DSG Global Inc. Files its Form 10-Q and Announces Financial Results for Q1 2021 Including Revenue Growth of 158% from Q1 2020

Rhea-AI Summary

DSG Global, Inc. (OTCQB: DSGT) reported a significant revenue growth of 158% for Q1 2021, totaling $387,106 compared to $150,212 in Q1 2020. The increase is attributed to the launch of the Infinity product. As of March 31, 2021, the company has contracts exceeding $1.1 million in sales, although only 70% of performance obligations were fulfilled. Gross profit rose by 110.8% to $256,414, while net loss decreased to $1,351,571. Additionally, total assets increased to $2.43 million and liabilities decreased to $2.05 million.

Positive

• 158% revenue growth in Q1 2021 compared to Q1 2020.
• Gross profit increased by 110.8% to $256,414.
• $1.1 million in contracts signed, a 632% increase from Q1 2020.
• Total assets rose from $2.1 million to $2.43 million.
• Total liabilities decreased from $2.91 million to $2.05 million.

Negative

• Cash decreased from $1,372,016 to $1,273,808.
• Loss from operations increased to $1,418,216 compared to $1,055,641 in Q1 2020.

SURREY, British Columbia, May 18, 2021 (GLOBE NEWSWIRE) -- DSG Global, Inc. (OTCQB: DSGT) ("DSGT" or the "Company") is pleased announced today that it has filed its Form 10-Q for the quarter ended March 31, 2021 and announced financial results, including revenue growth of 158% in the first quarter of 2021, ended March 31, 2021, compared to the first quarter of 2020.

First Quarter 2021 Financial Highlights

• Sales for Q1 2021 totaled $387,106 compared to $150,212 for Q1 2020, an increase of $236,894, or 158%. The increase was a result of the Company’s new Infinity product release. As of March 31, 2021, the Company had signed contracts totaling over $1.1 million in gross sales, an increase of 632% as opposed to Q1 2020. However, fulfilment was not yet fully satisfied and only $387,106 was recognizable as a revenue for the current period. As of the date of this earnings filing, the Company has fulfilled approximately 70% of its performance obligations under these contracts with most of the remainder expected to be installed prior to the end of Q2 2021.

• Gross profit for Q1 2021 totaled $256,414, compared to $121,646 for Q1 2020, an increase of $134,768 or 110.8%.

• Cash decreased during the quarter from $1,372,016 on December 31, 2020 to $1,273,808.

• Total Assets increased from $2,103,562 on 12/31/20 to $2,434,354 on March 31, 2021.

• Total Liabilities decreased from $2,912,742 to $2,051,843 during the quarter.

• Loss from operations for Q1 2021 amounted to $1,418,216 compared to $1,055,641 for Q1 2020, primarily due to the increase in stock-based compensation expenses issued for consulting services.

• Net Loss of $1,351,571 or .01 Earnings per Share compared to $2,957,959 for Q1 2020.

• Share Count remained relatively constant, increasing from 106,449,471 upon the 10-K year ending filing to 110,639,913 as of May 14, 2021. This was primarily the result of previously issued restricted stock whose shares had vested, and were converted, not newly issued shares.

First Quarter 2021 Operational Highlights

- Introduced Multiple New EV Products including RV’s, Buses, E-Bikes, Skywell D-11 Cargo and Passenger Vans and the Skywell K-15 Box Truck, bringing product offering up to twenty-six different models.

- Installed Vantage-Tag Products on Multiple New Golf Courses

- Launched New Website and Began Accepting Orders

- Signed Large Volume Dealership, Auto Supermall, Ltd. to become Imperium Commercial Dealer and Sub-Distributor to Mexico and Canada. They ordered their first twenty-four (24) Jonway vehicles.

- Opened and Received Vehicles for Showing at Experience Center in Fairfield, CA

- Accepting Cryptocurrency for payment through Partnership with GreenBox POS

Subsequent Events:

• Added Major Battery and Power Supply Manufacturer NP Power International, Inc. as Partner to Strengthen Supply Chain
• Established first North American Manufacturing and R&D Facility in Palmdale, CA
• Continued to Strengthen Supply Chain with addition of Logistics and Service Center in West Sacramento, CA5
• The addition of William Rex to head our Commercial Vehicle, EV and Assembly Division

“There is tremendous interest in our products and the number ordered are increasing rapidly. We fully anticipate revenue increasing multiple fold each quarter in 2021. All segments of our business including the Infinity HD, 4G Tags, Pacer golf carts, E-Bikes and Electric Vehicles are growing. While we accomplished several foundational items during Q4 2020 and Q1 2021, we fully expect to begin ramping up EV sales during the current quarter and for the foreseeable future," said Robert Silzer, CEO of DSG Global, Inc.

About DSG Global

DSG Global is an emerging global technology company with an array of interconnecting businesses in some of the fastest growing market sectors. With roots in the golf industry in which it specializes in fleet management with patented analytics, mobile touch screen engagement and electric golf carts under the Vantage Tag Systems (VTS) brand, the company is moving quickly with road-ready electric vehicles for sale in the first quarter of 2021 through its Imperium Motor Company subsidiary.

About Vantage Tag Systems

Vantage Tag Systems (VTS) provides patented electronic tracking systems and fleet management solutions to golf courses and other avenues that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Its clients use VTS's unique technology to significantly reduce operational costs, improve the efficiency plus profitability of their fleet operations, increase safety, and enhance customer satisfaction. VTS has grown to become a leader in the category of Fleet Management in the golf industry, with their technology installed in over vehicles worldwide. VTS is now branching into several new streams of revenue, through programmatic advertising, licensing, and distribution, as well as expanding into Commercial Fleet Management, PACER single rider golf carts, and Agricultural applications. Additional information is available at http://vantage-tag.com/

About Imperium Motor Company

Imperium Motor Company (IMC) is an EV sales and marketing company that offers a wide variety of affordable vehicles equipped for the North American market with emphasis on great design, a green mindset, performance, and functionality. Vehicles will include high speed, mid-speed, and low speed electric vehicles including cars, trucks, SUVs, vans, buses, and scooters. For additional information about Imperium Motors' product lines, please visit www.imperiummotorcompany.com.

Company Contact:

Brokers and Analysts:
Chesapeake Group
+1-410-825-3930
info@chesapeakegp.com

Safe Harbor for Forward-Looking Statements

This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipated", "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes but is not limited to the Company's ability to secure manufacturing facilities and supply chains, the benefits the Company expects to derive from existing and planned products, and the Company's ability to achieve production and sales targets, generally.

Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors which could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes, delays in the Company's expansion plans, regulatory changes, and the impact of and risks associated with the ongoing COVID-19 pandemic including the risk of disruption at the Company's facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.

Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year 2020 and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

FAQ

What were DSG Global's earnings results for Q1 2021?

DSG Global reported a revenue of $387,106 for Q1 2021, up 158% from $150,212 in Q1 2020.

What is the net loss reported by DSG Global for Q1 2021?

The net loss for Q1 2021 was $1,351,571, a significant improvement from $2,957,959 in Q1 2020.

How much did DSG Global's total assets increase by in Q1 2021?

Total assets increased from $2.1 million to $2.43 million during Q1 2021.

What is DSG Global's revenue guidance for the upcoming quarters?

The company anticipates multiple fold revenue growth each quarter throughout 2021.

How did DSG Global's liabilities change in Q1 2021?

Total liabilities decreased from $2.91 million to $2.05 million during the quarter.