PHOENIX, Nov. 14, 2023 (GLOBE NEWSWIRE) — Mobivity Holdings Corp. (OTCQB:MFON), global provider of personalized reward solutions that drive customer acquisition, frequency, and spend, today announced financial results for the third quarter ended September 30, 2023.
ThirdQuarter2023FinancialHighlights
- Revenues of $1.6 million compared to $1.9 million in Q3 2022.
- Gross profit margin improved to 29% compared to 4% in Q3 2022.
- Cash and cash equivalents totaled $0.5 million compared to $0.4 million at December 31, 2022.
- Adjusted EBITDA, excluding certain non-cash expenses, was ($2.1) million compared to ($2.3) million in Q3 2022.
ThirdQuarter2023BusinessHighlights
- Expanded the product offerings and addressable market of our Connected Rewards business by multiples.
- Launched new programs that show predictable and repeatable growth with premier brand partners.
- Optimized the structure of the business to fit the future of Mobivity.
| MobivityHoldingsCorp. ConsolidatedFinancialSummaries |
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| ThreemonthsendedSeptember30, | NinemonthsendedSeptember30, | |||||||||||||||
| (InThousands) | 2023 | 2022 | $$ | % | 2023 | 2022 | $$ | % | ||||||||
| Revenue | 1,633 | 1,890 | (258 | ) | (14 | %) | 5,376 | 5,787 | (411 | ) | (7 | %) | ||||
| Gross profit | 472 | 84 | 387 | 461 | % | 1,777 | 4,184 | (2,407 | ) | (58 | %) | |||||
| Gross profit margin | 29 | % | 4 | % | N/A | 33 | % | 28 | % | N/A | ||||||
| Operating expenses | 4,000 | 2,739 | 1,567 | 57 | % | 9,549 | 7,819 | 1,730 | 22 | % | ||||||
| Loss from operations | (3,528 | ) | (2,655 | ) | (1,180 | ) | 44 | % | (7,772 | ) | (6,216 | ) | (1,556 | ) | 25 | % |
| Net loss | (3,778 | ) | (2,849 | ) | (1,189 | ) | 42 | % | (8,529 | ) | (6,734 | ) | (1,795 | ) | 27 | % |
| AdjustedEBITDA* | (2,082 | ) | (2,344 | ) | 263 | (11 | %) | (5,209 | ) | (4,867 | ) | (343 | ) | 7 | % | |
ConferenceCall
Mobivity will host a conference call at 4:15 p.m. ET on November 14, 2023.
| Date: | Tuesday, November 14, 2023 | |
| Time: | 4:15 p.m. Eastern Time (ET) | |
| Dial in Number for U.S. Callers: | 1-888-886-7786 | |
| Dial in Number for International Callers: | 1-416-764-8658 | |
| Please Reference Conference ID: | 18371223 |
The call will also be accompanied live by webcast over the Internet and accessible at https://viavid.webcasts.com/starthere.jsp?ei=1643433&tp_key=ed00baea12. 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 November 14, 2023 at approximately 7:15 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 18371223. The replay will also be available on the Company’s website under theinvestor relations section.
Non-GAAPMeasurements
This press release includes certain financial information which constitutes “non-GAAP financial measures” as defined by the 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 net income 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.
AboutMobivity
Mobivity’s cloud-based Connected Rewards™ technology delivers billions of offers and promotions through its Recurrency platform, 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.
InvestorRelationsContact
Brett Maas • Managing Partner, Hayden IR
[email protected]• (646) 536-7331
| MobivityHoldingsCorp. CondensedConsolidatedBalanceSheets |
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| September30, 2023 |
December31, 2022 |
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| (Unaudited) | (Audited) | ||||||
| ASSETS | |||||||
| Currentassets | |||||||
| Cash | $ | 457,934 | $ | 426,740 | |||
| Accounts receivable, net of allowance for doubtful accounts $24,381 and $34,446, respectively | 373,980 | 1,081,183 | |||||
| Other current assets | 241,424 | 195,017 | |||||
| Totalcurrentassets | 1,073,338 | 1,702,940 | |||||
| Right to use lease assets | 825,041 | 981,896 | |||||
| Intangible assets and software development costs, net | 78,244 | 194,772 | |||||
| Other assets | 118,215 | 137,917 | |||||
| TOTALASSETS | $ | 2,094,838 | $ | 3,017,525 | |||
| LIABILITIESANDSTOCKHOLDERS’DEFICIT | |||||||
| Currentliabilities | |||||||
| Accounts payable | $ | 3,492,562 | $ | 3,412,612 | |||
| Accrued interest | 653,431 | 443,448 | |||||
| Accrued and deferred personnel compensation | 111,610 | 569,347 | |||||
| Deferred revenue and customer deposits | 218,552 | 902,727 | |||||
| Related party notes payable, net – current maturities | 2,191,875 | 2,711,171 | |||||
| Notes payable, net – current maturities | 14,363 | 32,617 | |||||
| Operating lease liability, current | 269,815 | 251,665 | |||||
| Other current liabilities | 15,505 | 49,541 | |||||
| Totalcurrentliabilities | 6,967,713 | 8,373,128 | |||||
| Non-currentliabilities | |||||||
| Related party notes payable, net – long term | 3,461,472 | 2,481,290 | |||||
| Notes payable, net – long term | 29,432 | 31,092 | |||||
| Operating lease liability | 731,764 | 936,924 | |||||
| Total non-currentliabilities | 4,222,668 | 3,449,306 | |||||
| Totalliabilities | 11,190,381 | 11,822,434 | |||||
| Stockholders’deficit | |||||||
| Common stock, $0.001 par value; 100,000,000 shares authorized; 67,949,709 and 61,311,155, shares issued and outstanding | 67,950 | 61,311 | |||||
| Equity payable | 100,862 | 324,799 | |||||
| Additional paid-in capital | 117,138,356 | 108,806,353 | |||||
| Accumulated other comprehensive loss | 22,227 | (100,963 | ) | ||||
| Accumulated deficit | (126,424,938 | ) | (117,896,409 | ) | |||
| Totalstockholders’deficit | (9,095,543 | ) | (8,804,909 | ) | |||
| TOTALLIABILITIESANDSTOCKHOLDERS’DEFICIT | $ | 2,094,838 | $ | 3,017,525 | |||
| MobivityHoldingsCorp. CondensedConsolidatedStatementsofOperationsandComprehensiveLoss (Unaudited) |
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| ThreeMonthsEnded September30, |
NineMonthsEnded September30, |
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| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Revenues | |||||||||||||||
| Revenues | $ | 1,633,071 | $ | 1,890,437 | $ | 5,375,724 | $ | 5,787,168 | |||||||
| Cost of revenues | 1,160,880 | 1,806,022 | $ | 3,598,661 | 4,183,719 | ||||||||||
| Grossprofit | 472,191 | 84,415 | 1,777,063 | 1,603,449 | |||||||||||
| Operatingexpenses | |||||||||||||||
| General and administrative | 2,292,623 | 983,428 | 4,907,882 | 3,088,588 | |||||||||||
| Sales and marketing | 708,398 | 614,600 | 2,002,529 | 1,778,371 | |||||||||||
| Engineering, research, and development | 968,546 | 784,804 | 2,507,264 | 2,360,863 | |||||||||||
| Impairment of intangible asset | — | 238,143 | — | 238,143 | |||||||||||
| Depreciation and amortization | 30,418 | 118,317 | 130,902 | 353,050 | |||||||||||
| Totaloperatingexpenses | 3,999,985 | 2,739,292 | 9,548,577 | 7,819,015 | |||||||||||
| Loss fromoperations | (3,527,794 | ) | (2,654,877 | ) | (7,771,514 | ) | (6,215,566 | ) | |||||||
| Otherincome/(expense) | |||||||||||||||
| Loss of settlement of debt | — | — | (10,857 | ) | — | ||||||||||
| Interest expense | (237,376 | ) | (193,501 | ) | (720,265 | ) | (520,454 | ) | |||||||
| Settlement Losses | (13,000 | ) | — | (25,500 | ) | — | |||||||||
| Foreign currency gain | (102 | ) | (339 | ) | (393 | ) | 2,470 | ||||||||
| Totalotherincome/(expense) | (250,478 | ) | (193,840 | ) | (757,015 | ) | (517,984 | ) | |||||||
| Loss beforeincometaxes | (3,778,272 | ) | (2,848,717 | ) | (8,528,529 | ) | (6,733,550 | ) | |||||||
| Income tax expense | — | — | — | — | |||||||||||
| Netloss | (3,778,272 | ) | (2,848,717 | ) | (8,528,529 | ) | (6,733,550 | ) | |||||||
| Other comprehensiveloss, netofincometax | |||||||||||||||
| Foreign currency translation adjustments | 91,825 | (76,228 | ) | 123,190 | (76,862 | ) | |||||||||
| Comprehensiveloss | $ | (3,686,447 | ) | $ | (2,924,945 | ) | $ | (8,405,339 | ) | $ | (6,810,412 | ) | |||
| Netlosspershare: | |||||||||||||||
| BasicandDiluted | (0.06 | ) | (0.05 | ) | (0.13 | ) | (0.12 | ) | |||||||
| Weightedaveragenumberofshares: | |||||||||||||||
| BasicandDiluted | 66,785,952 | 60,297,083 | 64,878,021 | 58,544,432 | |||||||||||
| MobivityHoldingsCorp. ReconciliationofGAAPMeasuretoNon-GAAPMeasure |
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| ThreemonthsendedSeptember30, | NinemonthsendedSeptember30, |
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| (InThousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
| Net loss | (3,778 | ) | (2,849 | ) | (8,529 | ) | (6,734 | ) | |||||||
| Stock-based compensation | 1,429 | 193 | 2,468 | 994 | |||||||||||
| Depreciation & amortization | 30 | 118 | 131 | 353 | |||||||||||
| Interest expense | 237 | 194 | 720 | 520 | |||||||||||
| AdjustedEBITDA | (2,082 | ) | (2,344 | ) | (5,209 | ) | (4,867 | ) | |||||||
