TINGO INC. RELEASES THIRD QUARTER RESULTS

Rhea-AI Summary

Tingo Inc. (IWBB) reported strong financial results for Q3 2021, highlighting significant growth in revenues from its NWASSA payments platform. Proforma revenues reached $177 million for the quarter and $317.5 million year-to-date, compared to $45 million and $574.7 million in the previous year. Operating income improved to $82 million for the quarter, up from $38.7 million in Q3 2020. The NWASSA platform's income rose to 38% of overall revenue, demonstrating strong business expansion despite challenges posed by COVID-19.

Positive

• Proforma revenues for Q3 2021 were $177 million, a significant increase from $45 million in Q3 2020.
• Operating income for Q3 2021 reached $82 million, compared to $38.7 million in the prior year.
• Revenues from the NWASSA platform increased to $56.5 million in Q3 2021, contributing to 38% of total revenue.

Negative

• None.

Company Continues to See Growth in its NWASSA Payments Platform

NEW YORK, Nov. 15, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Tingo Inc., OTC Markets (IWBB) (“Tingo” or the “Company”) filed its quarterly report on Form 10-Q, wherein the Company reported its unaudited financial results for the three and nine months ended September 30, 2021.  

On a proforma basis, Tingo Mobile plc, the Company’s wholly-owned subsidiary acquired on August 15, 2021, generated revenues of $177.0 million and $317.5 million, respectively, for the three and nine month periods ended September 30, 2021, and operating income of $82.0 million and $170.2 million, respectively, for these periods.  This compared to total revenues of $45.0 million and $574.7 million, respectively, for the three and nine month periods ended September 30, 2020, and operating income of $38.7 million and $175.4 million, respectively, for these periods.

As a percentage of overall revenue, income generated from the Company’s NWASSA marketplace platform consisting of fees and commissions received from airtime top-ups, utility payments, transaction fees on agricultural marketplace and brokerage on loans, increased from $29.8 million and $77.6 million, respectively, for the three and nine months ended September 30, 2020, to $56.5 million and $120.7 million, respectively, for the three and nine months ended September 30, 2021. NWASSA revenues now constitute approximately 38.0% of overall Company revenues.  

On a consolidated basis, the Company reported total assets of approximately $6.6 billion, and total liabilities of approximately $2.3 billion as of September 30, 2021.

Commenting on the unaudited results of the Company for the third quarter and nine months ended September 30, 2021, Dozy Mmobuosi, Chief Executive Officer, stated: “We are very pleased with the results we have achieved through the continued challenges of Covid 19. We recently announced our strategic partnership between Tingo Mobile PLC and Visa. This partnership will allow us to expand our Fintech operations with our planned expansion of Tingo Pay, our new mobile wallet and related services, that will deliver impactful financial inclusion for rural farmers and communities to enable our NWASSA platform and transaction marketplace to be interoperable with the financial banking system.”

Dakshesh Patel, the Company’s Chief Financial Officer, added: “We have successfully transitioned the Group onto the OTC:QB market and delivered strong growth in our Agri-Fintech business NWASSA. We have seen its revenue contribution increase to 38% from 13.5% in the prior period of total revenue for the proforma nine months ended September 30, 2021. The model of ‘device as a service’ through use of smartphones is delivering the results we planned. Our net margins exceeded 50%, mainly due to the increased value of our Agri-Fintech business.”

About Tingo

Tingo is is the leading Agri fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Our unique ‘device as a service’ model allows us to add market-leading applications to enable customers to trade, buy top-ups, pay bills, access insurance and lending services. With over 9 million customers and over 30 million mobile devices sold, Tingo is seeking to expand its operations across select markets in Africa. The Company’s strategic plan is to become the eminent Pan-African Agri-Fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses. Additional information about the Company can be found at www.tingoinc.com.

Safe Harbor and Forward-Looking Statements

This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, any risks and uncertainties with respect to the Company’s operations, as well as those contained in the Company’s quarterly, annual, and periodic filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.

Contacts

Corporate and Media Contacts:
Tingo, Inc.
(646) 847-0144

Rory Bowen
Chief of Staff – Tingo Inc
Rory.bowen@tingoinc.com

Corporate Communications:

InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

FAQ

What were Tingo Inc.'s revenues for Q3 2021?

Tingo Inc. reported proforma revenues of $177 million for Q3 2021.

How much did Tingo Inc. earn in operating income for the first nine months of 2021?

Tingo Inc. reported operating income of $170.2 million for the nine months ended September 30, 2021.

What percentage of Tingo Inc.'s revenue came from the NWASSA platform in Q3 2021?

Income from the NWASSA platform constituted approximately 38% of Tingo Inc.'s overall revenue in Q3 2021.

What is the stock symbol for Tingo Inc.?

The stock symbol for Tingo Inc. is IWBB.