New Zealand’s church donation software company Pushpay Holdings Ltd (ASX: PPH) released its 2018 financial results this morning showing a 105% increase in revenue and a net loss of $US23.2 million.

Pushpay is an Auckland-based software company which helps churches, charities and faith groups receive donations digitally. For example, church-goers can use their smartphone to donate.

“Pushpay is uniquely positioned to continue to drive social good and succeed in the next chapter of our growth journey,” CEO and co-founder Chris Heaslip said. “We have experienced another year of leading growth, with total revenue more than doubling over the year to 31 March 2018.”

Pushpay reported a doubling of revenue but costs also increased, resulting in an accounting loss similar to the result achieved in 2017.

However, Pushpay noted that its gross profit, which is equal to operating revenue minus third-party direct costs, rose from $US19 million to $US37.5 million.

“The focus over the last year has been on future-proofing the business, by refining the strategies that will allow Pushpay to realise its considerable potential over the long-term,” Heaslip added.

Looking ahead, Pushpay said it will be targeting more medium and large customers in the USA. To do so it will increase its use of account-based sales teams and subscription fees, opposed to focusing primarily on internal sales efforts.

Pushpay said it: “expects to see a continued increase over the current year in Subscription Fees added from new Customers, with a lower average sales headcount than last year.”

The company expects to break-even on a monthly cash flow basis by the end of the calendar year 2018.

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