Fobi Announces $922,823 In Second Quarter Revenue

Rhea-AI Summary

Fobi AI Inc. (FOBIF:OTCQB) reported strong financial results for Q2 2022, showcasing a revenue increase to $922,823, marking the third consecutive quarterly rise. Total assets surged to $15,160,705 driven by successful acquisitions and increased accounts receivable of $1,861,768. The cash position remains robust at $4,805,694, bolstered by exercised stock options and warrants. However, the company recorded a comprehensive net loss of $5,059,006, including significant non-cash expenses. CEO Rob Anson expressed optimism about future growth and development.

Positive

• Revenue rose to $922,823, continuing a three-quarter growth trend.
• Total assets increased to $15,160,705, supported by successful M&A acquisitions.
• Accounts receivable improved significantly to $1,861,768.
• Cash position stable at $4,805,694, enhanced by $1.1 million in warrant exercises.

Negative

• Comprehensive net loss of $5,059,006 for Q2, including $2,872,519 in non-cash items.
• Accrued liabilities increased from $684,338 to $1,168,078.

VANCOUVER, British Columbia, March 01, 2022 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a leading data intelligence company using artificial intelligence to help clients turn real-time data into actionable insights and personalized customer engagement is pleased to announce its second quarter (October 1^st, 2021 to December 31^st, 2021) financial results.

Key Financial and Operational Highlights for Q2:

1. Revenue increased for the third consecutive quarter from $147,533 in 2021 Q4, to $580,317 in 2022 Q1, to now $922,823 in 2022 Q2.
2. Total assets increased significantly to: $15,160,705 (Dec 31) versus $11,682,344 (Sept 30) due in large part to:
   1. 2 successful M&A acquisitions (Qples, PassWallet) Intellectual Property grew from $171,792 (June 30, 2021), to $5,381,637 (Dec 31, 2021).
   2. Accounts Receivable is up from $844,000 to $1,861,768 million which is expected to be collected before the end of the calendar year. 
3. Cash position remains strong at $4,805,694, and the company continues to raise significant amounts from warrants exercised in the period for $1.1 million and stock options exercised for $1.06 million.
4. The comprehensive net loss for the three (3) month period ending Dec 31, 2021, was $5,059,006, which included $2,872,519 of non-cash items.
5. Accrued liabilities increased from $684,338 to $1,168,078.
   
   

Fobi CEO Rob Anson stated, “I am very pleased with the overall growth and solidified strength of the company. We have now reported our third consecutive quarter with continued growth and as we are currently are benefiting from a solid business development pipeline, we expect to see a boost in accelerated momentum carrying forward well through the remainder of 2022.”

The link to the SEDAR filing is here.

Fobi will hold a Webinar to explain the Q2 Financial Results on Monday, March 7th, at 9:00am PST, 12 noon EST. Registration for this webinar is here.

This press release is available on the Fobi Website and on the Fobi AI Verified Forum on AGORACOM for shareholder discussion, questions, and engagement with management https://agoracom.com/ir/FobiAI

About Fobi

Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi’s unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.

For more information, please contact Rob Anson, CEO of Fobi AI, +1 877-754-5336 Ext. 3.

Forward-Looking Statements/Information: 

This news release contains certain statements which constitute forward-looking statements or information. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop’s control, including the impact of general economic conditions, industry conditions, and competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

FAQ

What were Fobi AI's Q2 2022 financial results?

Fobi AI reported Q2 2022 revenue of $922,823 and a comprehensive net loss of $5,059,006.

How has Fobi AI's revenue changed over recent quarters?

Fobi AI's revenue increased for the third consecutive quarter, from $580,317 in Q1 to $922,823 in Q2 2022.

What is Fobi AI's cash position as of December 31, 2021?

As of December 31, 2021, Fobi AI reported a strong cash position of $4,805,694.

What acquisitions did Fobi AI complete recently?

Fobi AI completed two successful acquisitions: Qples and PassWallet.

What does the increase in Fobi AI's accounts receivable indicate?

The increase in accounts receivable to $1,861,768 suggests improved sales performance and expected revenue collection.