Mobivity Announces Fourth Quarter and Full Year 2022 Financial Results
March 30, 2023 at 05:08 pm EDT
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PHOENIX, March 30, 2023 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB:MFON), a global provider of personalized reward solutions that drive customer acquisition, frequency, and spend, today announced financial results for the fourth quarter (“Q4”) and full year ending December 31, 2022.
Q4 2022 Financial Highlights
Revenue growth of 185% from $613,000 in the fourth quarter of 2021 to $1.7 million in the fourth quarter of 2022.
Gross profit improved from a loss of $367,000 in the fourth quarter of 2021 to a gross profit of $602,000 in the fourth quarter of 2022, representing a 264% improvement.
Operating expenses decreased 3% from $3.7 million in the fourth quarter of 2021 to $3.5 million in the fourth quarter of 2022.
Net operating loss improved by 23% from $4 million in the fourth quarter of 2021 to $2.9 million in the fourth quarter of 2022.
Recent Business Highlights
Mobivity has executed more than five million Connected Rewards impressions rewarding consumers with a variety of rewards for playing mobile games.
Total gaming publishers executing Connected Rewards programs has quadrupled to a total of eight publishers marketing a dozen popular mobile game titles in the past 12 months.
More than 14 brands, across a variety of verticals including restaurants, convenience stores and salons, participating in Connected Rewards campaigns.
Gaming industry veteran Kim Carlson appointed as Chief Revenue Officer in September 2022.
Completed a $3.5 million financing in March 2023.
Dennis Becker, Mobivity Chairman and CEO, commented, “This year we made significant progress in our transformation to focus on Connected Rewards, a platform that has shown great potential for growth, particularly in the multi-billion-dollar gaming industry. This platform brings brands and digital businesses together in a unique way to cross-promote services with everyday incentives, creating a win-win-win scenario for game publishers, popular restaurant and convenience store brands and consumers. Our new team members, including our Chief Revenue Officer, Kim Carlson, bring a wealth of experience from the gaming industry, and we are confident that Connected Rewards will drive our business growth in the future. While we remain committed to our legacy business, we believe that Connected Rewards is the future of our business and we will capitalize on the vast potential of our technology in the mobile gaming industry and create long-term value for our shareholders.”
Consolidated Financial Summaries
(In thousands)
Three months ended December 31
12 months ended December 31,
2022
2021
$$
%
2022
2021
$$
%
Revenue
$1,747
$613
$1,134
185%
$7,534
$8,175
($641)
(8%)
Gross profit
$602
($367)
$969
264%
$2,205
$3,873
($1,668)
(43%)
Gross margin
34.5%
NM
29.3%
47.4%
(1,810) bps
Operating Expenses
$3,545
$3,658
($113)
(3%)
$11,364
$12,746
($1,382)
(11%)
Income (loss) from Operations
($2,943)
($4,024)
$1,081
NM
($9,159)
($8,873)
($286)
(3%)
Net income (loss)
($3,210)
($4,150)
$886
23%
($9,997)
($8,260)
($1,737)
(21%)
Adjusted EBITDA *
($1,740)
($3,618)
$1,878
52%
($6,421)
($6,287)
($134)
(2%)
Conference Call Date: Thursday, March 30, 2023 Time: 4:30 P.M. Eastern Time (ET) Dial in Number for U.S. Callers: 1-877-407-0789 Dial in Number for International Callers: 1-201-689-8562 Please Reference Conference ID: 13737006
Participating on the call will be Mobivity’s Chairman and Chief Executive Officer, Dennis Becker, and Chief Financial Officer, Lisa Brennan. 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 March 30, 2023 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 13737006. 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 offers and promotions, building large, owned audiences for some of the world’s biggest brands. Through its partnerships with leading game publishers, digital operators, and ad networks, Mobivity connects a massive universe of consumers to its broad network of brands. As a result, digital consumers download and play more games, and earn real-world rewards that are redeemed in-store, driving acquisition, frequency, and retention for brands and game publishers. For more information about Mobivity, visit 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.
Mobivity Holdings Corp. is a provider of technology connecting mobile gaming audiences to brands and products. The Companyâs cloud-based Connected Rewards technology delivers consumer offers and rewards by connecting retail, restaurant, and convenience brand offers to gameplay in mobile games. Through its partnerships with game publishers, developers, and ad networks, the Company connects the 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 rewards from brands by playing mobile games. Its recurrency platform is delivered as a software-as-a-service (SaaS) platform used by convenience and quick service restaurant brands to build and engage with their customers. Through its Connected Rewards business, its platform provides incentivized programs in digital environments.