Copyright © 2015 - 2022 Lifecarenews.in
LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
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
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.
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 https://viavid.webcasts.com/starthere.jsp?ei=1627822&tp_key=67ae9b45a7.
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.
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.
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
Brett Maas • Managing Partner, Hayden IR
firstname.lastname@example.org • (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)