenses for Q1 2026 were $1,878,472, compared to $1,832,196 in Q1 2025, which represents a 2% YoY increase. Q1 2026 operating expenses were 3% higher QoQ compared to Q4 2025. Net loss for Q1 2026 was $2,360,616, compared to $2,280,281 in Q1 2025, which represents an increase of 4% YoY.
Network & Customer Highlights:
- Clip Money’s multi-channel network has demonstrated the convenience and value for businesses compared to traditional bank branch or legacy management options. 10% of Clip customers are now using multiple Clip deposit channels as they realize the ease of use and locational convenience of the 8000+ Clip locations nationwide. Proximity analysis shows that over 85% of prospective Clip customer stores are within five miles of a Clip location—offering unrivaled convenience to branch banking relationships.
- Active customer locations reached 4,493 in Q1 2026, representing a strong 67% year-over-year growth from Q1 2025 while demonstrating sustained expansion beyond the seasonal user increases of Q4 2025. This growth was fueled by expanded locations with key existing clients, including Hot Topic, Genesco, Dry Goods, Lids, Miss A, and Pac Sun, and a new deployment with a national retailer with over 400 total locations.
- ClipChange growth momentum continued from the holiday season in 2025 with 146% order growth in Q1 2026 versus Q1 of 2025. Change order growth continued as Clip customers rely on the convenient and dependable service of change orders delivered directly to their business locations. ClipChange provides a business with transparency of how a store is using and ordering change on a periodic basis, reducing waste and unnecessary bank runs.
“Our first quarter results clearly demonstrate the scaling power of the Clip network. Achieving 81% year-over-year revenue growth while limiting our cost of revenue increases to just 36% underscores the strong operating leverage inherent in our business model. As we deepen relationships with our premier retail customers and see 10% of our customers now utilizing multiple Clip channels, it 's evident that our platform is shifting from a convenience to an essential cash management solution for modern businesses.”
Joseph Arrage (CEO & Co-Founder)
Subsequent Events
- On May 6, 2026, the Company issued unsecured promissory notes to related parties for an aggregate principal amount of $350,109 (comprised of $325,000 and CAD 35,000). The notes bear interest at a rate of 12% per annum and are due for repayment in full on July 6, 2026. The Company retains the right to prepay the principal, in whole or in part, at any time without penalty. However, if prepayment occurs within one month of the issuance date, the Company is required to pay a minimum of one month’s accrued interest.
- On May 4, 2026, the Company announced a 12-month extension of the maturity date and reduction of the conversion price from CAD$0.50 to CAD$0.40 for the first tranche of its previously issued unsecured convertible notes dated May 4, 2023. An equivalent extension will be offered to all holders of the second tranche of unsecured convertible notes dated June 14, 2023. The amendments are subject to the acceptance of the TSX Venture Exchange and the consent of the applicable holders. See the Company’s press release dated May 4, 2026 for further information.
Additional Information
The Company’s interim condensed consolidated financial statements, notes to financial statements, and management discussion and analysis for the three months ended March 31, 2026 are available on the Company’s SEDAR+ profile at www.sedarplus.ca. Unless otherwise indicated, all references to “$” in this press release refer to U.S. dollars.
Forward‐Looking Statements
This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which reflect the Company 's current expectations regarding future events. Forward-looking statements are identified by words such as "believe ", "anticipate ", "project ", "expect ", "intend ", "plan ", "will ", "may ", "estimate " and other similar expressions. These statements are based on the Company 's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company 's business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Clip Money Inc.
Clip operates a multi-bank self-service deposit system for businesses through the Clip Money network that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box, ClipATM, or ClipCenter located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business-banking transactions. Combined with mobile user applications, Clip offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.
For further information, please contact:
Joseph Arrage
Chief Executive Officer
tel: 844-593-2547
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