Block closed the purchased on July 1 and its one month under the tax services company’s ownership produced $3.6 million in sales.

 Originally, Block expected to have nine months of Wave revenue of about $40 million to $45 million for fiscal 2020 but the deal closed earlier. That nine-month forecast translated into annualized revenue of about $53.3 million to $60 million.

Ironically, Block found value in the fact Wave has little market recognition. “We love the fact that this is a brand that is still unknown,” CEO Jeff Jones said during the webcast. “So we still see opportunity to deliver this value proposition to more people.”

At the time the deal was announced, Block said Wave will not be profitable anytime soon.