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Bm Technologies, Inc. (BMTX) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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BMTX Registration of Securities

Bm Technologies, Inc.

CIK: 1725872 Ticker: BMTX


EXHIBIT 99.1
BM Technologies, Inc.

BM Technologies Reports Record Results for the Fourth Quarter and Full Year 2021

Exceeds 2021 Revenue and EBITDA Guidance
2021 Core EBITDA1 increased 625% to $28.6 million from $3.9 million
Q4 2021 Average Serviced Deposits increased 111% year over year to $2.0 billion

Radnor, PA., March 31, 2022 — BM Technologies, Inc. (NYSE American: BMTX) (“BM Technologies,” “BMTX,” “we,” or the “Company”) one of the largest digital banking platforms and banking-as-a-service (BaaS) providers in the country, today reported record results for the three and twelve months ended December 31, 2021. Results reflect the expected impact of a restatement of non-cash compensation expense as discussed below, and differ from previously reported financials.

FOURTH QUARTER FINANCIAL HIGHLIGHTS
Q4 2021 revenues increased 46% to $25.3 million from $17.3 million in Q4 2020.
Q4 2021 net loss improved to $(1.1) million from a net loss of $(3.4) million in Q4 2020. Q4 2021 net loss includes a $0.8 million noncash loss on the revaluation of the private warrant liability.
Q4 2021 core earnings1 were $3.1 million, or $0.26 per diluted share, compared to a loss of $2.2 million, or $(0.35) per diluted share, in Q4 2020.
Q4 2021 core EBITDA1 increased to $7.8 million from $1.5 million in Q4 2020. Core EBITDA1 margin increased to 31% in Q4 2021 from 9% in Q4 2020.

FY 2021 FINANCIAL HIGHLIGHTS
2021 revenues increased 41% to $94.6 million from $66.9 million in 2020.
2021 net income increased to $17.6 million from a net loss of $11.8 million in 2020. 2021 Net income includes a $17.2 million noncash gain on the revaluation of the private warrant liability.
2021 core earnings were $10.9 million, or $0.92 per diluted share, compared to a loss of $9.9 million, or $(1.61) per diluted share, in 2020.
2021 core EBITDA1 increased to $28.6 million from $3.9 million in 2020. Core EBITDA1 margin increased to 30%.
The Company had a cash balance of $25.7 million at December 31, 2021.

BUSINESS HIGHLIGHTS
Average serviced deposits totaled $2.0 billion in Q4 2021; a 111% increase as compared to Q4 2020. Average new business serviced deposits increased $0.9 billion over the year to $1.3 billion from $0.4 billion in Q4 2020.
Debit card spend was $0.8 billion in Q4 2021, a 14% increase compared to Q4 2020. New business debit spend increased 35% compared to Q4 2020.
Revenue per 90-day active account increased 39% year over year to approximately $188 in 2021.
Approximately 90 thousand new accounts opened in the fourth quarter 2021 bringing the year-to-date new account total to approximately 440 thousand new accounts opened.
Higher Education Organic Deposits (deposits that are not part of a school disbursement and are indicative of primary banking behavior) for the twelve months ended December 31, 2021, increased 17% year over year to $2.2 billion.
BMTX signed agreements with 5 new colleges and universities in Q4 2021, providing over 45,000 additional students access to BankMobile Disbursements and the BankMobile Vibe checking account bringing the totals for 2021 to 16 new schools and
1 Core metrics are Non-GAAP measures which adjust revenues to exclude certain items; a reconciliation appears on page 7 and 8 of this release.
1


The following information was filed by Bm Technologies, Inc. (BMTX) on Thursday, March 31, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Bm Technologies, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Income (Loss)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Narrative (Details)
Accounts Receivable - Schedule Of Allowance For Doubtful Accounts (Details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies - Narrative (Details)
Borrowings From Partner Bank
Borrowings From Partner Bank (Details)
Commitments And Contingencies
Description Of The Business And Merger Transaction
Description Of The Business And Merger Transaction (Tables)
Description Of The Business And Merger Transaction - Narrative (Details)
Description Of The Business And Merger Transaction - Reconciliation Of Common Shares Related To Merger (Details)
Description Of The Business And Merger Transaction - Summary Of Significant Sources And Uses Of Cash Related To Closing Of Merger Transaction (Details)
Disclosures About Fair Value Of Financial Instruments
Disclosures About Fair Value Of Financial Instruments (Tables)
Disclosures About Fair Value Of Financial Instruments - Estimated Fair Values Of Financial Instruments (Details)
Disclosures About Fair Value Of Financial Instruments - Narrative (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Antidilutive Securities (Details)
Earnings (Loss) Per Share - Components And Results Of Operations And Earnings (Loss) Per Common Share Calculations (Details)
Earnings (Loss) Per Share - Summary Of Weighted Average Shares Outstanding (Details)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Components Of Other Intangibles (Details)
Goodwill And Other Intangibles - Future Amortization (Details)
Goodwill And Other Intangibles - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Leases
Leases (Tables)
Leases - Maturities Of Non-Cancelable Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Operating Lease Rou Assets And Liabilities (Details)
Leases - Summary Of Lease Term And Discount Rate For Operating Leases (Details)
Premises And Equipment And Developed Software
Premises And Equipment And Developed Software (Tables)
Premises And Equipment And Developed Software - Developed Software (Details)
Premises And Equipment And Developed Software - Premises And Equipment (Details)
Relationship With Our Partner Bank
Relationship With Our Partner Bank (Details)
Restatement And Revision Of Previously Reported Consolidated Financial Statements
Restatement And Revision Of Previously Reported Consolidated Financial Statements (Tables)
Restatement And Revision Of Previously Reported Consolidated Financial Statements - Balance Sheets (Details)
Restatement And Revision Of Previously Reported Consolidated Financial Statements - Consolidated Statements Of Cash Flows (Details)
Restatement And Revision Of Previously Reported Consolidated Financial Statements - Consolidated Statements Of Changes In Shareholders' Equity (Details)
Restatement And Revision Of Previously Reported Consolidated Financial Statements - Consolidated Statements Of Income (Loss) (Details)
Revenues
Revenues (Tables)
Revenues - Deferred Revenue Balances (Details)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Narrative (Details)
Shareholders' Equity And Private Warrant Liability
Shareholders' Equity And Private Warrant Liability (Tables)
Shareholders' Equity And Private Warrant Liability - Narrative (Details)
Shareholders' Equity And Private Warrant Liability - Summary Of Change In Unvested Awards And Rsus (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: BMTX
CIK: 1725872
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-013593
Submitted to the SEC: Tue May 10 2022 4:17:42 PM EST
Accepted by the SEC: Tue May 10 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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