Montreal, Quebec–(Newsfile Corp. – May 2, 2022) – Mobi724 Global Solutions Inc. (TSXV: MOS) (“Mobi724” or the “Company”), a fintech enabler of AI-powered payment card-linked solutions, today released its annual 2021 results for the twelve months ended December 31, 2021.
2021 Operating and Financial Highlights
- Introduced a new Proof-of-Concept (“POC”) software solution and continued to see promising results from this new initiative in different countries in Q4;
- Continued to build positive brand awareness in LATAM, leading to a robust sales pipeline to further Mobi724’s growth;
- Advanced Latam growth strategy through agreement to launch AI-driven Customer Engagement, Data Monetization & Offers platform for cardholders;
- Revenue of $0.7 million, which was a year-over-year decrease of 34%. Note that the 2020 financial statements included the Company’s last pre-pandemic quarter (Q1-2020) which was its best quarter, recording revenues of $0.6 million. Putting aside the results attained in Q1-2020, and solely for analysis purpose, the Company showed an increase of revenue of 9% in the last 9 months of 2021 compared to the last 9 months of 2020;
- Operating Costs of $4.3 million, slightly increased of 4% year-over-year;
- Net Loss of $5.0 million increased by 45% year-over-year which is attributable to the decrease in revenue explained above and the increase of $0.8 million in non-cash financial expenses;
- Proceeds from the issuance of shares and warrants for a cash consideration of $2.1 million;
- Proceeds from the issuance of long-term debt and convertible debentures for a cash consideration of $2.3 million;
- Cash and cash equivalents of $0.9 million as of December 31, 2021.
“This quarter our focus is to complete our acquisition of Avenida+ and to accelerate the monetization of opportunities that were postponed and halted at the beginning of the pandemic. Our robust pipeline of deals is the best it has ever been and, by offering a POC software solution, we continue to work toward reducing the sales cycle and thus accelerate the monetizing of our platform’s portfolio of solutions,” said Marcel Vienneau, CEO of Mobi724.
Mobi724’s pay for performance business model is especially relevant in today’s environment, as business sectors across the global adopt digital services to focus on efficiency and create a frictionless and all-digital consumer experience.
The Company is focused on the following near-term priorities:
- Completing the acquisition of Avenida+
- Begin to monetize opportunities that were postponed and halted at the beginning of COVID;
- Continue to position the Company as the vendor-of-choice within the highly fragmented Latam market;
- Leverage a robust sales pipeline to advance business relationships with large payment processing networks in Latam in order to expand access to real-time visibility on purchase transactions, to acquire new clients, to accelerate revenues and to add barriers to entry for our competitors;
- Building a pipeline across the region by leveraging multiple channels, including Mobi724’s growing network of alliances, partners, and subsidiaries.
This press release should be read in conjunction with the Company’s 2021 Management Discussion and Analysis and 2021 Consolidated Financial Statements. These documents and additional information can be accessed under Mobi724’s company profile on www.sedar.com.
About Mobi724 Global Solutions Inc.
Make Every Transaction An Opportunity
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724’s objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item ‘Risk Factors and Uncertainties’ in the Company’s Management Discussion and Analysis, available on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE DOES NOT CONSTITUTE A SOLICITATION TO BUY OR SELL ANY SECURITIES IN THE UNITED STATES AND IS NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 [email protected]
Renmark Financial Communication Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122443
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