MGO Global Announces Second Quarter 2023 Results with Three and Six Month Revenues of $1.95 Million and $2.29 Million, Respectively

Rhea-AI Summary

MGO Global Inc. reported its second quarter 2023 financial results, showing record revenue growth and higher profit margins. Revenue increased by 1914% to $1,950,938 for the three months ended June 30, 2023, compared to the same period in 2022. Profit margin climbed 1555% to $1,327,921 for the second quarter of 2023. However, net loss increased by 86% to $1,337,518 for the three months ended June 30, 2022. MGO's cash totaled $4.13 million, working capital totaled $4.39 million, and there was zero long-term debt as of June 30, 2023.

Positive

• MGO Global Inc. reported record revenue growth of 1914% for the second quarter of 2023, reaching $1,950,938 compared to the same period in 2022. Profit margin also increased by 1555% to $1,327,921 for the second quarter of 2023. The company's cash position is strong with $4.13 million as of June 30, 2023.

Negative

• MGO Global Inc. experienced an 86% increase in net loss for the second quarter of 2023, totaling $1,337,518 for the three months ended June 30, 2022.

MIAMI, FL, BUENOS AIRES, ARGENTINA, LONDON, ENGLAND, and NEW YORK, NY / ACCESSWIRE / August 15, 2023 / MGO Global Inc. (Nasdaq:MGOL), operator of The Messi Store, ("MGO" or the "Company" or "MGO Global"), today announced its second quarter 2023 financial results for the three and six months ended June 30, 2023.

Second Quarter 2023 Financial Highlights:

• Record Revenue Growth: For the three months ended June 30, 2023, revenues increased 1914% to $1,950,938 as compared to revenues of $96,835 reported for same three month period in 2022. Likewise, revenues rose 1067% to $2,285,639 for the first six months of 2023 - up from $195,912 for the first half of the prior year.
  • Revenue contribution from sales of Messi Brand apparel, accessories and homewares through The Messi Store totaled $226,645 and $516,199 for the three and six months ended June 30, 2023, respectively, which compared to revenues of $96,835 and $195,912 for the same reporting periods in the prior year.
  • Sales of Stand Flagpoles and related products totaled $1,724,293 for the three months ended June 30, 2023 and $1,769,440 for the first six months of 2023. The Company was granted an exclusive license to Stand Flagpoles in late March 2023, therefore, there were no comparable results reported for the prior year's corresponding periods.
• Higher Profit Margin: Profit margin climbed 1555% to $1,327,921 for the second quarter of 2023 as compared to a profit margin of $80,242 for the same three month period in 2022. For the six months ended June 30, 2023 and 2022, profit margin increased 935% to $1,528,510 from $147,646 respectively.
• Net Loss: Net loss increased 86% to $1,337,518, or $0.09 loss per share; as compared to a net loss of $720,660, or $0.07 loss per share, for the three months ended June 30, 2022. For the six months ended June 30, 2023, net loss totaled $2,495,574, or $0.18 loss per share This compared to a net loss of $1,231,730, or $0.12 loss per share, for the first six months of 2022.
• Strong Balance Sheet: As of June 30, 2023, cash totaled $4.13 million, working capital totaled $4.39 million, there was zero long term debt and $4.51 million in total stockholders' equity.

For more detailed information on MGO's 2023 Second Quarter financial performance, please refer to the Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission and accessible at www.sec.gov or on MGO's website at www.mgoglobalinc.com.

Commenting on the results, Maximiliano Ojeda, MGO's Co-Founder, Chairman and CEO, stated, "High demand for our digital commerce products, expansion of our brand portfolio, successful implementation of our AI-enabled marketing strategies and continued cost discipline resulted in substantially increased financial performance for our Company in the second quarter. I'm incredibly proud of the progress our team has continued to make since completing our IPO in January; and believe that we are well positioned to drive significant value for our fellow shareholders in coming quarters."

Yesterday afternoon, management hosted a corporate update via webcast that is archived on MGO's website and available for replay via https://www.webcaster4.com/Webcast/Page/2957/48771.

About MGO Global Inc.

Founded in October 2018 and headquartered in Florida with remote employees and specialty contractors in London, New York and Latin America, MGO Global is a performance-driven lifestyle brand portfolio company focused on direct-to-consumer (DTC) digital commerce. Guided by its deep understanding of data analytics, personality-driven trust and algorithm-driven marketing and distribution, coupled with its leadership's track records of success and industry relationships and expertise, in late 2018, the Company launched its first DTC brand - The Messi Store, which offers a premium line of functional and sporty casual wear, accessories and homewares inspired by legendary pro soccer player Leo Messi and created by Ginny Hilfiger. In 2023, the Company expanded its brand portfolio with the addition of a high-end line of residential flagpoles and other patriotic products. For more information on MGO Global, please visit www.mgoglobalinc.com.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and The Messi Brand and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and perpetuating the Company's licensing rights with Leo Messi Management and Stand Co. LLC, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

CONTACT INFORMATION:

FOR MEDIA AND INVESTOR RELATIONS

MGO Global Inc.
Dodi Handy, Director of Communications
Phone: +1 407-960-4636
Email: ir@mgoteam.com

SOURCE: MGO Global

View source version on accesswire.com:
https://www.accesswire.com/774250/MGO-Global-Announces-Second-Quarter-2023-Results-with-Three-and-Six-Month-Revenues-of-195-Million-and-229-Million-Respectively

FAQ

What were MGO Global Inc.'s second quarter 2023 financial results?

MGO Global Inc. reported record revenue growth of 1914% for the second quarter of 2023, reaching $1,950,938 compared to the same period in 2022. Profit margin also increased by 1555% to $1,327,921 for the second quarter of 2023. However, net loss increased by 86% to $1,337,518 for the three months ended June 30, 2022.

What is MGO Global Inc.'s cash position?

MGO Global Inc. had $4.13 million in cash as of June 30, 2023.

Did MGO Global Inc. have any long-term debt as of June 30, 2023?

No, MGO Global Inc. had zero long-term debt as of June 30, 2023.