MGO Global Announces Third Quarter 2023 Financial Results

Rhea-AI Summary

MGO Global Inc. (NASDAQ: MGOL) Announces 948% and 1017% Increase in Total Revenues for the Three and Nine Months Ended September 30, 2023

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• Total revenues for the three months ended September 30, 2023, and 2022 rose 948% to $1,469,802, up from $140,191, respectively, indicating a significant growth in sales. The increase in sales of products sold through The Messi Store and Stand Flagpoles products contributed to the substantial revenue growth. The net loss increased by 307% for the comparable three-month reporting periods, reaching $2,552,113, or $0.17 loss per share, from a net loss of $627,331, or $0.06 loss per share, respectively. However, the company's cash, working capital, and total stockholders' equity remained strong, indicating a solid financial position.
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Total Revenues Climb 948% and 1017% for Comparable Three and Nine Months Ended September 30, 2023

MIAMI, FL, LONDON, ENGLAND, and NEW YORK, NY / ACCESSWIRE / November 14, 2023 / MGO Global Inc. (NASDAQ:MGOL), a digitally-native, lifestyle brand portfolio company, ("MGO" or the "Company" or "MGO Global"), today announced its financial results for the three and nine months ended September 30, 2023.

Third Quarter 2023 Financial Highlights

• Total revenues for the three months ended September 30, 2023 and 2022 rose 948% to $1,469,802, up from $140,191, respectively.
  • Revenues from The Messi Store climbed 197% to $415,641 compared to $140,191 for the three months ended September 30, 2023 and 2022, respectively. Sales of Stand Flagpoles products totaled $1,054,161 for the three months ended September 30,2023, compared to $0 for the same three months in the previous year due to the fact that the Company did not license the brand until March 2023.
• For the comparable nine-month reporting periods, total revenues increased 1071% to $3,755,441 from $336,103.
  • Sales of products sold through The Messi Store nearly tripled to $931,840 compared to $336,103 and total revenues from the sale of Stand Flagpoles products totaled $2,822,601 compared to $0 for the nine months ended September 30, 2023 and 2022 respectively.
• For the comparable three-month reporting periods, net loss increased 307% to $2,552,113, or $0.17 loss per share, from a net loss of $627,331, or $0.06 loss per share, respectively. For the nine months ended September 30, 2023, net loss totaled $5,170,443, or $0.36 loss per share, representing a 178% increase from a net loss of $1,859,061, or $0.17 loss per share, for the first nine months of 2022.
• As of September 30, 2023, cash totaled $1,721,050; working capital totaled $2,421,371; there was zero long-term debt and total stockholders' equity was $2,630,974.

Maximiliano Ojeda, Co-Founder, Chairman and CEO of MGO Global, stated, "I am very proud of the commitment and exceptional execution by our team in their collective efforts to continuing scaling our brands, particularly given the challenging economic backdrop that is taking its toll on consumers. While we anticipate the macroeconomic environment to remain challenging through the remainder of the year, we have every intention to continue to focus on creating value for our fellow shareholders by maintaining operational excellence in our day-to-day business activities and implementing growth strategies designed to expand both our portfolio of distinctive brands and categories of high quality product offerings to our customers."

For more detailed information on MGO's third quarter 2023 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.

As a reminder, MGO's management team will host a public webcast this afternoon beginning at 4:30 PM Eastern Time to discuss the Company's third quarter 2023 results. To access the webcast, please go to https://www.webcaster4.com/Webcast/Page/2957/49420. The webcast will be broadcast live and available for replay through the same link.

About MGO Global Inc.

MGO Global is actively engaged in building a portfolio of independent, digitally native, lifestyle brands, which are unique and differentiated, yet all defined by distinctive, high-quality products and a shared commitment to delivering high-touch customer experiences across its ecommerce and wholesale channels. MGO is currently comprised of three business units: MGOTeam1 which operates the The Messi Store, offering 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, our co-founder and chief design officer; Americana Liberty, which markets a growing, high-end line of thoughtfully curated home and outdoor products on Stand; and MGO Digital, which leverages data analytics, advanced technology-enabled marketing and our leadership's industry relationships and expertise to identify, incubate and introduce to market new, authentic lifestyle brand concepts. 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 businesses, The Messi Store and Stand Flagpoles, 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, 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/803447/mgo-global-announces-third-quarter-2023-financial-results

FAQ

What are MGO Global Inc.'s financial results for the three and nine months ended September 30, 2023?

Total revenues for the three months ended September 30, 2023, and 2022 rose 948% to $1,469,802, up from $140,191, respectively. For the comparable nine-month reporting periods, total revenues increased 1071% to $3,755,441 from $336,103.

What contributed to the significant revenue growth for MGO Global Inc.?

Sales of products sold through The Messi Store climbed 197% to $415,641, and revenues from the sale of Stand Flagpoles products totaled $1,054,161 for the three months ended September 30, 2023.

What was the net loss for MGO Global Inc. in the comparable three-month reporting periods?

The net loss increased by 307% for the comparable three-month reporting periods, reaching $2,552,113, or $0.17 loss per share, from a net loss of $627,331, or $0.06 loss per share, respectively.

What is the financial position of MGO Global Inc. as of September 30, 2023?

As of September 30, 2023, cash totaled $1,721,050; working capital totaled $2,421,371; there was zero long-term debt, and total stockholders' equity was $2,630,974.

Where can I find more detailed information on MGO Global Inc.'s third quarter 2023 financial performance?

For more detailed information, 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.