Hello Pal Announces $2.54 Million Monthly Revenue for July 2021

Rhea-AI Summary

Hello Pal International Inc. (HLLPF) reported a revenue of $2,542,000 CAD in July 2021, marking a significant increase compared to $12,334,363 CAD for the financial year from March 1, 2021, to July 31, 2021, up from $3,720,783 CAD in the same period last year. The gross margins were 61% for crypto-mining and 8% for livestreaming. Despite a decline in crypto-mining due to equipment relocation and falling prices of Litecoin and Dogecoin, the livestreaming sector continues to thrive with expanding international markets.

Positive

• July 2021 revenue of $2,542,000 CAD, significant year-over-year increase.
• Total revenue for the financial year to date is $12,334,363 CAD, up from $3,720,783 CAD in previous year.
• Gross margin for crypto-mining at 61%, indicating profitability in that sector.

Negative

• Crypto-mining revenue decreased due to relocation of mining rigs and lower Litecoin and Dogecoin prices.
• Livestreaming gross margin at only 8%, indicating potential challenges in profitability.

VANCOUVER, BC, Aug. 17, 2021 /PRNewswire/ -- Hello Pal International Inc. ("Hello Pal" or the "Company") (CSE: HP) (Frankfurt: 27H) (OTC: HLLPF), a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it achieved $2,542,000 CAD in revenue for the month of July 2021 relating to its livestreaming services and cryptocurrency mining operations.  The Company's total revenue during the current financial year (March 1, 2021 to July 31, 2021) is $12,334,363 as compared to $3,720,783 during the same period in 2020.

The gross margin for the period for crypto-mining and livestreaming were 61% and 8% respectively.

Compared to the previous month, the Company's crypto-mining operations for July were significantly reduced, especially for the first half of July, due to the relocation of a substantial number of mining rigs to locations that promise better long term stability and more favorable terms.  A drop in the prices of Litecoin and Dogecoin also contributed to a lower revenue from crypto-mining.

The Company's livestreaming operations continue to perform well, with revenues from non-China markets continue to grow with the addition of more livestream agencies joining the platform.

To download Hello Pal, Language Pal, Travel Pal or the proprietary Phrasebooks please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: investors@hellopal.com.

About the Hello Pal Platform

The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users' the freedom to speak in their own language regardless of the other person's language they are speaking to. Hello Pal's overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.

Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal's control. Such risks and uncertainties are described in Hello Pal's annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable.  Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.

THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact:

Hello Pal International
200 – 500 Denman Street
Vancouver, BC, V6G 3H1, Canada
+1 604-683-0911

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SOURCE Hello Pal International Inc.

FAQ

What was Hello Pal's revenue for July 2021?

Hello Pal reported a revenue of $2,542,000 CAD for July 2021.

How does Hello Pal's total revenue for the financial year compare to last year?

For the financial year so far, Hello Pal's total revenue is $12,334,363 CAD, an increase from $3,720,783 CAD during the same period last year.

What are the gross margins for Hello Pal's crypto-mining and livestreaming operations?

The gross margin for crypto-mining is 61%, while for livestreaming it is 8%.

What factors contributed to the decline in Hello Pal's crypto-mining revenue?

The decline in crypto-mining revenue was due to the relocation of mining rigs and a drop in the prices of Litecoin and Dogecoin.

How is Hello Pal's livestreaming business performing?

Hello Pal's livestreaming operations are performing well, especially in international markets, with an increase in the number of agencies joining the platform.