Mobivity Announces Second Quarter 2024 Financial Results
Mobivity Holdings Corp. (OTCQB: MFON) announced Q2 2024 financial results, highlighting a 40% growth in consumer audience to over 16 million and a 10% increase in active programs. The company partnered with Paytronix to expand its Connected Rewards programs and added new brand partners in fuel and convenience sectors. Despite these positives, revenue decreased by 20.9% to $1.47 million compared to Q2 2023. Gross profit slightly increased to $494,000, with gross margin improving by 720 basis points to 33.5%. However, the company reported a net loss of $2.48 million, wider than the $2.27 million loss in Q2 2023. Adjusted EBITDA was negative $2.74 million, compared to negative $2.33 million in the same period last year.
Mobivity Holdings Corp. (OTCQB: MFON) ha annunciato i risultati finanziari del secondo trimestre 2024, evidenziando una crescita del 40% nel pubblico consumatore che supera i 16 milioni e un aumento del 10% nei programmi attivi. L'azienda ha collaborato con Paytronix per espandere i propri programmi Connected Rewards e ha aggiunto nuovi partner di marca nei settori del carburante e della comodità. Nonostante questi aspetti positivi, i ricavi sono diminuiti del 20,9% a 1,47 milioni di dollari rispetto al secondo trimestre del 2023. Il profitto lordo è leggermente aumentato a 494.000 dollari, con un margine lordo che migliora di 720 punti base al 33,5%. Tuttavia, l'azienda ha registrato una perdita netta di 2,48 milioni di dollari, più ampia rispetto alla perdita di 2,27 milioni di dollari nel secondo trimestre del 2023. L'EBITDA rettificato è stato negativo per 2,74 milioni di dollari, rispetto a negativo per 2,33 milioni di dollari nello stesso periodo dell'anno scorso.
Mobivity Holdings Corp. (OTCQB: MFON) anunció los resultados financieros del segundo trimestre de 2024, destacando un crecimiento del 40% en la audiencia de consumidores a más de 16 millones y un aumento del 10% en los programas activos. La empresa se asoció con Paytronix para expandir sus programas de Conectados Recompensas y agregó nuevos socios de marca en los sectores de combustible y conveniencia. A pesar de estos aspectos positivos, los ingresos disminuyeron un 20,9% a 1,47 millones de dólares en comparación con el segundo trimestre de 2023. El beneficio bruto aumentó ligeramente a 494,000 dólares, con un margen bruto mejorando en 720 puntos base al 33,5%. Sin embargo, la empresa reportó una pérdida neta de 2,48 millones de dólares, más amplia que la pérdida de 2,27 millones de dólares en el segundo trimestre de 2023. El EBITDA ajustado fue negativo por 2,74 millones de dólares, en comparación con negativo por 2,33 millones de dólares en el mismo periodo del año pasado.
Mobivity Holdings Corp. (OTCQB: MFON)는 2024년 2분기 재무 결과를 발표하며 소비자 대상이 40% 성장하여 1,600만 명을 초과하고 활성 프로그램이 10% 증가했다고 강조했습니다. 회사는 Connected Rewards 프로그램을 확장하기 위해 Paytronix와 파트너십을 체결하고 연료 및 편의점 부문에서 새로운 브랜드 파트너를 추가했습니다. 이러한 긍정적인 요소에도 불구하고, 수익은 2023년 2분기와 대비해 20.9% 감소하여 147만 달러에 그쳤습니다. 총 이익은 49만 4천 달러로 소폭 증가했고, 총 마진은 33.5%로 720bp 개선되었습니다. 그러나 회사는 순손실 248만 달러를 기록하였고, 이는 2023년 2분기의 227만 달러 손실보다 더 큰 수치입니다. 조정 EBITDA는 마이너스 274만 달러로, 전년 동기 마이너스 233만 달러와 비교되었습니다.
Mobivity Holdings Corp. (OTCQB: MFON) a annoncé les résultats financiers du deuxième trimestre 2024, mettant en avant une augmentation de 40% de l'audience consommateur à plus de 16 millions et une hausse de 10% des programmes actifs. L'entreprise a collaboré avec Paytronix pour étendre ses programmes Connected Rewards et a ajouté de nouveaux partenaires de marque dans les secteurs des carburants et de la commodité. Malgré ces aspects positifs, les revenus ont diminué de 20,9% pour atteindre 1,47 million de dollars par rapport au deuxième trimestre 2023. Le bénéfice brut a légèrement augmenté pour atteindre 494 000 dollars, avec une marge brute s'améliorant de 720 points de base à 33,5%. Cependant, l'entreprise a signalé une perte nette de 2,48 millions de dollars, plus large que la perte de 2,27 millions de dollars du deuxième trimestre 2023. L'EBITDA ajusté était négatif à 2,74 millions de dollars, contre négatif à 2,33 millions de dollars à la même période l'année dernière.
Mobivity Holdings Corp. (OTCQB: MFON) hat die Finanzergebnisse für das zweite Quartal 2024 bekannt gegeben und eine Wachstumsrate von 40% im Konsumentenpublikum auf über 16 Millionen Personen sowie einen 10%igen Anstieg aktiver Programme hervorgehoben. Das Unternehmen hat sich mit Paytronix zusammengeschlossen, um seine Connected Rewards-Programme zu erweitern und neue Markenpartner in den Bereichen Treibstoff und Convenience hinzuzufügen. Trotz dieser positiven Entwicklungen gingen die Einnahmen im Vergleich zum zweiten Quartal 2023 um 20,9% auf 1,47 Millionen Dollar zurück. Der Bruttogewinn stieg leicht auf 494.000 Dollar, wobei die Bruttomarge um 720 Basispunkte auf 33,5% verbessert wurde. Allerdings reportierte das Unternehmen einen Nettoverlust von 2,48 Millionen Dollar, höher als der Nettoverlust von 2,27 Millionen Dollar im zweiten Quartal 2023. Das bereinigte EBITDA war negativ mit 2,74 Millionen Dollar, verglichen mit negativ 2,33 Millionen Dollar im selben Zeitraum des Vorjahres.
- Consumer audience grew by 40% to over 16 million
- Number of active programs increased by ~10%
- Partnered with Paytronix to expand Connected Rewards programs
- Added new brand partners in fuel and convenience sectors
- Gross margin improved by 720 basis points to 33.5%
- Pipeline of qualified opportunities nearly doubled since the previous quarter
- Revenue decreased by 20.9% to $1.47 million in Q2 2024
- Net loss widened to $2.48 million from $2.27 million in Q2 2023
- Adjusted EBITDA worsened to negative $2.74 million from negative $2.33 million in Q2 2023
- Six-month revenue declined by 17.9% to $3.07 million
PHOENIX, Aug. 14, 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 second quarter (“Q2”) ending June 30, 2024.
Recent Business Highlights
- Grew consumer audience by more than
40% to over 16 million consumers - Increased the number of active programs by ~
10% - Partnered with Paytronix, a leading provider of loyalty and guest engagement solutions, to expand the reach of Mobivity’s Connected Rewards programs and seamlessly integrate with Paytronix customers
- Added new brand partners, including leaders in fuel and convenience
Bryce Daniels, Mobivity President, stated, “Mobivity's transformation continued in the second quarter, with the audience for our Connected Rewards platform expanding by
Kim Carlson, Mobivity COO, stated, “The new, strategic partnership we signed with Paytronix is indicative of the progress we are making with the Connected Rewards program. Through the partnership, we are now reaching many, many more consumers and driving more traffic for the brands we are engaged with. Business momentum is accelerating, and our pipeline of qualified opportunities is more robust than ever.”
Consolidated Financial Summaries
| (In thousands) | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||
| 2024 | 2023 | $$ | % | 2024 | 2023 | $$ | % | |||||||||||||||
| Revenue | ( | ( | ( | ( | ||||||||||||||||||
| Gross profit | ( | ( | ||||||||||||||||||||
| Gross margin | N/A | +720 bps | N/A | +190 bps | ||||||||||||||||||
| Operating Expenses | ( | ( | ( | ( | ||||||||||||||||||
| Loss from operations | ( | ( | ( | ( | ||||||||||||||||||
| Net loss | ( | ( | ( | ( | ( | ( | ||||||||||||||||
| Adjusted EBITDA * | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||
* Adjusted EBITDA is a non-GAAP measure. The Company defines and calculates Adjusted EBITDA as net loss before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization, and further adjusted for the following items: stock-based compensation and/or other non-recurring and non-operating costs or income, as described in the reconciliation below.
Conference Call
Date: Wednesday, August 14, 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: 66124
The call will also be accompanied live by webcast over the Internet and accessible at: https://viavid.webcasts.com/starthere.jsp?ei=1683931&tp_key=b48ebcc8ae.
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 August 14, 2024 at approximately 8:30 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 1166124. 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 mobivity.com 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
jeff.michaels@mobivity.com • (480) 674-6600
Investor Relations Contact:
Brett Maas • Managing Partner, Hayden IR
brett@haydenir.com • (646) 536-7331
| Mobivity Holdings Corp. Condensed Consolidated Balance Sheets | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 282,828 | $ | 416,395 | ||||
| Accounts receivable, net of allowance for doubtful accounts | 832,842 | 876,465 | ||||||
| Other current assets | 268,248 | 135,916 | ||||||
| Total current assets | 1,383,918 | 1,428,776 | ||||||
| Right to use lease assets | 658,447 | 770,623 | ||||||
| Intangible assets and software development costs, net | 61,168 | 65,916 | ||||||
| Other assets | 90,178 | 69,036 | ||||||
| TOTAL ASSETS | $ | 2,193,711 | $ | 2,334,351 | ||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,879,525 | $ | 3,372,141 | ||||
| Accrued interest | 195,196 | 21,474 | ||||||
| Accrued and deferred personnel compensation | 222,372 | 272,247 | ||||||
| Deferred revenue and customer deposits | 87,139 | 155,472 | ||||||
| Related party notes payable, net - current maturities | 3,072,500 | 3,072,500 | ||||||
| Notes payable, net - current maturities | — | 7,154 | ||||||
| Operating lease liability, current | 288,905 | 276,072 | ||||||
| Other current liabilities | 68,101 | 248,434 | ||||||
| Total current liabilities | 6,813,738 | 7,425,494 | ||||||
| Non-current liabilities | ||||||||
| Related party notes payable, net - long term | 7,638,676 | 4,413,987 | ||||||
| Notes payable, net - long term | 221,877 | 265,959 | ||||||
| Operating lease liability | 512,587 | 660,852 | ||||||
| Total non-current liabilities | 8,373,140 | 5,340,798 | ||||||
| Total liabilities | 15,186,878 | 12,766,292 | ||||||
| Stockholders' deficit | ||||||||
| Common stock, | 67,950 | 67,950 | ||||||
| Equity payable | 1,455,943 | 989,947 | ||||||
| Additional paid-in capital | 120,116,959 | 118,624,601 | ||||||
| Accumulated other comprehensive loss | 61,498 | (153,831 | ) | |||||
| Accumulated deficit | (134,695,517 | ) | (129,960,608 | ) | ||||
| Total stockholders' deficit | (12,993,167 | ) | (10,431,941 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 2,193,711 | $ | 2,334,351 | ||||
| See accompanying notes to consolidated financial statements. | ||||||||
| Mobivity Holdings Corp. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | ||||||||||||||||
| Revenues | $ | 1,473,040 | $ | 1,861,171 | $ | 3,073,947 | $ | 3,742,653 | ||||||||
| Cost of revenues | 979,081 | 1,371,206 | $ | 1,943,492 | 2,437,781 | |||||||||||
| Gross profit | 493,959 | 489,965 | 1,130,455 | 1,304,872 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Bad Debt Expense | 72,974 | — | 122,084 | — | ||||||||||||
| General and administrative | 570,016 | 1,071,153 | 1,217,765 | 2,615,259 | ||||||||||||
| Sales and marketing | 851,944 | 602,911 | 1,615,043 | 1,294,131 | ||||||||||||
| Engineering, research, and development | 1,009,405 | 804,343 | 2,032,778 | 1,538,718 | ||||||||||||
| Depreciation and amortization | 3,266 | 36,582 | 13,175 | 100,484 | ||||||||||||
| Total operating expenses | 2,507,605 | 2,514,989 | 5,000,845 | 5,548,592 | ||||||||||||
| Loss from operations | (2,013,646 | ) | (2,025,024 | ) | (3,870,390 | ) | (4,243,720 | ) | ||||||||
| Other income/(expense) | ||||||||||||||||
| Loss of settlement of debt | — | — | — | (10,857 | ) | |||||||||||
| Interest expense | (467,014 | ) | (244,443 | ) | (864,488 | ) | (482,889 | ) | ||||||||
| Settlement Losses | — | (2,500 | ) | — | (12,500 | ) | ||||||||||
| Foreign currency gain | (7 | ) | (115 | ) | (31 | ) | (291 | ) | ||||||||
| Total other income/(expense) | (467,021 | ) | (247,058 | ) | (864,519 | ) | (506,537 | ) | ||||||||
| Loss before income taxes | (2,480,667 | ) | (2,272,082 | ) | (4,734,909 | ) | (4,750,257 | ) | ||||||||
| Income tax expense | — | — | — | — | ||||||||||||
| Net loss | (2,480,667 | ) | (2,272,082 | ) | (4,734,909 | ) | (4,750,257 | ) | ||||||||
| Other comprehensive loss, net of income tax | ||||||||||||||||
| Foreign currency translation adjustments | (2,600 | ) | (137 | ) | 215,329 | 31,365 | ||||||||||
| Comprehensive loss | $ | (2,483,267 | ) | $ | (2,272,219 | ) | $ | (4,519,580 | ) | $ | (4,718,892 | ) | ||||
| Basic and Diluted | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.07 | ) | $ | (0.07 | ) | ||||
| Weighted average number of shares: | ||||||||||||||||
| Basic and Diluted | 68,975,065 | 65,670,815 | 68,966,251 | 63,884,441 | ||||||||||||
| See accompanying notes to consolidated financial statements (unaudited). | ||||||||||||||||
| Mobivity Holdings Corp. Reconciliation of GAAP Net loss to Non-GAAP Adjusted EBITDA (unaudited) | ||||||||||||
| (In thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net Loss | ( | ( | ( | ( | ||||||||
| Stock Based Compensation | ||||||||||||
| Depreciation and Amortization | ( | ( | ( | ( | ||||||||
| Interest Expenses Net | ( | ( | ( | ( | ||||||||
| Adjusted EBITDA | ( | ( | ( | ( | ||||||||
FAQ
What was Mobivity's (MFON) revenue for Q2 2024?
How much did Mobivity's (MFON) consumer audience grow in Q2 2024?
What was Mobivity's (MFON) net loss for Q2 2024?
Who did Mobivity (MFON) partner with to expand its Connected Rewards programs?
