Mobivity Announces First Quarter 2024 Financial Results

PHOENIX, May 15, 2024 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB: MFON), a provider of technology connecting mobile gaming audiences to real-world brands and products, today announced financial results for the first quarter (“Q1”) ending March 31, 2024.

Recent Business Highlights

  • Grew consumer audience by more than 30% to over nine million consumers vs Q4 2023
  • Added 6 new brand partners including leaders in fuel and convenience and fast casual restaurants in Q1 2024
  • Increased conversion rate of audiences by 15% vs Q4 2023
  • Grew the number of mobile game titles by 83% vs Q4 2023
  • Appointed Bryce Daniels to the role of President

Tom Akin, Mobivity Chairman of the Board of Directors, commented, “We are pleased to appoint Bryce Daniels to the role of President of Mobivity. Bryce has worked closely with the company over the last two years and played a critical role in the development of the Connected Rewards platform and optimization of the present business model. His leadership and institutional knowledge will be instrumental in returning Mobivity to growth.”

Bryce Daniels, Mobivity President, stated, “During the first quarter of 2024, we gained significant traction with each of the key operating metrics that we believe will drive further growth and improved performance for our business. We expanded our footprint with new brand partners including highly recognized leaders in the fuel and convenience space, grew the number of mobile game titles that leverage our platform, grew our audience by approximately 30% to over nine million consumers and increased conversion rates of audiences engaging with our platform. The synchronization of these metrics reinforces our confidence for reigniting revenue growth and achieving profitability later this year.”

Kim Carlson, Mobivity COO, added, “Increasingly, our platform is proving to be highly beneficial for brands. With rising food and labor costs, the restaurant and convenience store space, in particular, is leveraging our solution to drive incremental traffic and directly improve operating margins. The proven successes are, in turn, creating additional momentum for our business. Our pipeline of new business opportunities is robust, and we remain highly optimistic that adoption of our solution will increase as companies look for new and innovative ways to acquire and retain new customers.”

Consolidated Financial Summaries

(In thousands) Three months ended March 31
   2024   2023  $$ %
Revenue $1,601   $1,881   ($281)   (15%)  
Gross profit $636   $815   ($178)   (22%)  
Gross margin 39.8%   43.3%   N/A   (350 bps)  
Operating Expenses $2,493   $3,034   ($540)   (18%)  
Income (loss) from Operations ($1,857)   ($2,219)   $362   +16%  
Net income (loss) ($2,254)   ($2,478)   $224   +9%  
Adjusted EBITDA * ($1,653)   ($1,366)   ($287)   (21%)  

Conference Call
Date: Wednesday, May 15, 2024
Time: 4:30 P.M. Eastern Time (ET)
Dial in Number for U.S. Callers: 1-800-717-1738
Dial in Number for International Callers: 1-646-307-1865
Please Reference Conference ID: 85469

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 May 15, 2024 at approximately 7:30 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 11155948. 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 consumer offers and rewards by connecting world-class retail, restaurant, and convenience brand offers to gameplay in popular mobile games. Through its partnerships with leading game publishers, developers, and ad networks, Mobivity connects the massive universe of mobile game consumers to its broad network of brands. Through Connected Rewards, game developers attract more players to their games, brands experience more traffic from players redeeming their brand offers in-store and online, and consumers get valuable, real-world rewards from brands they love by playing mobile games. For more information about Mobivity, visit or call (877) 282-7660.

Forward Looking Statements

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.

Media Contacts:

Jeff Michaels • Mobivity PR • (480) 674-6600

Investor Relations Contact:

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

Mobivity Holdings Corp.
Condensed Consolidated Balance Sheets

  March 31, 2024     December 31, 2023  
  (Unaudited)     (Audited)  
Current assets              
Cash $ 186,782     $ 416,395  
Accounts receivable, net of allowance for doubtful accounts $60,265 and $16,107, respectively   839,187       876,465  
Other current assets   209,345       135,916  
Total current assets   1,235,314       1,428,776  
Right to use lease assets   715,106       770,623  
Intangible assets and software development costs, net   55,082       65,916  
Other assets   97,490       69,036  
TOTAL ASSETS $ 2,102,992     $ 2,334,351  
Current liabilities              
Accounts payable $ 3,120,057     $ 3,372,141  
Accrued interest   320,655       21,474  
Accrued and deferred personnel compensation   113,048       272,247  
Deferred revenue and customer deposits   110,292       155,472  
Related party notes payable, net - current maturities   2,304,375       3,072,500  
Notes payable, net - current maturities         7,154  
Operating lease liability, current   282,435       276,072  
Other current liabilities   45,941       248,434  
Total current liabilities   6,296,803       7,425,494  
Non-current liabilities              
Related party notes payable, net - long term   6,807,399       4,413,987  
Notes payable, net - long term   218,918       265,959  
Operating lease liability   587,622       660,852  
Total non-current liabilities   7,613,939       5,340,798  
Total liabilities   13,910,742       12,766,292  
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       67,950  
Equity payable   989,947       989,947  
Additional paid-in capital   119,285,105       118,624,601  
Accumulated other comprehensive loss   64,098       (153,831 )
Accumulated deficit   (132,214,850 )     (129,960,608 )
Total stockholders’ deficit   (11,807,750 )     (10,431,941 )

See accompanying notes to consolidated financial statements.

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

  Three Months Ended March 31,  
  2024     2023  
Revenues $ 1,600,905     $ 1,881,482  
Cost of revenues   964,411       1,066,575  
Gross profit   636,494       814,907  
Operating expenses              
Bad Debt Expense   49,109        
General and administrative   644,729       1,544,106  
Sales and marketing   763,099       691,220  
Engineering, research, and development   1,026,418       734,375  
Depreciation and amortization   9,909       63,902  
Total operating expenses   2,493,264       3,033,603  
Loss from operations   (1,856,770 )     (2,218,696 )
Other income/(expense)              
Loss of settlement of debt         (10,857 )
Interest expense   (397,472 )     (238,446 )
Settlement Losses         (10,000 )
Foreign currency gain         (176 )
Total other income/(expense)   (397,472 )     (259,479 )
Loss before income taxes   (2,254,242 )     (2,478,175 )
Income tax expense          
Net loss   (2,254,242 )     (2,478,175 )
Other comprehensive loss, net of income tax              
Foreign currency translation adjustments   217,929       31,502  
Comprehensive loss $ (2,036,313 )   $ (2,446,673 )
Basic and Diluted $ (0.03 )   $ (0.04 )
Weighted average number of shares:              
Basic and Diluted   67,949,340       62,078,218  

See accompanying notes to consolidated financial statements (unaudited).

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Source: Mobivity Holdings Corp.