RocketFuel Blockchain Reports Preliminary Q2 FY2023 Performance

Rhea-AI Summary

RocketFuel Blockchain (RKFL) reported a remarkable 840% increase in e-commerce transactions for Q2 compared to Q1, leading to significant revenue growth. CEO Peter Jensen highlighted the success of their indirect sales strategy through Payment Service Providers and the growing acceptance of crypto payments. Additionally, a new B2B cross-border remittance product generated over $1 million in transaction volume during final testing, with its official release expected later this year. An investor update is set for November 3, 2022.

Positive

• 840% increase in e-commerce transactions in Q2 compared to Q1, driving substantial revenue growth.
• Successful sales strategy through Payment Service Providers, enhancing crypto payment acceptance.
• New B2B cross-border remittance product generated over $1 million in transaction volume in final tests.

Negative

• None.

840% Growth in E-Commerce Transactions over Q1

San Francisco, CA, Oct. 28, 2022 (GLOBE NEWSWIRE) -- RocketFuel Blockchain Inc. (OTCQB: RKFL) (“RocketFuel” or the “Company”), a global provider of payment solutions via ACH bank transfers, Bitcoin and other cryptocurrencies, today announced preliminary financial results for its second fiscal quarter, ended September 30, 2022.

Preliminary Second Quarter Results

The Company is pleased to announce that the number of e-commerce transactions that the Company processed increased 840% in Q2 over Q1. The increase in transactions lead to a significant increase in revenue in Q2 over Q1.

CEO’s Remarks

Peter Jensen, Chief Executive Officer of RocketFuel, commented, “We are thrilled with our recent acceleration in transactions and transaction volume, which really picked up steam toward the end of the quarter. It is great to see that our sales strategy to sell indirectly through Payment Service Providers and other partners is producing positive results. During the quarter, more and more partners’ merchants went live and ramped their acceptance of crypto payments using our e-commerce solution. Additionally, we’re excited that early adopters have validated our second product and revenue stream: B2B cross border remittance”

Beginning June 2023, RocketFuel generated greater than $1 million in transaction volume in final tests of its new B2B cross border remittance product with a handful of early adopters. The final version is planned for release later this year, expecting to drive incremental revenue from this new product. 

Investor Update Call

RocketFuel will be holding an investor update on Thursday, November 3, 2022, at 8:00 AM Pacific time, to present its latest product status and strategic and growth plans. Investors may join the session at us06web.zoom.us/j/8114210933. A webcast of the presentation will be available on RocketFuel’s website at www.RocketFuelBlockchain.com/investor-relations. The webcast will also be archived and available for replay following the completion of the event.

A separate investor update to discuss the Q2 FY2023 operating results will take place by mid-November after its quarterly report on Form 10-Q is filed.

About RocketFuel Blockchain, Inc.

RocketFuel is a global payments solution company that provides online shoppers with a simple, easy-to-use, one-click checkout process that accepts payments with bank transfers, Bitcoin and 50+ cryptocurrencies. RocketFuel delivers a highly secure and efficient shopping cart experience with significantly low fees for merchants, along with the benefits of no chargebacks and no card declines. RocketFuel's solutions focus on enhanced customer privacy protection eliminating the risk of a data breach while improving speed, security, and ease of use. Shoppers on RocketFuel powered online stores enjoy seamless check-out and forget the clunky cart paradigm of the past. RocketFuel merchants can implement new impulse buying schemes and generate new sales channels that are unavailable in other present-day e-commerce solutions. More information about RocketFuel is available at: www.RocketFuelBlockchain.com

Forward-Looking Statements Disclaimer:

The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the company’s products and services; competition from existing products or new products that may emerge; the implementation of the company’s business model and strategic plans for its business and our products; estimates of the company’s future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company’s competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company's filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and its Quarterly Report on Form 10-Q for the fiscal year quarter June, 2022. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

For more information, please contact:

Corporate:
contact@RocketFuelBlockchain.com

Investors:
Ben Yankowitz, CFO
b.yankowitz@RocketFuelBlockchain.com

ClearThink Investor Relations
nyc@clearthink.capital