Exhibit 99.1





Mobivity Announces Second Quarter 2023 Financial Results


PHOENIX, AZ – August 14, 2023 – 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 Officer
  Asif Iqbal appointed as Vice President of Engineering
  Dan Grigorovici appointed as Vice President of Product
  Beatrice Olivas appointed as Senior Director of Brand Strategy
  Rob Crews appointed as Senior Director of Restaurant Strategy

  Signed contract with major mobile casual game publisher for in-game rewarded play
  Signed deal with international restaurant brand for on-location user acquisition
  Connected 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.”


3133 West Frye Road, Suite 215, Chandler, AZ 85226




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    (930 bps)   34.9%   39.0%   N/A    (410 bps)
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 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.


3133 West Frye Road, Suite 215, Chandler, AZ 85226




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

brett@haydenir.com • (646) 536-7331


3133 West Frye Road, Suite 215, Chandler, AZ 85226




Mobivity Holdings Corp.

Condensed Consolidated Balance Sheets


   June 30,   December 31, 
   2023   2022 
   (Unaudited)   (Audited 
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 
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)


3133 West Frye Road, Suite 215, Chandler, AZ 85226




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  $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 


3133 West Frye Road, Suite 215, Chandler, AZ 85226




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)


3133 West Frye Road, Suite 215, Chandler, AZ 85226