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Mobivity Announces Second Quarter 2023 Financial Results


PHOENIX, Aug. 14, 2023 (GLOBE NEWSWIRE) — Mobivity Holdings Corp. (OTCQB:MFON), a global provider of personalized reward solutions that drive customer acquisition, frequency, and spend, today announced financial results for the second quarter (“Q2”) ended June 30, 2023.

Q2 2023 Financial Highlights

Revenues of $1.9 million remained consistent compared to $1.9 million in Q2 2022.Gross profit margin of 26% compared to 36% in Q2 2022.Operating expenses of $2.5 million compared to $2.4 million in Q2 2022.Net loss was $2.3 million compared to a net loss of $2.0 million in Q2 2022.Adjusted EBITDA, excluding certain non-cash expenses, was ($1.8) million compared to ($1.1) million in Q2 2022.Cash and cash equivalents of $529,000 as of June 30, 2023 compared to $427,000 as of December 31, 2022.

Recent Business Highlights

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Appointed industry senior executives to key leadership positions to strengthen market leadership in connecting brands with game publishers: Will Sanchez appointed as Chief Financial OfficerAsif Iqbal appointed as Vice President of EngineeringDan Grigorovici appointed as Vice President of ProductBeatrice Olivas appointed as Senior Director of Brand StrategyRob Crews appointed as Senior Director of Restaurant Strategy Signed contract with major mobile casual game publisher for in-game rewarded playSigned deal with international restaurant brand for on-location user acquisitionConnected Rewards program with major global convenience store brand successfully drove thousands of game downloads and acquired thousands of digital loyalty subscribers for the brand

Tom Akin, Mobivity Chairman of the Board, commented, “During the second quarter, we accelerated the transformation of our business by hiring key leaders equipped with the industry expertise and experience to address the markets we serve. With the right people and the continued advancement of Connected Rewards, we are laying the groundwork to accelerate adoption of our offerings and ignite long-term growth. We are increasingly optimistic about the prospects for our business given the opportunities we see to connect brands with game developers and advertisers through Connected Rewards.”

Consolidated Financial Summaries:

(In thousands)Three months ended June 30,Six months ended June 30,  2023  2022 $$ % 2023  2022 $$ %Revenue$1,861 $1,867 $(6)(0.3%)$3,743 $3,897 $(154)(4.0%)Gross profit$490 $664 $(174)(26.2%)$1,305 $1,519 $(214)(14.1%)Gross margin 26.3%  35.6% N/A (930bps) 34.9%  39.0% N/A (410bps)Operating Expenses$2,515 $2,449 $66 2.7%$5,549 $5,080 $469 9.2%Loss from operations$(2,025)$(1,784)$(241)(13.5%)$(4,244)$(3,561)$(683)(19.2%)Net loss$(2,272)$(1,952)$(320)(16.4%)$(4,750)$(3,885)$(865)(22.3%)Adjusted EBITDA *$(1,762)$(1,146)$(616)(53.8%)$(3,128)$(2,522)$(660)(24.0%)

*Adjusted EBITDA is a non-GAAP measure. The Company defines and calculates Adjusted EBITDA as net loss before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization, and further adjusted for the following items: stock-based compensation and/or other non-recurring and non-operating costs or income, as described in the reconciliation below.

Conference Call 

Date: Monday, August 14, 2023
Time: 5 p.m. Eastern Time (ET) 
Dial in Number for U.S. Callers: 1-844-825-9789 
Dial in Number for International Callers: 1-412-317-5180 
Please Reference Conference ID: 10181765 

The call will also be accompanied live by webcast over the Internet and accessible at  

To join the live conference call, please dial in to the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time. 

A replay will be available for two weeks starting on August 14, 2023 at approximately 8 p.m. ET. To access the replay, please dial 1-844-512-2921 in the U.S. and 1-412-317-6671 for international callers. The conference ID# is 10181765. The replay will also be available on the Company’s website under the investor relations section.

Non-GAAP Measurements
This press release includes certain financial information which constitutes “non-GAAP financial measures” as defined by the United States Securities and Exchange Commission (“SEC”). A full reconciliation of the non-GAAP measures to GAAP can be found in the tables of today’s press release. Non-GAAP adjusted EBITDA is supplemental to results presented under accounting principles generally accepted in the United States of America (“GAAP”) and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are used by management to facilitate period-to-period comparisons and analysis of Mobivity’s operating performance and liquidity. Management believes these non-GAAP measures are useful to investors in trending, analyzing and benchmarking the performance and value of Mobivity’s business. These non-GAAP measures should be considered in addition to, but not as a substitute for, other similar measures reported in accordance with GAAP.

About Mobivity
Mobivity’s cloud-based Connected Rewards™ technology delivers billions of offers and promotions, building large, owned audiences for some of the world’s biggest brands. Through its partnerships with leading game publishers, digital operators, and ad networks, Mobivity connects a massive universe of consumers to its broad network of brands. As a result, digital consumers download and play more games, and earn real-world rewards that are redeemed in-store, driving acquisition, frequency, and retention for brands and game publishers. For more information about Mobivity, visit or call (877) 282-7660.

Forward Looking Statement
This press release contains “forward-looking statements” concerning Mobivity Holdings Corp. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include statements regarding the benefits of recent additions to the Company’s management team; the Company’s expectations for the growth of the Company’s operations and revenue; and the advantages and growth prospects of the mobile marketing industry. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, our ability to successfully integrate our recent additions to management; our ability to develop the sales force required to achieve our development and revenue goals; our ability to raise additional working capital as and when needed; changes in the laws and regulations affecting the mobile marketing industry and those other risks set forth from time to time in Mobivity Holdings Corp.’s reports filed with the SEC, including, but not limited to, Mobivity Holdings Corp.’s most recent annual report on Form 10-K , quarterly reports on Form 10-Q, and current reports on Form 8-K. Mobivity Holdings Corp. cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date of this announcement. Mobivity Holdings Corp. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

Investor Relations Contact:
Will Sanchez • Chief Financial Officer, Mobivity
(877) 282-7660

Brett Maas • Managing Partner, Hayden IR • (646) 536-7331

Mobivity Holdings Corp.
Condensed Consolidated Balance Sheets 

  June 30,  December 31,   2023  2022   (Unaudited)  (Audited ASSETS        Current assets        Cash $529,471  $426,740 Accounts receivable, net of allowance for doubtful accounts $9,423 and $34,446, respectively  542,711   1,081,183 Other current assets  423,371   195,017 Total current assets  1,495,553   1,702,940 Right to use lease assets  878,380   981,896 Intangible assets and software development costs, net  99,257   194,772 Other assets  127,417   137,917 TOTAL ASSETS $2,600,607  $3,017,525 LIABILITIES AND STOCKHOLDERS’ DEFICIT        Current liabilities        Accounts payable $3,481,685  $3,412,612 Accrued interest  442,269   443,448 Accrued and deferred personnel compensation  297,572   569,347 Deferred revenue and customer deposits  469,750   902,727 Related party notes payable, net – current maturities  1,361,250   2,711,171 Notes payable, net – current maturities  18,096   32,617 Operating lease liability, current  263,663   251,665 Other current liabilities  15,162   49,541 Total current liabilities  6,349,447   8,373,128          Non-current liabilities        Related party notes payable, net – long term  3,894,345   2,481,290 Notes payable, net – long term  30,223   31,092 Operating lease liability  801,492   936,924 Total non-current liabilities  4,726,060   3,449,306 Total liabilities  11,075,507   11,822,434          Stockholders’ deficit        Common stock, $0.001 par value; 100,000,000 shares authorized; 65,797,567 and 61,311,155, shares issued and outstanding  65,798   61,311 Equity payable  307,318   324,799 Additional paid-in capital  113,868,248   108,806,353 Accumulated other comprehensive loss  (69,598)  (100,963)Accumulated deficit  (122,646,666)  (117,896,409)Total stockholders’ deficit  (8,474,900)  (8,804,909)TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $2,600,607  $3,017,525  

Mobivity Holdings Corp.
Condensed Consolidated Statements of Operations and Comprehensive Loss

  Three Months Ended  Six Months Ended   June 30,  June 30,   2023  2022  2023  2022 Revenues                Revenues $1,861,171  $1,867,162  $3,742,653  $3,896,731 Cost of revenues  1,371,206   1,202,749   2,437,781   2,377,697 Gross profit  489,965   664,413   1,304,872   1,519,034                  Operating expenses                General and administrative  1,071,153   897,984   2,615,259   2,105,160 Sales and marketing  602,911   566,270   1,294,131   1,163,771 Engineering, research, and development  804,343   873,836   1,538,718   1,576,059 Depreciation and amortization  36,582   110,421   100,484   234,733 Total operating expenses  2,514,989   2,448,511   5,548,592   5,079,723                  Loss from operations  (2,025,024)  (1,784,098)  (4,243,720)  (3,560,689)                 Other income/(expense)                Loss of settlement of debt  —   —   (10,857)  — Interest expense  (244,443)  (167,126)  (482,889)  (326,953)Settlement losses  (2,500)  —   (12,500)  — Foreign currency gain  (115)  (510)  (291)  2,809 Total other income/(expense)  (247,058)  (167,636)  (506,537)  (324,144)Loss before income taxes  (2,272,082)  (1,951,734)  (4,750,257)  (3,884,833)Income tax expense  —   —   —   — Net loss  (2,272,082)  (1,951,734)  (4,750,257)  (3,884,833)Other comprehensive loss, net of income tax                Foreign currency translation adjustments  (137)  12,261   31,365   (634)Comprehensive loss $(2,272,219) $(1,939,473) $(4,718,892) $(3,885,467)Net loss per share:                Basic and Diluted  (0.03)  (0.03)  (0.07)  (0.07)Weighted average number of shares:                Basic and Diluted  65,670,815   58,602,319   63,884,441   57,921,596  

Mobivity Holdings Corp.
Reconciliation of GAAP Measure to Non-GAAP Measure

(In thousands)Three months ended June 30,Six Months ended June 30,  2023  2022  2023  2022 Net Loss$(2,272)$(1,952)$(4,750)$(3,885)Stock Based Compensation 229  529  1039  801 Depreciation and Amortization 37  110  100 $235 Interest Expenses Net 244  167  483  327 Adjusted EBITDA$(1,762)$(1,146) (3,128)$(2,522)

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