Everyday People Reports Record Financial Results for Three Months Ended March 31, 2024

• Revenue increased 85% to $14.8 million, the company's best quarterly performance ever.

• Pre-tax income increased 223% to $1.5 million, a record quarterly performance.

• Adjusted EBITDA increased 559% to $3.1 million

Edmonton, Alberta–(Newsfile Corp. – May 22, 2024) – Everyday People Financial Corporation (TSXV: EPF) (OTCQB: EPFCF) (“everyday people” or “companyThe financial services provider is pleased to announce its highest ever consolidated financial results for the three months ended March 31, 2024, marking an important milestone in the company's growth strategy.

“Our first quarter 2024 financial results were very strong. Our strong first quarter financial results reflect the hard work and dedication of our entire team, and these results are a testament to our company's dedication and commitment to enhancing shareholder value,” said Gordon Reykdal, Everyday People Chairman.

Key financial highlights for the three months ended March 31, 2024

• Revenue for the three months ended March 31, 2024 increased by $14.8 million compared to $8.0 million for the same period in 2022.

• Net profit before tax of $1.5 million for the three months ended March 31, 2024 compared to a net loss before tax of $1.2 million for the same period in 2023, reflecting the success of our strategic growth initiatives.

• Adjusted EBITDA achieved positive results¹ Adjusted EBITDA for the three months ended March 31, 2024 was $3.1 million and adjusted EBITDA for the same period in 2023 was $0.5 million. See Reconciliations for Non-IFRS Financial Measures disclosed in our Management Analysis report.

¹Adjusted EBITDA

I'm looking forward to

Everyday People has started the year extremely well and we are confident to continue to grow for the remainder of the year based on all three of our pillars: We have a passionate and experienced team of operators who will bring the company's vision to life.

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About Everyday People Financial Corp.

Everyday People was founded on the belief that everyone deserves a second chance to get financially back on their feet with access to affordable credit products. We enhance customer service with affordable, specialized proprietary financial products and literacy programs to change the way people manage their money. We help ordinary people reshape their financial situation to build generational wealth. Everyday People has 450 employees and began operations in the UK, Canada and the US in 2006. The company has three main business pillars: Revenue Cycle Management (“RCM'Everyday People Financial Services' operates under the direction of co-CEO Graham Rankin, RCM, and its two pillars Everyday People Financial Services and Everyday People Homes are co-CEOs Financial Services and EP Homes. It operates under the direction of Barret Reykdal. We value creativity and entrepreneurship. Our combination of companies, products and services is established to enable us to meet the financial needs of consumers and serve them in a low-cost and effective manner.

Financial Statements and Management Discussion and Analysis

This news release should be read in conjunction with Everyday People's consolidated financial statements and “Management's Discussion and Analysis” report for the three months ended March 31, 2024, which are available under the Company's profile on SEDAR+ at www.sedarplus.ca .

Non-IFRS Financial Measures

This news release references certain non-IFRS financial measures, including Adjusted EBITDA and Adjusted EBTDA.

“Adjusted EBITDA” is not a measure accepted by IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. “EBITDA” means earnings before finance expenses, interest expense, income tax provision, depreciation and amortization. “Adjusted EBITDA” is calculated by adding back stock-based compensation, depreciation and amortization, other expenses (income) and other non-operating expenses (income) that management considers not directly related to operating performance for the periods presented.

“Adjusted EBTDA” is not a measure accepted by IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. “EBTDA” means earnings before financing, excluding interest expense, provision for income taxes, and amortization and amortization. “Adjusted EBTDA” is calculated by adding stock-based compensation, depreciation and amortization, other expense (income) and other non-operating expense (income) and excludes from the calculation interest expense that management believes is not directly related to operating performance for the periods presented.

Adjusted EBITDA and EBTDA are used as non-IFRS financial measures to provide investors with a supplementary measure of the company's operating performance and to identify trends in the core business that may not be apparent when relying solely on IFRS financial measures. It can be embossed. We believe that securities analysts, investors and other stakeholders frequently use non-IFRS financial measures in evaluating issuers. Our management also uses non-IFRS financial measures to facilitate comparisons of our operating performance from period to period, to prepare our annual operating budget, and to evaluate our ability to meet our capital expenditure and working capital requirements. Masu.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results of operations under IFRS. There are a number of limitations regarding the use of non-IFRS financial measures and their closest IFRS equivalent financial measures. Investors are encouraged to review the consolidated financial statements and disclosures in their entirety for the three months ended March 31, 2024 and March 31, 2023, and are cautioned not to place undue reliance on non-IFRS financial measures. will be done. Combined with the most similar IFRS financial measures. When evaluating these non-IFRS financial measures, please note that the Company will continue to make adjustments similar to those made during the periods presented.

For more information, please visit www.everydaypeoplefinancial.com.

contact

Gordon Reykdal
Chairman of the Board of Everyday People Financial Corporation.
letsconnect@epfinancial.ca
1 888 825 9808

Cautionary Note Regarding Forward-Looking Statements
This news release contains certain “forward-looking statements” or “forward-looking information” under applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include, but are not limited to, statements regarding financial performance, results of operations, the integration of the acquired business, and the Company's business, plans, strategies and operations. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results or future events to differ materially from those expressed or implied in such forward-looking statements. Such factors include, but are not limited to, expectations and assumptions regarding the Company and the acquired business, as well as other risks and uncertainties, including those described in the Company's filings on SEDAR+ (www.sedarplus.ca). No assurance can be given that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not therefore place undue reliance on forward-looking statements. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210129.