PHOENIX, May 15, 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 first quarter (“Q1”) ending March 31, 2024.
Recent Business Highlights
Grew consumer audience by more than 30% to over nine million consumers vs Q4 2023
Added 6 new brand partners including leaders in fuel and convenience and fast casual restaurants in Q1 2024
Increased conversion rate of audiences by 15% vs Q4 2023
Grew the number of mobile game titles by 83% vs Q4 2023
Appointed Bryce Daniels to the role of President
Tom Akin, Mobivity Chairman of the Board of Directors, commented, “We are pleased to appoint Bryce Daniels to the role of President of Mobivity. Bryce has worked closely with the company over the last two years and played a critical role in the development of the Connected Rewards platform and optimization of the present business model. His leadership and institutional knowledge will be instrumental in returning Mobivity to growth.”
Bryce Daniels, Mobivity President, stated, “During the first quarter of 2024, we gained significant traction with each of the key operating metrics that we believe will drive further growth and improved performance for our business. We expanded our footprint with new brand partners including highly recognized leaders in the fuel and convenience space, grew the number of mobile game titles that leverage our platform, grew our audience by approximately 30% to over nine million consumers and increased conversion rates of audiences engaging with our platform. The synchronization of these metrics reinforces our confidence for reigniting revenue growth and achieving profitability later this year.”
Kim Carlson, Mobivity COO, added, “Increasingly, our platform is proving to be highly beneficial for brands. With rising food and labor costs, the restaurant and convenience store space, in particular, is leveraging our solution to drive incremental traffic and directly improve operating margins. The proven successes are, in turn, creating additional momentum for our business. Our pipeline of new business opportunities is robust, and we remain highly optimistic that adoption of our solution will increase as companies look for new and innovative ways to acquire and retain new customers.”
Consolidated Financial Summaries
(In thousands)
Three months ended March 31
2024
2023
$$
%
Revenue
$1,601
$1,881
($281)
(15%)
Gross profit
$636
$815
($178)
(22%)
Gross margin
39.8%
43.3%
N/A
(350 bps)
Operating Expenses
$2,493
$3,034
($540)
(18%)
Income (loss) from Operations
($1,857)
($2,219)
$362
+16%
Net income (loss)
($2,254)
($2,478)
$224
+9%
Adjusted EBITDA *
($1,653)
($1,366)
($287)
(21%)
Conference Call Date: Wednesday, May 15, 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: 85469
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 May 15, 2024 at approximately 7:30 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 11155948. 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.
