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 40% and the number of active programs growing for another consecutive quarter. With Connected Rewards as our primary focus, we added a number of new brands during the quarter and nearly doubled our pipeline since the end of the previous quarter, reinforcing our optimism for a return to revenue growth in the second half of this year.”
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
$1,473
$1,861
($388)
(20.9%)
$3,074
$3,743
($669)
(17.9%)
Gross profit
$494
$490
$4
0.8%
$1,130
$1,305
($174)
(13.4%)
Gross margin
33.5%
26.3%
N/A
+720 bps
36.8%
34.9%
N/A
+190 bps
Operating Expenses
$2,508
$2,515
($7)
(0.3%)
$5,001
$5,549
($548)
(9.9%)
Loss from operations
($2,014)
($2,025)
$11
0.5%
($3,870)
($4,244)
$373
8.8%
Net loss
($2,481)
($2,272)
($209)
(9.2%)
($4,735)
($4,750)
$15
0.3%
Adjusted EBITDA *
($2,738)
($2,325)
($413)
(17.8%)
($5,206)
($4,872)
($334)
(6.9%)
* 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
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.
