MPHASE TECHS INC - XDSL STOCK NEWS

mPhase Technologies (OTC Pink: XDSL) has signed a purchase order with Shelly Electric Co. for two 120KW level 3 DC fast chargers at a Pennsylvania Ford dealership, marking its entry into the EV charging market. This installation coincides with Ford's launch of the F-150 Lightning. CEO Anshu Bhatnagar emphasized the importance of level 3 chargers for EVs. Despite earlier supply chain challenges, mPhase is optimistic about its growth strategy, focusing on cost-cutting and expanding its EV ecosystem, which includes several thousand potential sites under review.

mPhase Technologies reported strong financial results for Q2 FY2022, marking its 11th consecutive quarter of revenue growth. Revenue rose by 9.2% year-over-year to a record $8.3 million, alongside an improvement in gross profit margin to 32.6%. However, the company posted a small net loss of $99,558, down from $1 million in net income last year due to large non-cash debt amortization and increased software development costs. Notably, stockholders' equity reached a record $12.9 million, up 61% year-over-year.

mPhase Technologies (OTC Pink: XDSL) has announced a conference call scheduled for February 10, 2022, at 4:30 p.m. ET to discuss its fiscal second quarter financial results. The call will provide insights into the company's performance and future outlook, focusing on the mPower EV+ charging network. Interested parties can join the call via phone or a live webcast, with a replay available shortly afterward. mPhase aims to create a consumer engagement platform using data analytics and AI, targeting the EV market with a tailored ecosystem.

Gaithersburg, MD, Feb. 07, 2022 – mPhase Technologies (OTC Pink: XDSL) has initiated the prepayment of its fixed-rate Convertible Promissory Notes held by Evergreen Capital Management. A cash prepayment of $1,000,000 has reduced the outstanding debt under these notes to $1,343,873. CEO Anshu Bhatnagar stated that this move is part of the company's strategy to enhance its capital structure and mitigate future dilution. This step is seen as a positive indicator of mPhase's financial strength and commitment to boosting shareholder value as it prepares for anticipated growth in 2022.

mPhase Technologies (XDSL) reported a successful year in 2021, achieving a 339.2% stock return and showing resilience during the pandemic. The company improved its balance sheet, ending with $1.8 million in cash and $16.7 million in current assets. With annual sales exceeding $32 million and a guidance for double-digit growth, mPhase is currently the only profitable public company in the EV charging sector. The firm plans to expand its mPower EV+ ecosystem to over 10,000 locations and aims for an uplist to a larger exchange, enhancing shareholder value in 2022.

mPhase Technologies (XDSL) has appointed James Engler, Jr. to its Board of Directors, enhancing its leadership in the EV charging sector. Engler brings nearly two decades of experience in the energy industry, previously serving as CFO at Rosemore Inc. and a senior manager at PricewaterhouseCoopers. His expertise in oil, gas, and utilities is expected to benefit mPhase's mPower EV+ initiative during the transition to electric vehicles. Engler will lead the audit committee, aiming to boost client confidence in mPhase's capabilities.

mPhase Technologies (OTC Pink: XDSL) announced the appointment of Isida Tushe as General Counsel and Corporate Secretary, expanding its legal team to support upcoming projects in the electric vehicle (EV) charging sector. Tushe brings significant experience from her previous leadership roles at renewable energy firms, including FFP New Hydro and Pine Gate Renewables. CEO Anshu Bhatnagar emphasized her legal and business expertise is vital as the company aims to enhance its project timelines and become a leader in the EV charging market.

mPhase Technologies, Inc. (OTC Pink: XDSL) announced a rebranding to mPower Technologies, Inc., effective with a stock symbol change to POWR, pending FINRA approval. This shift reflects the company's focus on its mPower 5G EV charging network and ecosystem. CEO Anshu Bhatnagar highlighted the mPower business as the fastest-growing segment, with the company set to receive its first 100 charging stations in January 2022. The management is proactively ordering additional units to meet rollout demands, signaling a robust operational strategy for expansion in the EV charging market.

mPhase Technologies (OTC Pink: XDSL) will present at the Sequire Clean Tech/EV Conference on December 6, 2021. The CEO, Anshu Bhatnagar, will engage in one-on-one investor meetings and deliver a virtual presentation at 9:30 a.m. ET. The company focuses on developing the mPower 5G-enhanced EV charging network, aiming to create a monetizable connection between consumers and retailers using data analytics and AI. To register for the conference, visit the official site.